On Sunday, the former President and present Republican presidential nominee Donald J Trump announced that he believes it should be reclassified as a less serious drug under federal law, and that he supports legislation that would allow cannabis companies to access normal banking services, and said that – as president – he will back states that choose to legalise recreational marijuana, including a measure that will be on the Florida general election ballot in November.
“As President, we will continue to focus on research to unlock the medical uses of marijuana to a Schedule 3 drug, and work with Congress to pass common sense laws, including safe banking for state authorized companies, and supporting states rights to pass marijuana laws, like in Florida, that work so well for their citizens,” Trump wrote on Truth Social Sunday night, according to Marijuana Moment.
Trump later took to Twitter to announce he will back Amendment 3, a state constitutional amendment that would legalize cannabis for recreational use. Last month, he gave what was then interpreted as a tacit nod to the measure.
“As I have previously stated, I believe it is time to end needless arrests and incarcerations of adults for small amounts of marijuana for personal use,” he said. “We must also implement smart regulations, while providing access for adults, to safe, tested product. As a Floridian, I will be voting YES on Amendment 3 this November.”
In a post to his Truth Social page last month, Trump first announced his position on marijuana. He conceded the issue is an area that is changing rapidly in our country and seemed to foreshadow his position on Amendment 3, as he didn’t come out in support at the time. “As we legalize it, I start to agree a lot more because, you know, it’s being legalized all over the country,” he said. “Florida has something coming up. I’ll be making a statement about that fairly soon.”
Reactions from the Cannabis Industry
Industry leaders were delighted when Trump pronounced himself in favor of pot reform, saying that the gambit could help shift a marijuana policy fight that has, until now, largely belonged to the Biden administration and his running mate, the Democratic presidential nominee Kamala Harris. Congressional Democrats are also poised to take a step forward on their own with a proposal to shift the drug to a Schedule III status, lower than its current Schedule I listing in the Controlled Substances Act, likely to be introduced after the election. Meanwhile, Democrats have pushed through the other congressional chamber with a bill known as the SAFE Banking Act, which would allow marijuana companies to take advantage of banking services.
Brady Cobb, chief executive of Sunburn Cannabis in Florida – who had been operating out of California until Trump pivoted in favor of legal marijuana – pointed out that Trump’s statement made his position on Amendment 3, the rescheduling of cannabis to schedule III and SAFE Banking abundantly clear.
“Trump clearly stated his position in favor of Amendment 3, which would legalize recreational cannabis use in Florida, rescheduling cannabis to schedule III, and SAFE Banking, and in the process stole the issue from Democrats who have long talked about reform but never delivered on their promises.”
“Irrespective of the partisan-themed battles that will follow, cannabis reform has not been elevated to a tier 1 national issue and will likely enjoy the rarified air of having bipartisan support as we head into one of the most pivotal elections this country has ever seen,” he adds in an email statement.”
“Cannabis reform has long been a bi-partisan issue when it comes to the voters, but lawmakers on both sides of the aisle have failed to act on behalf of their constituents,” said Emily Paxhia, managing partner of Poseidon Investment Management, an early cannabis fund, based in San Francisco, California.
“While we saw encouragement from Biden/Harris on reviewing the schedule of cannabis, the conversation ended there. Trump has thrown down the gauntlet with his latest commentary on cannabis reform,” Paxhia writes in an email. “He has hit on issues that resonate with the industry and cannabis patients/consumers. He has also shown that his opinion on cannabis is becoming more informed. It is refreshing to hear such a pragmatic take on cannabis as a key issue in this election and it is stunning to note the silence from the Harris campaign. The time is now to articulate a position on cannabis reform, or the Democratic ticket will be missing out on an issue that polls better than almost anything in our country at this time.”
The CEO of NewLake Capital Partners, a leading cannabis real-estate investment trust, Anthony Coniglio, commented: “This is the first time in history that both major party candidates are on record in favor of cannabis reform. We have always maintained it’s not a matter of ‘if’ but ‘when’ cannabis reform will happen and this is a clear signal that the political barriers to progress are dissipating.”
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