Harris vs. Trump: which presidential candidate will better serve the cannabis sector?
As the 2024 US presidential vote nears, the cannabis industry is closely watching the candidates – Kamala Harris and Donald Trump – and how their election will potentially impact marijuana policies.
There are hopes Democratic candidate and current Vice President Harris will continue to progress marijuana reforms initiated by the Biden administration, such as the rescheduling of the drug as lower-risk.
Her evolving stance on the issue, from her initial opposition to legalizing cannabis in California to her recent advocacy for rescheduling the drug, suggests a commitment to advancing reform.
On the other hand, based on his earlier presidency, Republican candidate Trump is seen leaving cannabis issues to the states – not progressing reform, but also not imposing new restrictions on cannabis businesses.
Harris could deliver more than the status quo
Since kicking off her campaign to become president in July, Harris has not publicly discussed her stance on marijuana issues.
Her position on cannabis has evolved during her career as broader attitudes towards the drug have shifted.
Harris’ record as a prosecutor is nuanced, despite re-emerging rhetoric since announcing her candidacy that she jailed thousands of people over marijuana. Data shows between 2004 and 2010 under her leadership, there were 1,956 marijuana convictions. Only 45 resulted in state prison sentences, but this number may be higher as the number of people sent to county jail is unclear.
In 2010, she opposed a California ballot initiative to legalize cannabis but by 2015 she appeared to soften her stance, calling for an end to the federal ban on medical marijuana. But, in recent years, she has actively supported several pieces of legislation, including co-sponsoring the SAFE Banking Act, the Marijuana Justice Act, and the MORE Act.
In March, she showed her strong support for rescheduling by asking the Drug Enforcement Administration (DEA) to move the issue forward “as quickly as possible,” also stating that it is “absurd” and “patently unfair” that the drug is currently categorized alongside heroin.
Oregon-based corporate and cannabis lawyer Vince Sliwoski told Proactive that during her tenure as Vice President, Harris has “mostly been silent through all of it” when it comes to the Biden administration’s cannabis reforms.
“What would Harris do as President, with respect to marijuana? I think the right answer is: Kamala Harris would do whatever is politically expedient, but she would not otherwise prioritize cannabis reform,” Sliwoski said.
He believes the cannabis industry would rather see Harris as the next president to keep the status quo regarding the recommendation from the Department of Health and Human Services (HHS) to reschedule cannabis to Schedule 3 from Schedule 1 under the Controlled Substances Act.
“If Trump wins, we may see a big purge of officials who are making those rescheduling decisions which will disrupt the momentum and create more uncertainty,” he said. “It could slow down, because the people or agencies responsible for rescheduling could be replaced, and they could just take a very different approach.”
But Harris as President could deliver even better results for the cannabis industry than the status quo, he said.
“With Kamala Harris, it’s possible she would push it further than the current rescheduling protocol. Before she became Vice President, she was a big promotor of total descheduling as the Senate sponsor of the MORE Act, which is a bill that would have done exactly that.”
‘Wildcard’
Lisa Pittman, a cannabis attorney based in Texas, however, sees Harris as a “complete wildcard” for the cannabis sector.
“One would assume she would carry on the same objective [as the Biden administration] but Harris has never presented herself as a marijuana legalization advocate,” Pittman told Proactive.
The status of marijuana rescheduling after Biden’s term will have a major impact on Harris’ ability to progress cannabis reforms.
“If current efforts are stalled, it is unlikely she would use political capital as a new president to push a marijuana agenda in the face of so many other pressing domestic and international crises she will need to work with Congress on,” Pittman said.
“But, if marijuana is rescheduled before President Biden leaves office, then perhaps it would take little effort to finish the task, assuming she is able to command the various federal agencies involved and Congress effectively.”
Cannabis a ‘non-issue’ for Trump
During his tenure as President, Trump largely stuck to this position that cannabis laws should be handled at the state level and did not move to abolish existing cannabis programs. He is supportive of the legalization of medical cannabis.
For this reason, Pittman believes another Trump presidency would provide greater clarity to the cannabis sector.
“Trump has consistently endorsed medical marijuana and as far as adult use, as President, he stood by his statements that he viewed marijuana legalization as a states’ rights issue,” she said.
Under Trump’s previous presidency, many states legalized medical and adult use of cannabis and his administration allowed all marijuana business activity to continue. That could mean, according to Pittman, that Trump’s overall business policies will benefit the cannabis sector, which suffers from high regulation and taxation.
“Trump showed while he was president that he would run the government with pro-business, small government policies, which is what he is campaigning on now. There is no reason to think Trump would not allow cannabis businesses to continue to flourish as a matter of capitalism with less regulation under the basis of states’ rights, and now, a Schedule 3 Controlled Substances Act designation,” Pittman said.
“We can look back all the way to 2016 for guidance, and it appears marijuana simply is a non-issue for Trump and that he would not stand in the way of any moves made by the states or the DEA, HHS, or Food and Drug Administration (FDA) on the issue.”
Sliwoski agreed that cannabis would likely be ignored by Trump and left to the states, as it was during his presidency.
The outcome of the November election will be pivotal for US cannabis operators and investors, determining whether the sector may see progressive reform under Harris or continue with a steady, state-controlled approach under Trump.
H/T: www.proactiveinvestors.com
