Here I Am Baby, Signed, Sealed Delivered, I’m Yours. Yes, the election victory song played when Obama walked out on the stage at the McCormick Center in Chicago early this morning meant great things for a large number of penny stock traders. With several marijuana bills approved in various states on election day, AimHighProfts’ continued coverage of the hottest sector over the last few weeks on companies focused on cannabis has finally received the news — LEGAL! We think it’s an absolute requirement to have the following OTC listed penny stocks associated with marijuana on your watch list for Wednesday.
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Marijauna has now been legalized for RECREATIONAL use in Colorado and Washington!
In a groundbreaking move, Colorado and Washington voters have passed referendums legalizing marijuana for recreational use. The drug is still banned under federal law. Colorado’s Proposition 64 to the state’s constitution makes it legal for anyone over the age of 21 to possess marijuana and for businesses to sell it.
“The voters have spoken and we have to respect their will,” Colorado Gov. John Hickenlooper said in a statement. “This will be a complicated process, but we intend to follow through. That said, federal law still says marijuana is an illegal drug so don’t break out the Cheetos or gold fish too quickly.” Governor Hickenlooper continued stating “Amendment 64 legalized marijuana for anyone over the age of 21 at certain retail stores. Proponents believed the bill could generate millions in revenue for the state government.”
According to the HeraldNet (see here), Washington voters made their state the first in the nation to legalize recreational pot use Tuesday, setting up a showdown with a federal government that backs the drug’s prohibition. The measure sets up a system of state-licensed marijuana growers, processors and retail stores, where adults over 21 can buy up to an ounce. It also establishes a standard blood test limit for driving under the influence.
Legalization could help bring in hundreds of millions of dollars a year in pot taxes, reduce small-time pot-related arrests and give supporters a chance to show whether decriminalization is a viable strategy in the war on drugs. The sales won’t start until state officials make rules to govern the legal weed industry.
Promoted by New Approach Washington, I-502 calls for a 25 percent excise tax at each stage from the growers on until it is sold in stores to adults 21 and over. They could buy up to an ounce of dried marijuana; one pound of marijuana-infused product in solid form, such as brownies; or 72 ounces of marijuana-infused liquids. The cannabis would be subject to testing to establish its THC content, and labeled accordingly.
Bottom Line: These 13 marijuana focused penny stocks should be on your watch list at the opening bell Wednesday. The top 2, MJNA and HEMP, have gained dramatically over the last 5 weeks and could see continued gains through the end of the year. CBIS, one of our biggest winners at the start of the year, could provide, once again, some decent long-term gains while MWIP looks to be a sleeper pick among the group which could go nuking futs.
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