Presidential hopeful Kamala Harris has pledged to federally legalize cannabis if she wins the upcoming election in November, marking a major positive shift for cannabis reform in the US.
Cannabis has become an increasingly central topic in this presidential election, which both candidates throwing their weight behind further reforms in an effort to win over voters.
On Monday, Harris announced her ‘Opportunity Agenda for Black Men’ initiative, which includes offering 1m ‘fully forgiveable’ loans to Black business owners of, new regulations to protect cryptocurrency investors, and the legalization of adult-use cannabis at a federal level.
Her campaign emphasized that this would help eliminate unjust legal barriers that disproportionately affect Black men and other Americans. Harris plans to work with Congress to make the safe cultivation, distribution, and possession of adult-use cannabis legal.
This goes considerably further than the Biden administration’s efforts to reschedule cannabis, a move which her rival Donald Trump has since voiced his support for.
The Harris campaign sought to distance themselves from Trump and his unexpected u-turn on cannabis policy, as he appears to be pulling ahead in the polls with Black male voters.
She accused the Trump campaign of ‘flipflopping’ on the issue, and referenced his administration’s threats of federal cannabis prosecutions in states where cannabis is legal during his administration.
This refers to Trump’s attorney general reversing Obama-era guidance that allowed states to manage their cannabis laws without federal interference, though no widespread crackdowns occurred.
Harris’s announcement has been met with a mixed reaction from the industry, which is calling for ‘actions over words’ following numerous promises from both candidates.
Poseidon Asset Management’s Morgan Paxhia said: “Today’s updated plan from VP Harris is notable seeing the recognition of ‘recreational marijuana’ as some industry folks have concerns about rescheduling cannabis to Schedule III as potentially narrow to medical only.
“The cannabis industry responses are mixed and Polymarket unchanged between Trump and Harris since this plan was announced; the American people want action over words and broken promises from politicians at this point.”
Others are calling for more detail of her plans. Newlake Capital Partners CEO and President Anthony Coniglio said: “We’re eager to learn more about Harris’ specific plans for advancing cannabis reform. While the DEA’s proposed reclassification of cannabis from Schedule I to Schedule III under the Controlled Substances Act will be a step forward, for the agency to go further and fully remove cannabis as a controlled substance—similar to how distilled spirits, wine, malt beverages, and tobacco are regulated—would likely require significantly more scientific research than what is available for the current rescheduling process.
“On the surface, it seems the most expedient way to achieve this is through legislative action, which would necessitate bipartisan support. As we’ve seen during Biden’s presidency, executive power is limited, and lasting change for the cannabis industry will require congressional action.
“While we applaud Harris’ commitment to addressing the harm caused by the War on Drugs and the disproportionate impact of mass incarceration on communities of color, it remains unclear if there will be enough bipartisan support to fully realize her reform proposals.”
On a more positive note, the Multidisciplinary Association for Psychedelic Studies (MAPS) Founder and Executive Director Rick Doblin suggested this marks a critical step forward in ending the ‘destructive policies of the War on Drugs.
“This proposal represents an essential turning point in US drug policy. For too long, these unjust laws have disproportionately targeted marginalized communities, hindered scientific progress, and perpetuated harm.
“By advancing marijuana legalization, Harris is laying the groundwork for a future where drug policy is driven by science, public health, and human rights. We stand ready to support these efforts and work with leaders to end the criminalization of individuals for personal drug use, while opening the door to greater research and therapeutic applications of cannabis and psychedelics. This is the first step toward a more compassionate, just, and evidence-based approach to drug policy in America.”
The post Harris Pledges to Federally Legalize Adult-Use Cannabis Marking ‘Essential Turning Point in US Drug Policy’ appeared first on Business of Cannabis.
Continue reading...
