How the 2024 US Elections Could Impact Cannabis Regulation

US-Regulation today

Currently, cannabis remains illegal under federal law as a Schedule I drug, but state-level policies vary. Twenty-four states and D.C.—covering 53% of the population—have legalized cannabis for recreational use, while 38 states permit medical use. This disparity creates a complex legal landscape, often leading to excessive tax burdens and limited access to banking services for cannabis retailers. However, the upcoming election may change policies beyond US borders.

What’s on the Line for Cannabis Regulation?

For the first time, both major presidential candidates have shown support for a significant change in federal cannabis policy. This bipartisan shift suggests that regardless of who wins, the US may be inching toward a more unified approach to cannabis regulation. Voters in Florida, North Dakota, South Dakota, and Nebraska will also have a direct say in cannabis legalization through ballot measures, signaling the growing momentum for reform across the country.

Kamala Harris’s Position

Kamala Harris has been a prominent advocate for cannabis reform. In 2019, as a senator, she was the lead sponsor of the Marijuana Opportunity Reinvestment and Expungement (MORE) Act, a bill aimed at descheduling cannabis that would remove cannabis entirely from the Controlled Substances Act (CSA). Although it did not pass the Senate, this showcases how Harris’s stance on cannabis has evolved significantly over time. In 2010, as California’s Attorney General, she opposed a state measure to legalize recreational cannabis. And ten years later, she was advocating for complete federal legalization. Currently, as Vice President, Harris leads discussions on criminal justice and cannabis reform within the Biden administration, focusing on rescheduling cannabis under a less strict section of the CSA.

Donald Trump’s Position

Donald Trump’s position on cannabis has been more inconsistent. He supports the idea that the legalization of recreational cannabis should be left up to individual states and recently stated he would vote for Florida’s ballot measure to legalize it. Trump has also endorsed the rescheduling of cannabis under the CSA, aligning this aspect of his stance with the Biden administration’s current efforts. However, Trump’s approach to medicinal cannabis has been somewhat ambiguous. While he stated in 2016 that he “likes” cannabis when used for medicinal purposes and believes its health benefits should be explored further, he has also expressed doubts about its effectiveness, claiming it might do “significant damage.” Moreover, during his presidency, his administration took several anti-cannabis actions, including rescinding an Obama-era policy that directed federal officials not to pursue cannabis-related prosecutions in states where the drug is legal.

Rescheduling Uncertainty: Potential Ripple Effects on European Cannabis Policies

Rescheduling cannabis would be a significant reform but not equivalent to full descheduling. President Biden has acknowledged that rescheduling at the federal level is “not a done deal.” While the Justice Department proposed moving cannabis to Schedule III, the final decision lies with the DEA, with a public hearing scheduled for December 2. This uncertainty has weakened investor confidence. If rescheduling stalls, barriers to medical research and commercial activities will persist. Federal reclassification could also influence European policies, prompting countries to reconsider regulations and impacting trade, research, and legal frameworks, given the US’s role in the global cannabis market.

This election could mark a turning point for cannabis regulation, not just in the US but across the globe, as countries closely watch how the evolving American stance might shape the future of cannabis policy worldwide.

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We wish you a good read!

With legalising greetings,