I wrote at the time that I expected it to happen by the end of the year.
Cannabis stocks rallied as federal reform seemed imminent.
The ETFMG Alternative Harvest ETF (NYSE: MJ) nearly doubled in a month.
But partisan gridlock killed the industry’s momentum.
By October, MJ lost all of its gains for the year.
Investors turned their attention toward other trends.
However, there’s renewed hope for cannabis reform.
And it comes from an unlikely source…
Cannabis Reform Has Broad Support
On Monday, Republican Rep. Nancy Mace of South Carolina introduced a bill to legalize cannabis.
Four other Republicans cosponsored the bill.
Yes, that’s right: Republicans are pushing for reform this time.
The States Reform Act would legalize cannabis for all Americans age 21 and over.
It would also place a 3% tax on all cannabis sales.
This move makes a ton of sense.
Midterm elections are just a year away, and reform has broad support.
A new poll by Gallup shows that 68% of Americans now support cannabis legalization.
Plus, 71% of independents support it.
Republicans know this is a key demographic heading into election season.
And in the Senate, 20 out of 50 seats held by Republicans