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Marijuana Legalization Efforts Gain Traction: This Week in Cannabis Investing

A Republican state senator in South Carolina just introduced a medical marijuana legalization bill.

The Southeast is warming to the legalization of cannabis, and approval surrounding medical and recreational weed is gaining momentum.

Alabama's licensing process is underway, and efforts for weed legalization in Florida are building. South Carolina is making progress on its medical cannabis legalization program too.

Last week, Republican Senator Tom Davis introduced the South Carolina Compassionate Care Act(opens in new tab), with adjustments to avoid problems that derailed the reform previously. An earlier version of the bill cleared the South Carolina Senate but failed to pass the House floor due to issues related to language on taxes. If the bill passes this time, patients in South Carolina will gain access to cannabis through licensed dispensaries with a doctor's recommendation.

Weed legalization is already supported by most U.S. voters. And in November, a poll released by Winthrop University(opens in new tab) found that 78% of adults in South Carolina, including a majority of Republicans, would like to see medical cannabis reform. An additional 54% of voters were in favor of recreational weed legalization.