The simple reality is that every day the chances for the legalization of marijuana in the United States, either recreational or medicinal, is looking better, which means many nascent cannabis companies stand to benefit.
So far, 13 states are considering following Colorado and Washington’s example in legalizing marijuana possession for recreational use, according to Reason.com, while 16 states have joined the 20 states that have already legalized medical marijuana. Do the math.
On Feb. 4 when Congress finally passed the long-debated farm bill, which included a provision legalizing the cultivation of hemp under certain circumstances, it sparked even more investor interest in marijuana penny stocks.
But the potential of much-needed tax revenue is the hidden engine behind this legislative movement to make cannabis legal. For example, in the first month of legal recreational marijuana sales in Colorado, retailers who shared their proprietary data with NBC News say they have collected $1.24 million in tax revenue.