Medicinal cannabis company, Creso Pharma (ASX:CPH) says that there is a significantly increased likelihood of cannabis reform in the US now that the Democrats have obtained the balance of power in the US Senate.
US cannabis market estimates show that the market may be worth US$130 billion by 2024.
Creso says US Democratic Party win in the Senate "increases the likelihood of the decriminalisation of cannabis and the passing of the Marijuana Opportunity Reinvestment and Expungement (MORE) Act”.
Creso says it ”is well positioned to benefit from potential legislative change with existing operations in North America allowing easy access to world’s largest cannabis market”.
Mernova, which is Creso’s licenced production facility in Canada is only 220 miles from the US border.
Shares in Creso Pharma (ASX:CPH) are trading 7.6 per cent higher at 29 cents.