Most People Want This Drug Less Strictly Regulated Than Crypto and Teslas

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In recent years, US marijuana regulation has become even more of a mixed bag and a tale of two Americas.

While states like New York, Virginia, and New Mexico legalized recreational use in 2021 and began opening dispensaries, the drug remains a federally Schedule I controlled substance and is subject to of a political battle as politicians in more conservative states put all their efforts into national legalization or decriminalization.

“Good, smart policies have been maintained and unrelated nonsense, like easier funding for illegal drugs, has been pushed aside,” Senate Minority Leader Mitch McConnell (R-KY) said after blocking Democratic attempts. to add language related to marijuana banking reform in states where it is legal to a broader defense bill in December.

Regulated Crypto and Teslas Before Cannabis Says a Lot

But according to a monthly poll from Harvard’s Center for American Political Studies, a majority of people are actually more concerned about the regulation of cryptocurrency and electric vehicles like Tesla (TSLA) – Get Free Report – than marijuana – while that 45% of the 2,050 people surveyed between January 18 and 19 said they would like to see fewer regulations related to the consumption and sale of cannabis, only 30% and 22% respectively said the same for vehicles electricity and cryptocurrency.

Perhaps following the FTX fallout, the most respondents would like to see more regulation of cryptocurrency – 57% would like to see more regulation while 23% agree with the number of laws that the United States currently has.

The number of people wanting better regulation is also high for consumer privacy on the internet (55%), social media (49%), nuclear power (44%), electric vehicles (38%) and coal (36%). At 33%, marijuana is seventh on the list just above the 24% who would like to see more gas stove laws.

The street

Should I invest in cannabis stocks now?

Depending on where you are in the country, the marijuana market can spell a completely different story. States that legalized long ago, such as Colorado, have an oversupply of growers, while New York struggles to quell the proliferation of unlicensed sales as many wait to receive licenses and the opening of more legal dispensaries.

Meanwhile, Kansas police recently stormed a terminal cancer patient’s hospital room to seize vape pens he was using to manage pain.

Over the past year, shares of major US-based cannabis producers like Curaleaf (CURLF), Green Thumb Industries (GTBIF) and Trulieve (TCNNF) – Get Free Report have all fallen over 50% year on year amid an explosion of new players in the market as well as a stabilization of demand after the initial peak that occurs each time a state decides to legalize.

The steady trampling of even mild regulatory attempts, such as the SAFE Act in Congress, has also had its effect on equities, as any kind of federal consensus appears further on the horizon. But even so, the larger arc points to a strong and ever-expanding industry – the legal U.S. marijuana market is expected to grow from $33 billion in 2022 to $52.6 billion by 2026.

“We are confident in the regulatory tailwinds that are pushing the U.S. marijuana industry forward. [but…] by taking a long-term, short-term view, operators face macroeconomic pressures, limited funding opportunities and uncontrollable licensing in some states,” Cantor Fitzgerald analyst Pablo Zuanic told Benzinga.

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