This Surprising Development Suggests Cannabis Legalization Under Biden May Be a Pipe Dream

When U.S. President Joe Biden won the election in November 2020, it lit a fuse under the marijuana industry as optimism grew that significant reform could be on the way. Odds are, if you invested in any pot stock after election day, you would be sitting on a nice profit right now. The Horizons Marijuana Life Sciences ETF has doubled in value during that period while the S&P 500 has risen by a more modest 20% in value.

But are investors getting too far ahead of themselves? The Republicans may not be in power anymore but that doesn't mean that legalization will take place anytime soon. And based on some recent developments, there is even more reason to scale back those expectations.

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Source Fool.com