Welcome to my “Weed Report,” for Tuesday, September 17. The article below is an edited transcript; for additional details watch my video.

Lenny Bruce, the groundbreaking comedian who inspired generations of activists and entertainers, wrote in 1964:

Marijuana will be legal someday, because the many law students who now smoke pot will someday become Congressmen and legalize it in order to protect themselves. You wouldn’t believe how many people smoke pot. If anyone reading this would like to become mayor, believe me, there is a vast, untapped vote.

Back then in 1964, marijuana was illegal everywhere in America and a social taboo. Branded a “sick comic,” the socially provocative Bruce was blacklisted from television. Sixty years later, his insights have proved prescient, especially when it comes to pot.

With legalization gaining traction around the world, canna-businesses are positioned for substantial growth in 2025.

This election year in the United States is pivotal for the cannabis industry. Weed legalization initiatives are slated to appear before the voters on November 5 in states around the country. Polls show that most of them are favored to pass.

Here’s a quick state-by-state roundup of what’s at stake.

• Florida: Adult-Use Constitutional Amendment

Florida voters will decide on a ballot measure legalizing the possession and retail sale of marijuana for adults.

The measure allows adults 21 years or older to possess, purchase, or use marijuana products and marijuana accessories for non-medical personal consumption by smoking, ingestion, or otherwise; allows Medical Marijuana Treatment Centers, and other state licensed entities, to acquire, cultivate, process, manufacture, sell, and distribute such products and accessories.

Florida’s measure is poised to pass, despite strong opposition from Governor Ron DeSantis (R). DeSantis, a far-right “culture warrior” who fared poorly in the GOP primaries, has seen his political influence wane as public sentiment shifts.

Polls suggest that a majority of Floridians support legalizing recreational cannabis, driven by the potential for increased tax revenue and economic development. Medical marijuana already is legal in Florida.

The November marijuana initiative is expected to energize young, liberal voters, potentially putting Florida into play for the Democrats in the 2024 election. This turnout boost could have a significant impact on both state and federal races in the Sunshine State, making Florida a key state to watch.

• Nebraska: Two Medical Access Initiatives

Marijuana is illegal for either medical or recreational use in Nebraska. Voters in the Cornhusker State will decide on two separate medical cannabis ballot measures.

The first permits qualified patients to possess and use medical cannabis. The second measure regulates the production and distribution of medical cannabis to those authorized patients. Advocates had to frame the issue as two separate ballot questions in order to not run afoul of the state’s “single subject” rule.

• North Dakota: Adult-Use Initiative

Cannabis in North Dakota is legal for medical use but illegal for recreational use.

The measure permits adults 21 and older to engage in the personal possession of up to one ounce of flower, 4 grams of cannabis concentrates, and edible product(s) with up to 300 mg, and the personal cultivation of up to three plants per person and six plants per household. It establishes rules and regulations for commercial enterprises to either produce, sell, and test cannabis.

• South Dakota: Adult-Use Initiative

Cannabis in South Dakota is legal for medical use. Voters will decide on a ballot measure legalizing the possession and personal cultivation of marijuana by adults for recreational use.

The measure permits adults 21 and older to engage in the personal possession of up to two ounces of flower and 16 grams of cannabis concentrates, and personal cultivation of up to six plants. It does not establish rules and regulations for commercial enterprises to either produce or sell cannabis.

• Arkansas: Amendment to Expand Existing Access Law
  

The proposed measure, Arkansas Medical Marijuana Amendment of 2024, amends the state’s existing medical cannabis access law, which voters approved in 2016. Voters rejected an an adult-use legalization initiative in 2022.

The Arkansas measure expands the pool of practitioners who may recommend medical cannabis and it permits providers to recommend cannabis to any patient who they believe will benefit from it, among other modifications.

Separate provisions in the amendment authorize adults to legally possess up to one ounce of cannabis if the federal government deschedules it from the Controlled Substances Act (CAS).

Marijuana is illegal at the federal level, of course, but both the U.S. Food and Drug Administration (FDA) and the U.S. Department of Health and Human Services (HHS) have recommended to the U.S. Drug Enforcement Administration (DEA) that cannabis be moved from Schedule I, the strictest level of control under the CSA, to the more lenient Schedule III. The DEA is currently weighing the recommendations.

• Massachusetts: Psychedelics Initiative

The state’s Question 4 would allow the personal use of certain amounts of psychedelic substances and create a commission to tax and regulate them.

If approved, the measure would create a Natural Psychedelic Substances Commission and Advisory Board to regulate the licensing of psychedelic substances and services. It would authorize the personal use of limited amounts of psychedelic substances by individuals 21 years of age or older.

The covered psychedelics and possession limits are: DMT (one gram); non-peyote mescaline (18 grams); ibogaine (30 grams); psilocybin (one gram); and psilocin (one gram).

WATCH THIS VIDEO: Takin’ Care of Business: 10 Traits of Profitable Pot Firms

The outcome of these initiatives will further define the future of marijuana (and psychedelics) policy in America. The stage is being set for a huge surge in marijuana investments.

As of September 2024, 38 states and the District of Columbia allow the medical use of cannabis products. Adult (i.e., recreational) use is allowed in 24 states and DC. That means 48% of the total U.S. population lives in a state where recreational marijuana is legal, and 26% in states where only medical marijuana is legal. If you combine the two categories, it translates into 74% of the population living in a state that has some sort of framework for legal pot.

Marijuana equities have been rebounding so far in 2024. You can reap enormous investment gains in the fast-growing, global marijuana industry. However, when picking a pot stock, you need to be especially careful.

I’m the editorial director of Investing Daily. I’m also the chief investment strategist of our premium trading service Marijuana Profit Alert.

For Marijuana Profit Alert, I’ve put together a portfolio of the best-of-breed marijuana equities. These holdings are poised to soar during this political season. Want to learn about my money-making marijuana trades? Click here.

---

Subscribe to John’s video channel by clicking this icon: