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Cannabis industry reacts to election day

For the first time in U.S. history, both presidential candidates have spoken in favor of rescheduling cannabis, if not outright legalization. Despite their track records, their current support for cannabis reform is welcomed by the industry. Trump has backed the legalization amendment in Florida and spoke up on how unjustly people are incarcerated for cannabis-related offenses, while Harris has pledged once again to legalize adult-use cannabis and allow more Americans to join the industry as part of her closing argument.

While there are quite the nuances between the two candidates' positions, one thing is for sure: something will happen, even though any bill will most likely require bipartisan support – unless one side has a striking majority in the Senate. At the same time, the industry is quite optimistic about a change of pace coming up. "A Trump Administration will likely place greater emphasis on state autonomy and deregulatory measures, potentially reinforcing a state-led approach to cannabis policy," says chief strategic business development officer of Safe Harbor Financial, Tyler Beurelein. At the same time, he points out that significant barriers would remain for the industry, especially when it comes to access to banking for cannabis companies. On the other hand, Beuerlein points out that a Harris administration could bring about that federal shift towards cannabis reform, which is pretty much necessary for the industry. However, he too agrees that bipartisan support will be needed for such a thing, and the Senate could remain an obstacle.

Cannabis and psychedelic research is also another aspect that this election can greatly impact, and the optimistic sentiment is echoed in that space too. "Full federal legalization would foster innovation, enabling us to deepen our research partnership with Thomas Jefferson University towards advancing cannabis-based treatments for a range of medical conditions, including chronic pain and neurological disorders," says Gibran Washington, founder and CEO of Ethos.

Ismail L. Ali, director of policy and advocacy at MAPS, considers a Harris-Walz victory more favorable for cannabis and psychedelic research. He points to what the Biden administration did, such as supporting progress in drug reform, including an expansion of federal funding for psychedelic research, and an examination of federal cannabis classification. "We are optimistic that this trend shows that Harris-Walz Administration would expand this progressive path, encouraging further research and approval of psychedelic therapies and allowing state-level reforms to continue unimpeded by the federal government." He adds that Trump showed a mixed approach to drug policy during his tenure as President, and recent statements do not really give a clear picture as to what he will do to foster the development of this space. "Trump has been neither clear nor consistent in his opinion or direction on psychedelic research or policy. In a recent interview, he expressed vague positivity toward the potential for psychedelic-assisted therapies, especially in relation to Veterans' mental health. Ambiguity from the federal government could hinder state policies that aim to expand access to these treatments, so we are concerned about potential threats to reforms in places like Oregon and Colorado, where groundbreaking personal and therapeutic use policies have emerged. Citizens of those states — who voted to pass initiatives that include extensive, multi-agency rulemaking processes — deserve the chance for the programs they passed to have a chance of success without interference from the federal government."