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United States Territory Inches Closer To Legalization
In pretty cool news, the U.S. Commonwealth Of the Northern Mariana Islands looks like it could legalize for adult-use. A legalization bill has passed the Senate and a key House committee. Although I am unfamiliar with the legislative session calendar there, it seems like it would be put on the calendar for a full vote until next session.
“The House Speaker will put it on agenda for next session most likely, according to Chairman of the JGO, Ivan Blanco, whose committee adopted it today,” Sensible CNMI’s
Gerry Palacios Hemley told Marijuana Moment in an interview.
Being a very small island nation with a large military presence and far from any tourist hubs, the economics will be tricky. But the good thing is cannabis isn’t difficult to grow and there is no doubt the commonwealth could support a small handful of businesses.
Bearish Bets Against Global Marijuana Boom Increase to Record
As Canadian cannabis stocks go mainstream (Canopy Growth recently started trading on the New York Stock Exchange) investors are betting against their growth. At this point, investors have built up over a $2 billion short position (short selling allows an investor to profit off a drop in stock price).
With so much initial exuberance many investors see cannabis stocks as overvalued and likely poised to crash sometime soon. If Canada ends up delaying their plans for legalization based on an upcoming Senate meeting in early June, then investors’ short positions would likely pay off.
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