Marijuana News Today: Seattle Pushes Drug Acceptance in U.S., Pot Stocks to Benefit

Marijuana News Today
iStock/Rex_Wholster

Marijuana News Today

In another bit of positive news breaking from the U.S. on pot, the marijuana news today is abuzz after the city of Seattle filed a motion to void all misdemeanor marijuana convictions in the city.

This is another major win for the marijuana industry and pot investors. Why? Because it represents another victory for the acceptance and sanitization of weed across the U.S.

While the marijuana news today may not directly impact your portfolio immediately, this move by Seattle is going to have a profound impact down the line.

Consider that whenever initiatives like this are proposed by one state or city, many others across the U.S. are likely to follow. It’s how the marijuana industry has progressed from being strictly prohibited in the U.S. a few short decades ago to now being widely available across many parts of the country.

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Washington in particular has been a state ahead of its time, being first in the U.S. marijuana legalization push when it passed legislation condoning recreational use way back in 2012.

Should the motion pass, about 542 people would be freed, according to a statement from Mayor Jenny Durkan. (Source: “Seattle Moves to Wipe Out 2 Decades Of Marijuana Possession Convictions,” Fortune, April 28, 2018.)

While this by no means represents the end of the War on Drugs and its deleterious effects on the U.S. economy, drug users, and, of course, the multi-billion-dollar marijuana industry, it does bring us one step closer to a U.S. where marijuana is no longer considered on the same level of drugs like heroin. Remember that on the federal level, marijuana is still classified among the most dangerous drugs in the land.

Analyst Take

This recent news is again showing that the U.S. is growing increasingly open to the idea of marijuana being a legal and accepted indulgence rather than a criminal one.

Seattle’s motion is symbolic in that it is the first mover in likely a long list of cities and states that will begin walking back some of the more punitive drug policies of the last several decades.

This marijuana news today also joins a growing body of evidence that the U.S. is going to be, if not marijuana-friendly, then at least not marijuana-opposed after President Donald Trump came out in support of states’ rights on pot.