From grassroots voting initiatives to the corridors of federal power, the year 2024 is poised to witness a renewed push for the legalization of marijuana and even psychedelics. Investors are strategically capitalizing on the momentum surrounding these issues.

While the forthcoming presidential election remains in flux, the groundwork for advancing cannabis and psychedelics reforms is already laid out. Various states are considering marijuana legalization for medical or recreational purposes. Simultaneously, activists are fervently working to decriminalize psychedelic substances such psilocybin (the psychoactive ingredient in “magic mushrooms”) and establish regulated access.

We should see a renewal in the coming year of bipartisan efforts in Congress for a federal marijuana banking bill.

International efforts are gaining traction as well. Germany is positioned to make history in 2024 by becoming the largest country in Europe to legalize cannabis. Italy appears ready to follow suit.

In the most recent issue of Marijuana Investing Daily, I reviewed the cannabis-related laws and regulations that took effect January 1, 2024.

Below is a round-up of key pending legislative developments in marijuana (and psychedelics) for 2024:

States Contemplating Adult-Use Marijuana Legalization:

Florida: In Florida, the Supreme Court is deliberating on a legal challenge to a 2024 marijuana legalization ballot initiative. The outcome will determine whether the initiative, championed by the Smart and Safe Florida campaign, secures a spot on the ballot. Recent polls suggest widespread support, even though Republican Governor Ron DeSantis, a relentless culture warrior, opposes it.

Hawaii: In the Aloha State, marijuana legalization proposals have progressed through legislative channels, fueled by an alternative plan presented by Attorney General Anne Lopez (D). The debate continues, with advocates seeking revisions for greater equity and reduced criminalization. These efforts could bear fruit this year.

New Hampshire: The Granite State remains a focal point for marijuana legalization efforts in 2024. Despite past setbacks, Republican Governor Chris Sununu’s endorsement of a state-run system and the persistence of advocates bode well for legislative progress in 2024.

Pennsylvania: Pennsylvania lawmakers are gearing up for marijuana legalization discussions in 2024, overcoming hurdles in the divided legislature. Democratic Governor Josh Shapiro’s support, combined with bipartisan efforts, may pave the way for decriminalization in the Keystone State.

South Dakota: Efforts to place marijuana legalization on South Dakota’s 2024 ballot are underway, with advocates cautiously optimistic after a previous proposal was rejected in 2020.

Advancements in Medical Cannabis Legalization:

Nebraska: Nebraska activists are making a third attempt to bring medical marijuana legalization to the state ballot in 2024. They’re on the cusp of meeting the necessary number of signatures and overcoming past legal challenges.

North Carolina: A stalled medical cannabis legalization bill in North Carolina is expected to resurface in the 2024 session, with the Republican Senate sponsor committed to revisiting the issue.

South Carolina: In the Palmetto State, a GOP-led medical cannabis legalization bill, which cleared a Senate committee in 2023, remains alive for consideration in the second half of the legislative session in 2024.

Wisconsin: Wisconsin’s Republican Assembly speaker is set to introduce a limited medical cannabis bill in January, focusing on providing access to patients with serious conditions.

Federal Marijuana Rescheduling Decision: Advocates remain optimistic about the U.S. Drug Enforcement Administration (DEA) concluding its review this year of cannabis scheduling, following a recent recommendation from the U.S. Department of Health and Human Services (HHS) to reclassify pot from Schedule I to Schedule III under the Controlled Substances Act (CSA).

Schedule I includes heroin; Schedule III includes Tylenol with codeine. DEA isn’t required to follow the HHS recommendation, but in the 50-year context of the failed War on Drugs, rescheduling pot would represent a legal earthquake.

Senate’s Action on Cannabis Banking Bill:

Senate Majority Leader Chuck Schumer (D-NY) recently reaffirmed his long-standing goal of getting cannabis banking legislation passed in Congress. Schumer also said he is pushing amendments that focus on criminal expungements and gun rights for medical marijuana patients.

Schumer last year filed the Secure and Fair Enforcement Regulation (SAFER) Banking Act, an expanded version of the SAFE Act that has been languishing in Congress. SAFER, which expands banking access for marijuana companies, is garnering bipartisan support.

Psychedelics Legalization Proposals:

California: Democratic California Governor Gavin Newsom’s veto of a psychedelics legalization bill in 2023 hasn’t dampened advocates’ spirits. A revised version focusing on therapeutic uses is expected to be introduced in 2024.

Massachusetts: In the Bay State, local election clerks have certified signatures for a psychedelics legalization initiative, setting the stage for legislative consideration in 2024. The proposal emphasizes lawful and supervised access to psychedelics.

Federal Review of MDMA as a Prescription Medication: The U.S. Food and Drug Administration (FDA) is set to review an application for the approval of MDMA (aka ecstasy) as a prescription medication for post-traumatic stress disorder (PTSD) treatment in 2024. If approved, it would mark a historic milestone as the first psychedelic pharmaceutical administered alongside psychotherapy.

WATCH THIS VIDEO: How to Find The Best Pot Stocks for 2024

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John Persinos is the editorial director of Investing Daily. He also serves as editor-in-chief of the premium trading service, Marijuana Profit Alert.

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