In November, pot stocks soared on both a Joe Biden presidential win and the legalization of recreational marijuana in four more states (Arizona, Montana, New Jersey, and South Dakota). There’s been plenty of optimism that there could be significant changes ahead for the cannabis industry, including the decriminalization of marijuana and moving it off its current Schedule I classification with the Drug Enforcement Administration (DEA).
But time and time again, cannabis investors have gotten their hopes up after marijuana legislation passed in the House of Representatives only for it to end up going nowhere. Even a change in leadership at the White House may not be enough to move the needle. Arguably, one of the biggest obstacles for the cannabis industry is the U.S. Senate — but power there could soon shift as well.
Runoff elections will dictate which party controls the Senate
In Georgia, two Senate runoff elections are scheduled for today, Jan. 5. All eyes are peeled on the race, given that Republicans currently hold 50 seats while Democrats occupy 48 (if you include the two independents who caucus with them, Bernie Sanders and Angus King). With two seats at stake, a Democratic sweep would give the party an equal share. And if there is a tie in the Senate, the deadlock is broken by the vice president — a seat that Democrat Kamala Harris will soon hold.
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