The US cannabis industry is responding positively to developments in the race for the White House as the Democrats field a pro-legalization ticket and Donald trump softens his prohibitionist stance. This comes as polls suggest that seven out of 10 American voters support cannabis legalizations and both Democrats and Republican candidates are listening.

Benzinga reports the Harris-Walz team represents the cannabis industry's first explicitly pro-legalization presidential ticket from a major party in U.S. history

“Kamala Harris’ selection of Governor Tim Walz as her running mate is a historic milestone for cannabis reform," said David Culver, SVP of Public Affairs for US Cannabis Council in an email to Benzinga. "For the first time, there will be a pro-legalization major party ticket. The US Cannabis Council is confident that a Harris Administration would continue to build on the recent progress made by the Biden Administration toward ending federal cannabis prohibition and addressing the societal impacts of the drug war."

Harris has said on various occasions — despite her job as a San Francisco prosecutor — that "No one should go to jail for smoking weed." Harris backed up those words in 2018 when she co-sponsored Sen. Cory Booker‘s Marijuana Justice Act, which would legalize cannabis at the federal level.

While media attention has been squarely focused on the Democratic candidates’ position on cannabis until now, former president Donald Trump caught the industry’s attention on 8 August 2024 by seemingly backing decriminalization.

The Business of Cannabis reported on 9 August 2024 that Trump hinted at supporting cannabis decriminalization during a press conference at Mar-a-Lago on Thursday. Responding to a question about the Biden administration’s efforts to reclassify cannabis and Vice President Kamala Harris’ stance on low-level cannabis offenses, Trump acknowledged the growing trend of legalization across the US.

“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 mark a shift from his earlier hardline stance, where he called for the execution of drug dealers as part of his re-election 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.”

Notably, he also mentioned that he would soon announce his position on a Florida ballot measure to legalize cannabis.

However, given Trump’s track record when it comes to coherent policy positions, it is prudent to approach his comments with a degree of caution.

It comes just days after Harris officially announced her running mate, longtime cannabis legalization advocate Tim Walz.

With Biden’s administration setting the stage for cannabis reform to play an important role in this election campaign, his outspoken support of cannabis reform means this is the first time in history that two pro-reform candidates have shared the same ballot.

In light of this historic choice, the cannabis industry has reacted with widespread support and positivity in regards to Walz.

While many have assumed a second Trump presidency could derail efforts to reschedule cannabis and finally push through the SAFER Banking Act, given Republicans’ general efforts to halt state reforms over the past few years, others have suggested he is likely to back reform if he feels it will win him votes.

Speaking to Business of Cannabis earlier this year, Tim Seymour, Portfolio Manager of the actively managed Amplify Seymour Cannabis ETF (CNBS) and the founder and Chief Investment Officer of Seymour Asset Management said: “Trump’s not necessarily married to any particular policy, other than the one that gets him elected and keeps him in power.

“So he can be all over the map here, but in the past, the Trump administration had plenty of opportunity to blow up the Cole Memo and didn’t do that.”

The period between 2016 and 2020 when Trump was in office, he points out, was ‘arguably one of the most momentous periods in cannabis’, conversely, there have been years of inaction from Biden, even when the Democrats had the most power to push through reform.

Given that the Democrats have identified cannabis reform as a vote winner among younger voters, it’s likely Trump’s team has also seen the opportunity this presents.

CEO of Sunburn Cannabis, Brady Cobb, said; “For years, I have been one of the few voices stating that Republicans do in fact support cannabis reform, and it was refreshing to hear former President Trump’s positive comments on cannabis criminal justice reform and Florida’s pending Amendment 3 which would create one of the largest recreational cannabis marketplaces in the world.

“I look forward to his upcoming announcement on Amendment 3, and hopefully, this industry can enjoy some rare bipartisan support for this key issue in our State and our country.”

Emily Paxhia, Co-founder of Poseidon Investment Management, echoed this, stating: “We are excited to hear from Former President Trump that cannabis reform is on his radar. We’ve long known cannabis polls well on both sides of the political aisles.

“It is wise for him to address this issue that has too long been sidelined by our federal government. The timing of this commentary is interesting given his opponent’s recent VP pick who has held a pro-cannabis view. It shows the voters that there is more to unpack as we near the election. As an industry, we should provide education and information on cannabis reform for both sides to consider.”