New York Passes Radical New Marijuana Law
As of yesterday, thousands of New Yorkers are now eligible to have low-level marijuana convictions permanently removed from their records.
It's the sort of legislation that legal cannabis proponents have been campaigning for in states across the country.
Colorado, California, Maryland, New Hampshire, and Oregon have also made it possible for people convicted of some crimes of marijuana possession, cultivation, or manufacture to get their records sealed or expunged, which generally means removing convictions from public databases.
New York's approach, however, is among the most progressive to date.
Individuals with convictions for possession of marijuana as a class B misdemeanor will have their convictions automatically stricken from their records — without having to submit applications to do so.
More than 13,000 individuals from the five boroughs automatically had their New York criminal records scrubbed as of the day the law went into effect.
Across the state, the law will affect another 11,000 residents.
The Bigger Picture
It means the last dominoes are on their way down for federal legalization.
As of today, two of the three most populous states now have these conviction-reversal statutes in place, indicating that the legal climate for cannabis has become favorable in the mainstream.
In addition, Maryland — one of the two states bordering the nation's capital, which itself decriminalized marijuana five years ago — has fallen in line with this philosophy of leniency toward past offenders.
Though the cannabis sector as a whole has been hurting as of late, with the North American Marijuana Index dropping by nearly half, the ultimate catalyst cannabis investors have been awaiting is still in the offing, and drawing nearer.
For the savviest of investors, this marks an important milestone in the story of legal cannabis.
Once the mania subsides and the biggest cash cows of the initial boom are slaughtered (look no further than Tilray and Canopy Growth, which are 82% and 54% off their peaks, respectively), the real winners of the long-term bull market will start to emerge.
Stay on top of the hottest investment ideas before they hit Wall Street. Sign up for the Wealth Daily newsletter below. You'll also get our free report, Marijuana Outlook: Best Stocks to Buy.
After the Blood in the Streets Has Dried
That makes today's choice all the more important.
With the entire cannabis sector scratching all-time lows, while the legislative landscape continues to move toward federal decriminalization, the biggest opportunities will be captured (or lost) in the coming months.
So what would I do in your shoes right now?
Well, I would start with a company that's got a solid business model.
Not a mere producer. Not a mere retailer. Not a mere property owner. Not a mere product developer, but a company that does it all: grows the crop, develops the product, and markets the product, all on its properties, which it also leases to other brands.
I would make sure the company is young and small, with most of its growth still in the future.
And, perhaps most important of all, I would find a company that's been irrationally hammered by the recent sector-wide downturn.
Once all those boxes were checked, I would bide my time, wait for an opening, buy in, and get ready to wait out the next several months while the market gets back to reflecting reality.
A Future Star Rises
How many such companies fit all those criteria?
I've been looking at this stock for months now, and I've compiled a detailed report on what sets it apart from the rest.
Right now might be the best time ever to initiate a position.
But don't take my word for it. Check the data and see for yourself.
Fortune favors the bold,
Coming to us from an already impressive career as an independent trader and private investor, Alex's specialty is in the often misunderstood but highly profitable development-stage microcap sector. Focusing on young, aggressive, innovative biotech and technology firms from the U.S. and Canada, Alex has built a track record most Wall Street hedge funders would envy. Alex contributes his thoughts and insights regularly to Wealth Daily. To learn more about Alex, click here.
The Best Free Investment You'll Ever Make
After getting your report, you’ll begin receiving the Wealth Daily e-Letter, delivered to your inbox daily.