At a political luncheon in Miami 26 years ago, a keynote speaker who would become arguably the world's most famous politician spoke up about the legalization of recreational drugs.
"We're losing badly the war on drugs," he said. "You have to legalize drugs to win that war. You have to take the profit away from these drug czars." He continued, arguing that the widespread legalization of all drugs in the United States could generate much-needed tax revenues.
It was Donald Trump, the now U.S. president-elect.
Fears that Trump has reversed his stance since that 1990 Miami luncheon to please his more conservative supporters has many investors questioning their cannabis-related stocks.
However, although Trump may have a less progressive stance on marijuana than say Green Party presidential candidate Jill Stein, such worries are needless. The future has never been brighter for pot investors.
A Trump presidency may not herald in federal legalization of the plant for recreational purposes, but Trump has soft-pedaled the traditional Republican hardline stance on medical marijuana.
"Medical marijuana...? I'm in favor of it 100%," he told conservative talking head Bill O'Reilly in a recent interview. "I know people that have serious problems and they did [use cannabis-based therapies]... it really does help them."
It may have been marijuana -- not the Republicans -- that scored the biggest wins in last week's elections. Eight initiatives on nine ballots won, affecting major change to state marijuana laws. It will now be legal to consume the herb legally for recreational purposes in California, Massachusetts, Nevada, and Maine, as well as in Washington state, Oregon, Colorado, and Washington, D.C. Plus, more states, including conservative Arkansas, voted for looser restrictions for medical Mary Jane.
Investors should start getting into pot stocks now.