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In a landmark move, Ohio has sparked a potential green rush by becoming the 24th state to legalize recreational cannabis. Aligning with a national shift in sentiment, Tuesday’s elections sent waves of euphoria across the market, as federal legalization shines on the horizon.
Matt Karnes of GreenWave Advisors captured the moment’s magnitude. “It’s significant because it moves the needle closer to the tipping point for federal reform,” reported The Messenger.
As the dawn broke on Wednesday, AdvisorShares Pure Cannabis ETF (NYSE:YOLO) surged, reflecting confidence in the industry. A more than 5% leap in value signaled investors’ bullish attitudes, riding the high of Ohio voters’ historic decision.
See Also: Marijuana Legalization Support Hits Record 70% As Republicans Join The Majority, Shows Gallup Poll
The Senate’s Role In Federal Legalization
Yet, amid the exuberance, some, like Jeffrey Schultz of Foley Hoag tempered the mood with a dose of political reality, noting the Senate’s divided stance on the matter in today’s unpredictable political theater.
"We have 50% of the Senate representing states that have legalized recreational which means that those senators have a responsibility to recognize this on the federal level. But in this political climate, who knows what that actually means?" said Schultz.
Bipartisan Momentum: Reforming Cannabis Banking Laws
The debate within the halls of Congress remains complex, with Democrats largely favoring a wider embrace of legalization, while Republicans discuss limiting its scope.
Still, there’s bipartisan momentum to reform banking laws for cannabis businesses, suggesting a silver lining for economic growth and financial inclusion.
Ohio’s Big Cannabis Players
Shares price and variation at the time of this writing around 4:00 pm ET Wednesday:
Is Florida Next? Awaiting The Domino Effect
As Ohio’s choice sends ripples through the sector, all eyes are set on Florida’s judicial proceedings, teasing the notion of another domino falling.
Schultz puts it succinctly: “The question now is ‘how?’ not ‘if?'” — encapsulating the industry’s anticipation and the widespread belief that it’s only a matter of time before the federal yoke of cannabis prohibition is lifted.
Read next: Cannabis Companies And Advocates Praise Ohioans After Hard-Fought Legalization Success
Image from El Planteo.
