A proposal for federal legalization of cannabis is now expected to be submitted to the White House by the end of the week, driving a bump in US cannabis stocks.
According to Marijuana Moment, drug policy expert and co-founder of Law Enforcement Action Partnership (LEAP) Howard Wooldridge, a Trump administration representative indicated they would welcome a proposal on cannabis reform.
During a weekly meeting of Americans for Tax Reform, a group of conservative activists last week, Wooldridge said he was given some ‘one-on-one’ time with the representative to discuss his plans to advise the administration to legalize cannabis at the federal level.
Speculation about Trump’s position on cannabis reform has been rife since the presidential campaign, given the forward momentum set in motion by the Biden administration.
As Business of Cannabis reported last month, the administration’s rhetoric on cannabis reform has been unclear at best, and at times contradictory.
The staffer, who was kept anonymous, was reportedly ‘open to any and all suggestions’, and Wooldridge suggested that he would submit a proposal by the end of the week.
It comes amid a spike in US cannabis stock prices, which jumped on March 04, a day before the story was published, meaning it is unclear whether these events are connected.
New Cannabis Ventures’ American Cannabis Stock Index, which tracks the performance of leading US cannabis stocks, rose by over 20% as the markets opened.
