Both sides tackle cannabis in 2024 election

Cannabis has emerged as a bipartisan issue in the 2024 election, garnering support from candidates and elected officials across the political spectrum and the country. This reflects a broader change in public attitudes toward cannabis, with a majority of voters supporting legalization. This shift in the political landscape could bring about major changes in cannabis policy, such as federal rescheduling and further state or even national legalization, as candidates seek to align with voter sentiments.

This election could prove significant for cannabis advocates nationwide. Voters in three states — Florida and the Dakotas — are poised to decide whether to join Michigan and 23 other states, as well as Washington, D.C., in establishing a state-regulated recreational cannabis market. Should these measures pass, it would mark a turning point: legality in more than half of U.S. states.

For many, the movement toward full legalization represents a long-awaited victory. Activists have spent years advocating for changes to cannabis laws — in many states, legal cannabis markets were created by activist-backed ballot initiatives. Until recently, these activists faced significant political and social resistance. The current climate signals that these efforts may finally be bearing fruit as both public opinion and political stances evolve.

Both presidential candidates have expressed support for cannabis policy reform, highlighting the increasing acceptance of the drug within mainstream politics. While their approaches differ — Harris advocates for full federal legalization, whereas Trump supports decriminalizing cannabis and leaving the decision of whether to establish medical and recreational markets up to each state — both indicate a shift in political rhetoric.

Increasing support for cannabis reflects a broader generational shift in attitudes toward cannabis use. According to an October 2023 Gallup poll, 70% of Americans support legalization, a dramatic rise from just 12% in 1969. The same poll indicates that younger demographics are especially supportive of cannabis legalization. As candidates vie for their attention, cannabis reform emerges as a strategic way to engage these critical voters.

Recent events, such as a virtual rally hosted by Willie Nelson in support of Harris, exemplify the growing alignment of cannabis advocacy with political campaigns. The event, which focused on the importance of cannabis reform in America, brought together celebrities and lawmakers who support legalization. Democrats are emphasizing their historical ties to the cannabis movement, arguing that electing more Democrats could pave the way for meaningful reform.

A key driver of cannabis policy discussions at the federal level is the banking crisis faced by cannabis businesses. Traditional financial institutions are reluctant to work with cannabis companies due to the associated legal risks, forcing many operators to rely on cash transactions. This creates safety concerns for employees who have to transport the cash out of the store and makes it challenging for small and social equity businesses to secure loans.

Additionally, investors often charge premium rates when financing cannabis ventures, citing the drug’s federal illegality as a reason for the increased costs. This can stifle innovation and hinder the potential for diverse participation in the cannabis market, particularly for small businesses and entrepreneurs from historically marginalized communities.

Federal reform is increasingly being seen as a necessary step for the industry’s survival and growth. In recent years, U.S. Drug Enforcement Agency officials and a growing number of lawmakers from both parties, including Republican U.S. Reps. David Joyce of Ohio and Brian Mast of Florida, co-chairs of the Congressional Cannabis Caucus, have indicated that cannabis rescheduling is a top priority. The hope is that this would open up banking options for the cash-strapped industry and could help bring about legalization in the remaining non-legal states.

As legalization spreads, the narrative has evolved from one focused solely on social justice and ending prohibition to one centered on fostering a sustainable industry. With more Americans using cannabis regularly and the political climate shifting, it’s likely candidates will take cannabis reform more seriously in future campaigns. As they navigate the complexities of public opinion, the focus will likely remain on creating a viable and equitable framework for the cannabis industry, ensuring that it continues to grow and flourish in the years to come.

As Tuesday’s (Nov. 5) election approaches, the question remains: How will candidates capitalize on this momentum, and what does it mean for the future of cannabis in America? With a clear shift in both public opinion and political strategy, the coming months will be crucial in shaping the path forward for cannabis reform in the United States.