420 Week Heralds New Polls That Confirm Pot’s Popularity

I was having dinner at my parent’s house last Sunday when my sainted 91-year-old mother casually asked me whether she should start vaping medical marijuana for her arthritis. Taken aback, I suggested she pose the question to her physician.

Welcome to contemporary America, where at family gatherings you’ll increasingly encounter mom, apple pie and…weed. Anecdotal evidence of the mainstreaming of marijuana, such as my mother’s question to me, is abundant. But the empirical evidence is even more persuasive.

Case in point: Three new polls released in recent days to coincide with the week of 420 reveal that a solid majority of Americans continue to support marijuana legalization.

The trio of surveys were conducted and published by CBS News, YouGov and Civic Science. I’ll get to the data in a minute. First, some clarification about the 420 holiday and why it was appropriate to purposely release these poll results during the festivities this year.

The annual marijuana holiday, celebrated on April 20, begs the question: where did the numerals 420 come from? Therein you’ll find many interesting urban legends.

Some point out that 420 is police code for “marijuana smoking in progress.” Others note that 4/20 is Adolf Hitler’s birthday, although I fail to see the connection between marijuana and Der Fuhrer. That said, historians have discovered in recent years that Hitler was constantly amped up on methamphetamine and cocaine. (Perhaps the Nazi salute should have been: “High Hitler.”)

In another farfetched theory, Bob Dylan’s song Rainy Day Women #12 & 35 is the source, because 12 multiplied by 35 equals 420.

For me, the most believable story is about five students at San Rafael (CA) High School in the early 1970s who would meet at 4:20 p.m. every day to partake, saying “420” to each other as code for marijuana. The school’s extracurricular activities would end at 4:20 p.m.

Fact is, no one really knows the exact derivation of 420. Regardless, over the past four decades, April 20 has become an international holiday for marijuana, when millions of people from all walks of life get together to celebrate, consume and advocate for marijuana.

Read This Story: Happy 420 Day!

Now let’s get to those poll findings, which further cement marijuana as a major industry and investment opportunity.

  • The CBS News poll found that 64% of Americans want marijuana to be legal in their state, including majorities of Democrats (73%), independents (66%), and even Republicans (53%). The CBS survey involved interviews with 1,582 Americans from April 14-18.
  • The Civic Science poll also found that 64% of Americans support cannabis legalization in their state. The Civic Science statistics derive from a continuing survey of U.S Census data going back to October 1, 2021 and released April 19. 2023.
  • The YouGov poll determined that 58% of respondents say that cannabis should be legal in their state, including 65% of Democrats, 62% of independents, and 46% of Republicans. The YouGov survey involved interviews with 1,000 Americans from April 13-20.

The following chart provides a more detailed look at the YouGov survey:

Last year, President Joe Biden issue a presidential proclamation that pardoned convictions for simple marijuana possession at the federal level, a move supported by the majority of Americans.

The public not only embraces marijuana’s legalization, but also has become more tolerant of its use. Notably, in the CBS News survey, 67% said that they would not think differently about a friend or family member who uses cannabis, while 26% said they’d think “worse” of them and 7% said they’d think “better” of them.

From demon weed to profitable investment…

Weed’s stigma is fast disappearing. That’s why I’ve launched an investment service called Marijuana Profit Alert.

Stock picking is particularly treacherous in the cannabis industry. Marijuana poses huge investment opportunities, but you need to be careful.

Corporate marketing in the marijuana industry often lapses from hyperbole into outright fraud. Many marijuana penny stocks are aggressively promoted, even though they have weak fundamentals.

That’s why, when researching a stock in any industry, I dig deep into earnings estimates, to look under the hood, so to speak, to gauge the true source of earnings growth. The volatile marijuana industry requires extra effort, but the pay-off can be exponential.

Marijuana stocks were dragged down by the broader bear market in 2022, but I believe the pot sector faces a “breakout” year in 2023. The time to invest in cannabis value plays is now.

My publication Marijuana Profit Alert provides specific, actionable advice on the best investments in the psychotropic revolution. In my portfolio of holdings, I strive to strike the right balance between risk and reward. Visit this URL to learn more.

John Persinos is the editorial director of Investing Daily.

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