The Farm Bill and the (return) of the Cole memo are probably the only pieces of legislation and policy, respectively, that are material to investors. The latter has little to do with CWBHF in light of the former.
Your story links to a new proposal that, while definitely optimistic, comes from a cannabis-friendly State representative. Legislation introduced last year, called the STATES Act, was much more optimistic as it was introduced as a bipartisan bill:
If you boil the wording of the STATES Act down in "tl;dr" terms: Dems want the prohibition removed, and Repubs do, too, but they have to worry about a more conservative, "refer madness" base. A 10th Amendment argument allows Repubs to phrase the removal of the probation as allowing states to choose their own destiny.
While we are probably closer than we have been in decades (ever?) to removal of the federal prohibition, we should probably keep in mind a few things.
First, it is doubtful there will be wholesale legalization any time soon. The STATES Act is probably the model until a cannabis-friendly White House controls Congress. States will still be able to restrict or outright prohibit commerce. If that's how "legalization" occurs, then you will get a puzzle board of legal, quasi-legal, and illegal states that create the US market. You can imagine the added complexity (and cost) that will do to business. Expertise is a premium in this type of environment.
Second, from an investment standpoint, the loosening of restrictions should focus investor decisions on companies that can execute and are focused on branding. A commodity model will bring short term gains, and shrinking margins will eventually crush those companies.
Third, CWBHF investors should embrace the restrictions and the legal complexities that prevail right now. There is enough optimism that investor money will flow into companies like CWBHF absent a sudden reversal of political will, but the state of the law will keep those without experience and expertise out. CWBHF also sells legal cannabis products thanks to the Farm Bill. Therefore, CWBHF can establish a track record and continue to build its brand while others flounder (or don't enter the market at all).
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