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Donald Trump reaffirmed his support for legalizing recreational cannabis in Florida earlier this week. He also expressed his approval for rescheduling marijuana at the federal level and advocated for removing banking restrictions on state-licensed cannabis businesses.
While he hasn’t endorsed ending the federal ban on marijuana, U.S. presidential candidate Donald Trump has made comments that suggest he’s aware of its potential political influence. His remarks came just ahead of his first debate with Vice President Kamala Harris.
Trump’s support for Amendment 3, which he first hinted at in August, could potentially boost the initiative. If passed, the amendment would allow recreational sales and permit adults aged 21 years of age and older to legally possess up to three ounces of cannabis. The amendment requires 60% voter approval to pass. Polls before Trump’s endorsement suggested it wasn’t certain whether the measure would hit this mark. If successful, Florida would become the 25th state to legalize recreational cannabis.
In addition to endorsing the Florida initiative, Trump expressed support for the Biden administration’s proposal to reclassify cannabis from schedule 1 to 3 under the Controlled Substances Act. Trump commented that this change would help advance research into the medical benefits of marijuana.
Reclassifying cannabis would eliminate some hurdles for medical research and provide financial relief to the marijuana industry. Currently, businesses involved in cannabis cannot claim typical business expenses when filing federal taxes because marijuana is classified under schedule 1. However, this reclassification would not make marijuana legal federally nor would it authorize its use as a prescription drug without specific regulatory approval.
While some uncertainty previously existed about how Trump would approach marijuana in a potential second term, he has shown signs of evolving on this issue. During his previous campaign, he stated that states should have the right to legalize marijuana but also criticized the negative impacts of such policies.
Notably, his administration took steps that contradicted his stance, such as rescinding a memo protecting state-licensed cannabis suppliers and proposing to remove a spending rider preventing federal interference with state medical cannabis programs.
Trump also emphasized his desire to collaborate with Congress to create sensible laws, including securing banking options for state-licensed cannabis businesses. Many financial institutions currently avoid dealing with the marijuana industry due to fear of severe legal consequences, which has left marijuana companies heavily reliant on cash and vulnerable to robbery.
Although legislation to protect banks working with marijuana businesses has faced obstacles in Congress, Trump’s support could potentially push it forward if he were elected.
His evolving position on cannabis legalization may appeal to a broad spectrum of voters. Recent polls indicate that 70% of U.S. adults, including majorities across both political parties, believe cannabis should be legalized.
Trump’s evolving stance on cannabis reform, while not as far-reaching as complete federal legalization, may still have significant implications for his political strategy. What the cannabis industry and enterprises such as Green Thumb Industries Inc. (CSE: GTII) (OTCQX: GTBIF) hope for is for tangle reforms to be made at the federal level so that the growth of the industry can face fewer hurdles.
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