It is no secret that the United States is going through some serious changes when it comes to marijuana. In the recent election, several states approved the legalization of marijuana for recreational purposes, with other states voting to approve medical marijuana initiatives. With Donald Trump winning the presidential election, it brings forward the question: how will this new presidency affect the marijuana industry in the U.S.?
Prior to the election, Alicia Wallace from the Cannabist (http://dtn.fm/8zKZ3) was able to share the four leading presidential candidates’ views on marijuana, including Trump’s. While the leading third-party candidates supported the legalization of marijuana, the Democratic and Republican party candidates did not seem as convinced, although neither took a particularly strong public stance on the matter.
While Trump showed strong views in favor of the legalization of all drugs back in 1990, they have been modified. In his more recent interview, Trump backed the use of medical marijuana, though he believes recreational use should be up to the states.
Although there has been talk of New Jersey Governor Chris Christie, who is not in favor of the legalization of marijuana, being a contender for the post of Attorney General, the marijuana industry does not yet seem to be worried. During an interview with television reporter Brandon Rittiman, Trump stood by his view of it being ‘up to the states’.
As a result, Singlepoint, Inc. (OTC: SING) subsidiary SingleSeed, a cannabis focused company established a few years ago to offer payment processing services to dispensaries, aims to capitalize on its current status within the marijuana industry while expanding to additional states.
By the end of this year, the size of the legal marijuana industry in the U.S. is projected to grow to $7.1 billion, according to a report by New Frontier and ArcView Market Research (http://dtn.fm/vE0s3). This represents a 26% jump from 2015, which is said to be largely due to expected adult recreational sales. States which have legalized marijuana are seeing a growth in what people are calling “green” taxes. Colorado is a prime example of how the legalization of marijuana can contribute to the financial status of each state, with revenue in “green” taxes of $70 million between 2014 and 2015.
For more information, visit the company’s website at www.Singlepoint.com
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