Biden Bows Out! Will Kamala or Trump Lead the Charge for Cannabis Legalization?

In a surprising turn of events, President Joe Biden announced his decision to drop out of the presidential race, citing the best interests of his party and the nation.

This decision comes amid growing pressure from Democratic colleagues and significant fundraisers, with Biden emphasizing his commitment to fulfilling his duties for the remainder of his term. As the political landscape shifts, the future of cannabis legalization becomes a focal point of speculation.

Under President Biden's administration, substantial strides were made towards cannabis reform. In mid-May, Biden directed federal agencies to review marijuana's classification, aiming to reschedule it from a Schedule I to a Schedule III substance under federal law. This move followed his numerous public statements advocating that no one should be incarcerated for cannabis possession.

David Culver, senior vice president of public affairs at the U.S. Cannabis Council, praised Biden's efforts, stating, "President Biden has taken historic steps toward ending the federal prohibition of cannabis, including starting the process to move it to Schedule III and pardoning thousands of Americans convicted of nonviolent cannabis offenses.

We look forward to the current administration finalizing the rescheduling process, and we hope the next nominee will support formally ending federal cannabis prohibition."

With Biden stepping down, Vice President Kamala Harris emerges as a critical figure in the future of cannabis legalization. Harris’s stance on cannabis has evolved significantly from her days as a California prosecutor to a U.S. Senator advocating for federal legalization. This transformation mirrors the broader shift in American attitudes towards cannabis.

Harris has been vocal about the absurdity of cannabis's current classification, equating it to heroin and deeming it more dangerous than fentanyl. She has repeatedly stated that no one should be jailed for cannabis use, a position she reiterated on the Jimmy Kimmel show while discussing an Oregon-based strain named "Kamala Kush."

Her recent comments and actions suggest a strong commitment to cannabis reform, making her a promising candidate for advancing legalization efforts. Harris's leadership could potentially continue the momentum towards ending federal cannabis prohibition, aligning with the bipartisan support for legalization.

On the other side of the political spectrum, former President Donald Trump remains an enigmatic figure regarding cannabis policy. Despite significant public support for legalization, Trump has not clearly articulated his stance. Last year, he controversially linked mass shootings to "genetically engineered" cannabis and other unrelated issues during a National Rifle Association meeting.

However, Don Murphy, founder of the American Cannabis Collective, believes that Trump might not oppose the overwhelming public support for legalization. "I don’t see Donald Trump sticking his finger in the eye of 80% of Americans," Murphy stated, suggesting that Trump could potentially support cannabis reform if it aligns with public sentiment.

The political uncertainty surrounding the 2024 presidential race and its implications for cannabis legalization have significant economic implications. Key cannabis ETFs, such as the AdvisorShares Pure US Cannabis ETF (MSOS), will be closely watched by investors for market reactions.

As the nation awaits further developments, the future of cannabis legalization hinges on the political landscape and the leaders who emerge in the upcoming election. Whether under Kamala Harris’s continued advocacy or a potential shift in Trump’s stance, the path forward for cannabis reform remains a critical issue for millions of Americans.

Who do you think will better advance cannabis legalization efforts?