Please ensure Javascript is enabled for purposes of website accessibility

Does the United Nations Decision on Cannabis Mean U.S. Legalization Is Near?

By Eric Volkman - Jan 27, 2021 at 4:00PM

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

The international organization eliminated weed from its official list of dangerous drugs. Perhaps big countries like ours will follow.

The United Nations got the ball rolling with global decriminalization of marijuana last year with the "rescheduling" of the plant in its Single Convention on Narcotic Drugs -- at least, in theory.

In this video clip from Motley Fool Live, healthcare and cannabis bureau chief Corinne Cardina discusses this move and its potential impact with longtime Fool contributor Eric Volkman. This video was recorded on Dec. 22, 2020.

 

 

Corinne Cardina: The United Nations commission on narcotic drugs voted to reclassify cannabis out of the most dangerous schedule of narcotics, where it was treated in the same manner as heroin. Eric, what does this mean for public opinion and for cannabis stocks?

Eric Volkman: For public opinion, it should definitely affect it in a positive way. I think more to the point, the Single Convention [on Narcotic Drugs] is essentially a policy guideline. It's used as a blueprint -- or it's intended to be used as a blueprint -- for national drug policies.

I'm not so sure it's going to affect public opinion [drastically]. If anything, it'll be positive. I think more where you might see the effect, is in how those policies state-by-state are conducted.

That's a good thing because with the U.N. at least trying to take the lead on this new stance toward marijuana -- that it's not a dangerous, scary drug and it does down the line have some therapeutic qualities -- it could spur at least some countries to rethink their policy on it.

I don't think this is going to end up in a wave of legalization. We're going to see it almost like anything with marijuana around the world, change come incrementally. We might see some more decriminalization measures. Eventually down the line, there could be full-on legalization.

But I think countries are looking more toward big Western nations to lead, to be honest. Now that Canada has gone that way, their eyes are going to be on the U.S., and what develops here, which I think will be talked about.

Invest Smarter with The Motley Fool

Join Over 1 Million Premium Members Receiving…

  • New Stock Picks Each Month
  • Detailed Analysis of Companies
  • Model Portfolios
  • Live Streaming During Market Hours
  • And Much More
Get Started Now

Related Articles

Motley Fool Returns

Motley Fool Stock Advisor

Market-beating stocks from our award-winning service.

Stock Advisor Returns
332%
 
S&P 500 Returns
118%

Calculated by average return of all stock recommendations since inception of the Stock Advisor service in February of 2002. Returns as of 05/26/2022.

Discounted offers are only available to new members. Stock Advisor list price is $199 per year.

Premium Investing Services

Invest better with The Motley Fool. Get stock recommendations, portfolio guidance, and more from The Motley Fool's premium services.