Trump v Harris voters on weed 🌿

TRUMP vs. HARRIS
What the polls say on cannabis

Driving the news: Both Vice President Kamala Harris and former President Donald Trump support federal cannabis reform. But recent polls suggest that voters trust Harris more on the issue — though the margin is slighter than you might expect. 

What happened: A recent YouGov poll found that 27% of likely voters trust Harris more to handle cannabis reform, compared to 20% for Trump.

But, 17% of Trump voters say cannabis reform is the “most important” issue when it comes to criminal justice reform, compared to only 11% of Harris voters. Fourteen-percent of all voters say cannabis reform is the most important criminal justice reform issue. 

Why it matters: Federal cannabis reform is a legitimate campaign issue, but there’s less daylight between the two candidates than practically any other. 

Only about 11% of adults say cannabis should remain illegal for either medical or recreational purposes, though only 42% of Republicans support legalization compared to 72% of Democrats, according to recent polls.

No matter who wins the White House next month, we’re likely to get some form of federal cannabis reform. At least, neither Harris or Trump will stop the ongoing process to reclassify cannabis from the most restrictive Schedule I to the much less restrictive Schedule III. 

Still, Harris and the Democrats go much further than Trump. Harris has campaigned on full federal legalization, and she outlined legalization as one of her top ten priorities if she takes office. 

And Harris has, unlike Trump, has supported legalization for some time. She introduced the MORE Act to federally decriminalize cannabis as a Senator in 2019, and hosted an event in the White House’s Roosevelt Room around cannabis reform earlier this year

On the other hand: Trump has said he supports rescheduling and will work with Congress to pass legislation like the SAFER Banking Act that would allow cannabis firms broader access to the financial sector. The bill does not have enough Republican support to pass the Senate as it stands. 

And Trump, as we’ve written, had a window to steal a widely popular issue from Democrats, who haven’t moved the needle as much as some advocates and industry participants had hoped under President Joe Biden and Senate Majority Leader Chuck Schumer. 

But so far, Trump has only posted about the issue a handful of times — and declined to mention it on the Joe Rogan podcast, perhaps one of the best venues and most receptive audiences. It’s also important to note that his administration was regressive on cannabis, as his first attorney general, Jeff Sessions, rolled back critical federal protections for cannabis. 

All policy is personnel, and it’s an open question how political appointees in a potential second Trump Administration would handle cannabis. 

Read more: The Veep’s legalization plan.

What’s next: Americans go to the polls on November 5. We’ll soon find out. 

-JB

“I’m opposed to it. I think if you’re going to do something like this, this is something that the legislature should weigh in on, similar to what happened with medical marijuana about a decade ago,” Rep. Byron Donalds (R-FL) said of the ballot measure to legalize cannabis in Florida. “It should not go into the Constitution.”

Donalds, for his part, was arrested on cannabis distribution charges in 1997. Florida Republicans, led by Gov. Ron DeSantis, are fighting legalization tooth-and-nail and using taxpayer dollars to do so. Read more about the Amendment 3 fight  in yesterday’s newsletter.

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Accountants groups urges guidance on cannabis taxes 🌿

The American Institute of CPAs, an accounting group, wrote an open letter to the Department of Treasury and the Internal Revenue Service asking for clarity around how moving cannabis to Schedule III would affect the tax burdens of their cannabis industry clients as it relates to the 280E tax which stipulates that sellers of Schedule I and II substances can’t deduct business expenses. Read the full letter here. 

Newfoundland cannabis sales 📈

Newfoundlanders bought a lot more cannabis this year than last. Provincial residents spent $87.6 million on cannabis, up 24% from the year prior, per data from Newfoundland and Labrador Liquor Corporation (NLC). Read more at StratCann.

New York bans caffeine-infused cannabis 🗽

The New York Office of Cannabis Management issued a stop order to Hudson Cannabis to stop producing caffeine-infused cannabis “drops,” or pills for the 1906 brand, reports The New York Post.

Florida’s Amendment 3 fight 🦩

Tallahassee-based cannabis firm Trulieve sank another $28 million into the fight to pass Amendment 3, which would legalize cannabis in Florida. The company has contributed $141 million to Smart & Safe Florida, the organization pushing the ballot measure. In total, Smart and Safe has raised about $149 million, reports The News Service of Florida. 

Record number of banks working with cannabis firms 💰

A record number of banks are working with cannabis companies, according to data compiled by The Financial Crimes Enforcement Network (FinCEN). About 831 banks and credit unions report working with cannabis firms, up from 815 in the first quarter of this year and 799 in the prior quarter. Read more at Marijuana Moment.

Cannabis firm Body and Mind announced a credit facility of up to $2.3 million with Bengal Catalyst Fund. The company is fighting for its financial survival, per Green Market Report. 

Canadian cannabis firm Decibel Cannabis Companysaid it will acquire AgMedica Bioscience and plans to raise between $3 and $5 million via a private placement.

A new report from the American Public Health Association pushes cannabis policy researchers to look beyond legalization as a “binary variable,” of before and after cannabis legalization, and instead try and understand the nuances of how different states have implemented legalization and what the outcomes are for public health. Read more here.

South Dakotans will vote on legalization on November 5, but the ballot initiative doesn’t have majority support in the deep-Red state. Fifty-percent of voters are against it, while one 45% are for it. Still, 5% are undecided — but 68% of South Dakotans under 30 support the measure. Here’s the full poll from Emerson. 

Out of the weeds: From prohibition to profits, the last 35 years have seen big changes in cannabis | Worcester Business Journal

Bengal Capital - Q3 2024 Letter | Substack

‘Dangerous’ amounts of mold, lead, E.coli, and salmonella found in street marijuana | The New York Post

DeSantis official outlines lengthy list of officials, leaders against pro-weed Amendment 3 | Florida’s Voice 

Bipartisan group blasts DeSantis for using taxpayer money to fight Florida's Amendment 3 | Orlando Weekly

What’s in your weed? A Missouri state lab to check industry claims | The Beacon