Welcome to my latest Weekly Weed Report video presentation. Below is a condensed transcript; my video contains charts and further details.

One of the most consequential midterm elections in U.S. history is about one month away. On November 8, voters in our deeply polarized nation will decide which party controls the U.S. House and Senate. In the aftermath of the voting, we’ll get a better idea of the political climate ahead for the marijuana industry.

If the marijuana-friendly Democrats keep control of both chambers of Congress, any one of the following proposed federal bills stands an excellent chance of passage, and the eventual signature of President Biden.

These federal laws are in various stages of progress; some have been approved by the House but not the Senate; others are still in committee. The midterm elections hold the key to their fate. Many Republicans in both chambers have dropped their opposition to them, and yet, if the GOP gains control of one or both chambers of Congress, pro-marijuana legislation on the federal level faces even tougher odds.

However, as I explain below, the states aren’t waiting for Uncle Sam. The midterm balloting is likely to usher in the creation of several new state-level legal markets for cannabis…and that translates into sales and profit growth, and rising share prices, for pot companies.

• Cannabis Administration and Opportunity Act (CAOA)

CAOA would federally deschedule cannabis, expunge prior convictions, allow people to petition for resentencing, maintain the authority of states to set their own marijuana policies, and remove collateral consequences like immigration-related penalties for people who’ve been criminalized over the plant.

• Marijuana Opportunity Reinvestment and Expungement (MORE) Act

The MORE Act would federally deschedule cannabis and expunge the records of those with previous marijuana convictions. MORE also would impose a 5% tax on cannabis sales, the revenue from which would be reinvested in communities most harmed by the War on Drugs.

• Secure and Fair Enforcement (SAFE) Banking Act

The SAFE Banking Act seeks to protect banking institutions, and their insurers, that offer services to legal marijuana-related businesses. The bill prevents federal banking regulators from imposing penalties on depository institutions that offer services to these businesses. Under the bill, transactions involving activities with a cannabis-related business would no longer be considered as generating proceeds from illegal activities.

• Marijuana Freedom and Opportunity Act

This bill would federally deschedule marijuana, set aside funding for minority and women-owned cannabis businesses, and provide grants to help people expunge prior marijuana convictions.

• Legitimate Use of Medicinal Marijuana Act

This legislation would move marijuana from Schedule I to Schedule II under the Controlled Substances Act and stipulate that the federal government can’t “prohibit or otherwise restrict” state-legal use, possession, transportation, production and distribution of medical cannabis.

• Medical Marijuana Research Act

This bill would simplify the registration process for researchers interested in studying cannabis and allow certified scientists to obtain research-grade cannabis from private manufacturers.

• Marijuana Revenue and Regulation Act

This bill would deschedule marijuana and impose various federal taxes, including income, excise, and occupational taxes, to bring marijuana into the business mainstream.

• Veterans Medical Marijuana Safe Harbor Act

This bill would make it legal under federal law for military veterans to “use, possess, or transport medical marijuana” in state-legal systems. It also would allow Department of Veterans Affairs doctors to issue medical cannabis recommendations to their patients.

• The Small and Homestead Independent Producers (SHIP) Act

The SHIP Act seeks to help small marijuana growers compete against big corporations, proposing to give them the ability to ship and sell products directly to consumers within and across state lines. The bill would kick in when cannabis is federally legalized.

• State Ballot Initiatives on November 8

There are proposed adult-use ballot initiatives during the midterm elections in Arkansas, Maryland, North Dakota, Ohio, and South Dakota. Similarly, there are both adult-use and medical ballot measures proposed in Florida, Idaho, Missouri, Nebraska, and Oklahoma. All of these initiatives are favored in public opinion polls.

To get ahead of the political curve, I urge you to read my new book: The Wide World of Weed and Psychedelics. My book provides specific, actionable advice on how to pick the best pot stocks. Click here to order your copy.

John Persinos is the editor-in-chief of Marijuana Investing Daily. You can reach him at: mailbag@investingdaily.com

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