Vice President Kamala Harris, the presumptive Democratic presidential nominee, caused a flurry of excitement throughout her base with the selection of Minnesota Governor Tim Walz as her running mate. For legal cannabis professionals and champions of federal legalization, this choice begs the question: What does this bode for the legal cannabis sector?
The preliminary verdict is positive. In May 2023, Governor Walz signed a bill, legalizing the use, possession, and cultivation of cannabis in the state; three months later, the recreational market launched. Clearly, there is one part of the ticket that has demonstrated strong and unequivocal support for the space.
Though Vice President Harris has had a complicated history with the plant, she has been part of an administration that is rescheduling cannabis, with President Biden issuing mass pardons for thousands of people with possession convictions.
For many pundits and observers, this ticket has boundless potential for cannabis. If Harris and Walz do get elected, will this finally result in that holiest of grail for practitioners and advocates—federal legalization at last?
Several industry leaders are weighing in with their takes.
Morgan Paxhia, managing director of Poseidon Asset Management, a San Francisco-based cannabis investment firm, expressed hope tempered with caution, noting it is unknown whether cannabis will be an important issue on the Harris/Walz platform. Still, a majority of Americans support legalization, regardless of political ideology or affiliation and that should positively factor into the outcome. However, more work needs to be done and that starts with Congress.
“We will be equally focused down-ballot to see how the dynamics will change in the House and Senate,” said Paxhia. “Regardless, we are not expecting legislative progress near term and see better potential for federal progress via the Commerce Clause challenge led by key industry stakeholders and legal heavyweight Boies Schiller Flexner LLP.”
Socrates Rosenfeld, CEO and co-founder of cannabis marketplace Jane Technologies, viewed the selection of Walz as Kamala Harris’ running mate as a auspicious development for the legal cannabis industry.
“This choice highlights a continued momentum toward the end of cannabis prohibition, the recognition of its benefits, and expanded access for Veterans and beyond,” said Rosenfeld. “No matter the outcome of the election, our work as an industry remains unfinished until the injustices of the War on Drugs are fully addressed. The future of cannabis in America is bright, and we must stay steadfast and persistent in our efforts for full federal legalization, restorative justice and healing.”
Wendy Bronfein, co-founder, chief brand officer and director of public policy at Curio Wellness, a multistate cannabis operator, echoed the sentiment.
“Vice President Harris’ selection of Tim Walz, as running mate, is a promising step towards cannabis reform,” said Bronfein. “This decision marks a significant moment in combating stigma and legitimizing the legal cannabis industry, across the US. It also supports the widespread acknowledgment of the plant’s wellness benefits and pathways to improve access to it. We must continue advocating for policies and leaders that create more certainty for our industry, its patients, and consumers.”
The U.S. presidential election will be held on Tuesday, November 5, 2024.
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