As the most consequential US election in recent history comes to close after a long and turbulent campaign, the dust is beginning to settle on the prospective outlook for cannabis under the new administration.
Aside from Trump’s surprisingly dominant victory and his mixed record on support for cannabis reform, key votes have taken place across numerous states, which are set to have a major impact on cannabis businesses.
Florida, Nebraska and North Dakota, among other states, took to the polls to decide on key measures relating to medical and non-medical cannabis regulation and reform.
Donald Trump has now become only the second person in history to be elected president of the United States for a second term after being voted out of office, and he looks set to become the first Republican since George W. Bush in 2004.
Cannabis reform played an increasingly important role in this year’s presidential race, kickstarted by the incumbent President Biden’s campaign to reschedule cannabis at a federal level.
While Vice President Kamala Harris took her predecessor’s commitment to reform one step further, promising in October to federally legalize cannabis if elected, Trump’s position is more mixed, but still relatively positive, especially in comparison to his position in previous election cycles.
Amid various reports that voters in key swing states overwhelmingly supported cannabis reform, Trump surprised the industry in August during a press conference at Mar-a-Lago where he hinted at supporting cannabis decriminalization.
“As we legalize it, I start to agree a lot more because, you know, it’s being legalized all over the country,” Trump stated.
Trump’s comments marked a shift from his earlier hardline stance, where he called for the execution of drug dealers as part of his reelection campaign in 2022. Reflecting on the current landscape, Trump noted, “It’s awfully hard to have people all over the jails that are in jail right now for something that’s legal.”
A month later, Trump came out publicly to support Amendement 3 in Florida, which would see possession of up to three ounces of cannabis for adults over 21 legalized across the state.
In a post on his own social media platform, Truth Social, Trump said: “In Florida, like so many other States that have already given their approval, personal amounts of marijuana will be legalized for adults with Amendment 3.
“Whether people like it or not, this will happen through the approval of the voters, so it should be done correctly.”
While this support ultimately came to nothing, this again flew in the face of his previous rhetoric and Florida’s Republican Governor, Ron DeSantis, a vehement opponent of cannabis reform.
Later in September, Trump similarly voiced his support for two ongoing but crucial cannabis reform measures.
Trump voiced his support for Biden’s stance on cannabis rescheduling, alongside the long-awaited SAFER Banking bill which the industry has been trying to pass since 2019.
“As President, we will continue to focus on research to unlock the medical uses of marijuana as a Schedule 3 drug, and work with Congress to pass common sense laws, including safe banking for state-authorized companies, and supporting states’ rights to pass marijuana laws,” Trump wrote on Truth Social.
Whether he’ll make good on these promises is yet to be seen, and the industry has had a mixed reaction to his recent victory.
Evan Nison, cannabis legalization advocate and CEO of NisonCo, said: “If President Trump intends to honor the overwhelming support for cannabis reform, we expect him to select a cabinet ready to act on federal legalization, banking reform, and veteran access. We’ll know how seriously he will take his campaign promises based on his appointments.
Somai Pharmaceuticals CEO Michael Sassano added: “The Democrats have used cannabis as a political football for far too long.
“They had all the opportunity to control all 3 houses and easily could have tilted the scale with the DEA reclassification. Trump has always been on the side of business, unnecessary government spending and even pardoned many cannabis violations. He has the largest possibility of succeeding where all have failed and will likely reschedule and give SAFE banking.”
The US Cannabis Council’s David Culver, Senior Vice President, was also optimistic, stating: “The cannabis community has every reason to be optimistic with President Trump returning to the White House. He has endorsed the SAFE Banking Act and reclassification of cannabis, and he supports cannabis reform that protects consumer safety and prevents youth access. We look forward to working with his administration to advance meaningful federal reform.”
