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Recent developments on the political front in the United States are signaling greater acceptance of marijuana in the country. Public approval of the drug has grown considerably, with the medical use of marijuana being legal in 38 states, 4 territories and the District of Columbia.
Recreational marijuana is also legal in 24 states, the District of Columbia and 3 territories. This represents about 53% of the country’s population. These jurisdictions now tax and regulate marijuana sales similar to alcohol. Voters in other parts of the country are also set to vote on the same in the upcoming elections.
However, marijuana is still illegal under federal law due its classification under the Controlled Substances Act. The drug is classified under Schedule 1, which contains drugs with no accepted medical use and high potential for abuse. This makes marijuana possession a federal crime punishable by prison time and fines. The cultivation or sale of marijuana is a more severe crime, punishable by prison sentences of five years to life. The ruling depends on the drug’s quantity.
In May of this year, the U.S. Department of Justice proposed the recategorization of cannabis to Schedule 3. Other drugs under this category include anabolic steroids and ketamine. A hearing as been set for Dec. 2, 2024, by the U.S. Drug Enforcement Administration (DEA), to hear comments on the proposal. This hints at a final decision being made after President Joseph Biden has left office in January.
Democratic presidential nominee, VP Kamala Harris, has stated that it was absurd that cannabis was still classified as a Schedule 1 substance, alongside LSD and heroin. She’s also backed cannabis decriminalization at the federal level.
The GOP nominee for president, former President Donald Trump, has also voiced support for this change in policy. On his social media platform, Trump stated that he would continue to focus on research to unlock the medical uses of cannabis to a Schedule 3 drug. He also revealed that he’d vote yes on a ballot initiative to legalize recreational cannabis in the state of Florida.
If approved by at least 60% of voters, the measure would permit recreational sales for individuals aged 21 years of age and older. The measure will take effect six months following approval, with the legislature also being allowed to license additional retailers.
Many expect the federal reclassification to be approved after a poll conducted by Gallup in 2023 found that roughly 70% of adults in the United States favor the legalization of marijuana. This is significantly higher than the one-third of respondents who expressed support for the drug’s legalization two decades ago.
As the top politicians on Capitol Hill appear to be reaching agreement that cannabis criminalization no longer has a place in modern America, entities such as TerrAscend Corp. (TSX: TSND) (OTCQX: TSNDF) can only wonder whether this convergence of views will ultimately result in major shifts in federal marijuana policy in the foreseeable beyond the ongoing reclassification process.
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