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e're taking a closer look at Chicago Atlantic Real Estate Finance, Inc. (NASDAQ:REFI), one of the top cannabis stocks to invest in, as part of our list of the best options. The history of cannabis cultivation in America dates back to colonial times, when hemp was grown for textiles and rope. By 1850, it had become a recognized patent medicine in the US Pharmacopeia. However, its use was later criminalized due to various factors, including politics and racism.

    The American legal cannabis industry has seen significant growth, with sales reaching $28.8 billion across 38 states that allow regulated marijuana in 2023, a 10.3% increase from the previous year. The industry also added 22,952 new jobs last year, indicating a stabilization of the national business climate after two tumultuous years. According to the 2024 Vangst Jobs Report, there are over 440,445 jobs supported by legal cannabis nationwide.

    The increasing legalization of cannabis and growing acceptance for medical use are driving industry growth. New markets, such as Nebraska's recent vote to legalize medical marijuana, will also contribute to expansion. Currently, 24 states have legalized recreational weed, while the District of Columbia has also done so. However, federal law still prohibits possession or sale of marijuana, punishable by prison time and fines.

    A setback for the industry came in November when Florida voters rejected a ballot measure to legalize recreational marijuana, despite historic funding and advertising efforts. The Sunshine State is already home to the country's largest medical marijuana market, generating $2 billion annually, and was expected to become a $6 billion cannabis market by 2026 if Amendment 3 had passed.