For the first time in U.S. history, both major presidential candidates have issued statements supporting reforming federal cannabis laws. Today, 70% of American adults favor legal marijuana, with young voters—critical in battleground states—showing especially strong support.
Nationwide cannabis use has surged, with 17.7 million Americans now using marijuana daily or almost daily, compared to fewer than 1 million in 1992. Nearly 40 U.S. states have legalized marijuana in some form, with 24 allowing recreational and medical use and another 14 permitting only medical use.
This widespread public backing has influenced both candidates, although marijuana reform has not been a central theme in either campaign. As marijuana legalization becomes a more visible political topic, both Kamala Harris and Donald Trump have outlined their current stances while competing for the presidency.
Kamala Harris’s Position on Cannabis Reform
Kamala Harris, the Democratic nominee, has recently voiced firm support for full marijuana legalization, asserting that it’s time to end the criminalization of marijuana use. In a podcast interview, she stressed the historical impact of marijuana-related incarcerations on marginalized communities and emphasized that no one should be jailed for marijuana use.
Harris’s position on cannabis has evolved significantly over her career. As San Francisco’s district attorney and later as California attorney general, she opposed legalization efforts and oversaw numerous marijuana-related prosecutions. Her perspective shifted after her election to the U.S. Senate in 2016, where she became a prominent advocate for marijuana reform, sponsoring and supporting multiple legislative efforts. In 2019, Harris introduced the MORE Act, aimed at removing marijuana from the federal Controlled Substances Act and expunging related criminal records. She also co-sponsored the SAFE Banking Act, which would enable cannabis businesses to access banking services despite federal restrictions.
Since becoming Vice President, Harris has backed the Biden administration’s more moderate approach, including Biden’s proposal to reclassify marijuana as a Schedule III substance, similar to drugs like Tylenol with codeine, allowing for federally regulated medical use. Harris also held a White House roundtable with activists and recipients of pardons for marijuana offenses, where she reiterated her belief that “nobody should have to go to jail for smoking weed.” Her running mate, Tim Walz, has taken a more moderate approach, supporting marijuana legalization as a decision at the state level rather than a federal mandate.
Donald Trump’s Position on Cannabis Reform
Donald Trump, the Republican nominee, recently announced support for recreational marijuana legalization in Florida and for federal legislation that would give states more control over cannabis laws and allow banking services for cannabis businesses. In a Truth Social post, he argued that adults shouldn’t face criminal penalties for minor marijuana offenses and called for smart regulations to ensure safe, tested products.
Trump’s cannabis policy has shifted significantly since his first term. In 2016, he suggested that marijuana laws should be left to the states. However, his administration took a mixed approach: then-Attorney General Jeff Sessions rescinded an Obama-era policy that reduced federal interference in state-legal marijuana markets, reflecting a divided stance. In September 2024, Trump endorsed federal legislation to increase banking access for state-legal marijuana businesses and to reschedule cannabis from Schedule I to Schedule III. This shift places Trump in step with the bipartisan movement for cannabis reform, which has widespread support but slow adoption among elected officials, especially Republicans.
Trump’s running mate, J.D. Vance, opposes cannabis reform, having recently voted against the SAFER Banking Act, citing concerns it would lead to more widespread marijuana use.
Conclusion
With cannabis reform enjoying high public support, the 2024 election could be pivotal for federal cannabis policy. Gallup polling reveals substantial support for legalization, including 87% of Democrats, 70% of independents, and 55% of Republicans. Younger voters, a key demographic in swing states, strongly back legalization, and the number of daily marijuana users has surged over recent decades, underscoring the issue’s relevance.
As both major presidential candidates support some level of reform, a path toward further federal legislation appears more viable than in past elections. Potential reforms include reclassifying marijuana, expanding medical access, implementing federal banking protections, and affirming states’ rights to establish their cannabis laws without federal interference. With cannabis reform emerging as a bipartisan issue, 2024 could indeed mark a turning point for U.S. cannabis policy.
We anticipate positive sentiment for Rainbow over the next four years, regardless of next week’s election outcome. More states are likely to pursue legalization efforts, and progress at the federal level could foster greater acceptance among traditional institutional investors. Over the past six years, Rainbow has consistently experienced a growing demand for its capital while supply remains extremely limited.
Sources:
3.https://www.politico.com/news/2024/09/15/donald-trump-marijuana-legalization-00179205
4.https://www.cnbc.com/2024/10/01/harris-the-pro-cannabis-candidate-the-industry-isnt-convinced.html
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