Facebook
Twitter
Big news from Vermont:
USA Today reports: Vermont Lawmakers Become First to Approve Legal Pot
“Vermont’s legislature becomes the first in the nation to approve a recreational marijuana legalization bill.”
With the State Senate and House of Representatives already passing the bill, it now sits on the desk of Republican Governor Phil Scott.
Now, Scott has three choices:
1) veto the bill
2) sign the bill
3) abstain, allowing the bill to become law without his approval
It’s unclear how Governor Scott will respond.
On the one hand, he has said, “I’m not philosophically opposed to it.”
But he’s also commented, “I’m not sure that the time is right now. Public opinion obviously matters. But again, I have to do what I think is right for the state throughout from a public safety standpoint.”
Governor Scott has a deadline to make his decision by Tuesday (stay tuned).
Legal Weed: Widespread Support
There is mounting pressure on BOTH side of this important issue.
Vermont is a liberal state with widespread support for legal cannabis. Even though my state has a history of electing Republican governors, the electorate leans liberal. Therefore, he must maintain his appeal to both Republicans and Democrats in the state.
With widespread liberal support, Scott’s failure to approve the House- and Senate-approved bill could jeopardize his plans for the 2018 election.
Further complicating matters is the fact that Canada is preparing to 100% legalize pot by July 1, 2018.
The Canadian border is a mere 47 miles from Burlington (the largest city in Vermont). Once Canada approves cannabis for recreational use, an increasing number of Vermonters may head north to enjoy legal weed.
Vermont is a state that is highly dependent upon tourism. People come here to ski in the winter, and enjoy the lakes and mountains in the summer. The full legalization of cannabis could help boost tourism for the local economy.
The Vermont Department of Tourism wants to KEEP Vermonters in our state. And it wants to attract folks from Boston and New York to vacation here.
Huge Growth Ahead
Many states are still in the dark ages. Meanwhile, more progressive states are taking the lead on approving weed.
Personally, I haven’t smoked pot in years.
I’m a businessman. I care about revenues. Growth. Profits. And employment.
This is going to be huge (with or without Vermont’s approval).
Here in the U.S., the legal weed market is projected to grow at 31% per year for EACH of the next several years. That makes this a huge profit opportunity.
It’s truly a ground-floor situation. Click here to access my LIVE briefing for full details.
Good Investing,
Ian Wyatt