The Veep’s legalization plan

HARRIS FOR LEGALIZATION
Vice President Harris announces plans for federal legalization, if elected

Driving the news: Vice President Kamala Harris made her position on legalization crystal clear on Monday, after much hand-wringing from the industry. 

She plans to federally legalize cannabis, with the assistance of Congress, if elected. The announcement came as part of a broad package aimed at economic empowerment for Black men. 

What they’re saying: Cannabis legalization would “...break down unjust legal barriers that hold Black men and other Americans back by legalizing marijuana nationally, working with Congress to ensure that the safe cultivation, distribution, and possession of recreational marijuana is the law of the land.” 

A bit more: In addition to legalization, yesterday’s policy announcement was part of a broader “Opportunity Agenda for Black Men” that included proposals for business loans, education, and a National Health Equity Initiative. You can read the full policy proposals on Harris’ campaign website.

Why it matters: Harris has been a vocal supporter of cannabis reform, both as a Senator and Vice President. She reiterated her position on the issue recently as part of the All the Smoke podcast. 

And former President Donald Trump also supports cannabis reform, albeit in a more limited way than Harris. He supports Amendment 3 — the ballot initiative that would legalize cannabis in Florida — his adopted home state, and said he supports the SAFER Banking Act, a bill that would allow cannabis companies to access the financial system. It’s likely part of the Trump campaign’s effort to neutralize cannabis, broadly popular among members of both parties, as a wedge issue. 

But Harris’ policy proposal on Monday is the most full-throated support for cannabis legalization on the federal level from either candidate, though light on actual specifics of how it’d actually be implemented. 

Back up: Trump’s administration was regressive on cannabis, especially under his first attorney general, Jeff Sessions who rescinded the Cole Memo which directed the Department of Justice to keep their hands off state-legal cannabis. 

While the Biden Administration could certainly do more on the issue, he, and Harris, to some extent, are still responsible for pushing to reschedule cannabis, which, if it goes through, would be the biggest shift in federal cannabis policy in half-a-century. 

Zoom in: Harris’ vision of legalization that ties into how Democrats have viewed the issue — it’s a key piece of a broader agenda of economic empowerment and criminal justice reform, and her messaging reflects that.

Trump’s plan, on the other hand, is more of an industry wish list and reflects Republican priorities around legalization — as a job creator and a way to spur business. 

It’s fascinating to see two parties offer competing visions of cannabis reform. It’s a massive shift from even four years ago. 

What’s next: We know that the Administration’s plan to reschedule cannabis from Schedule I to Schedule III is due for an Administrative Law Judge hearing on December 2. But that hearing comes only after we know the makeup of Congress and the next resident of the White House. 

We shall see if the Republican ticket for the White House aims to outdo Harris on the cannabis file between now and election day.

But it’s striking that no matter who ends up in the White House, the next president will be pro-cannabis reform. 

-JR

Sundie Seefried, CEO of SHF Holdings, told Forbes of Harris’ announcement:

"Comprehensive federal reform does offer opportunities for nationwide consistency, but it also introduces significant challenges for both state-level regulators and businesses…States have developed their own regulatory frameworks over years, and forcing them to adjust to federal standards could create substantial complications. Establishing a federal regulatory environment will still be required and take more time than moving from a Schedule 1 to 3. The industry needs more immediate relief and I fear, while the intent is good, the time it takes to establish such federal regulation and merge state regulatory environments will delay progress for the industry."

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