- New York, New Mexico, Virginia, and Connecticut recently legalized marijuana.
- Democrats control the presidency and Congress — a major catalyst for the cannabis industry.
- This tracker explains state timelines and which companies are best positioned for new markets.
- Subscribe to Insider Cannabis, our weekly cannabis industry newsletter, for more stories like this.
Cannabis legalization is sweeping the US, and experts and industry watchers say that Democratic control of Congress and the White House could spur more reform in the coming months.
Senate Majority Leader Chuck Schumer has said that cannabis reform will be a top priority this year, though that could be a tall task given Democrats’ slim majority.
Cannabis is also gaining ground on the state level. Five states voted to legalize cannabis in some form in November’s elections.
In March, New York passed cannabis reform through the state legislature. The market could be massive, due to its population and the tens of millions of tourists that visit the state.
Companies already operating in New York told Insider that they’re gearing up cultivation capacity. Operators eyeing the Empire State say they’re watching closely as regulations shape up but that they’re leaning toward entering the market as cultivators, rather than retailers.
Meanwhile, companies are already racing to take advantage of the New Jersey market. In February, New Jersey Gov. Phil Murphy signed legislation legalizing cannabis and establishing commercial sales in the state.
State legislators in New Mexico Virginia, and Connecticut voted recently to legalize cannabis, and the laws took effect in late June and early July.
To put together this tracker, Insider tapped a variety of sources to explain the nuances of each state’s measures. We’ve also included market-size projections to give a sense of how important each state could become for businesses and investors.
Here’s everything you need to know about the new wave of US cannabis legalization:
This article was published on October 9. It was updated on July 9 with legalization efforts in New Mexico, Virginia, and Connecticut.
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