With former President Donald Trump’s apparent win in the 2024 election, there’s renewed speculation about the direction of federal cannabis policy.
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Although cannabis wasn’t a focal point of Trump’s first term, his campaign expressed tentative support for rescheduling cannabis, a process initiated under the Biden administration. Trump’s stance leans toward state autonomy, suggesting he may emphasize deregulation at the federal level, allowing states to set their own cannabis policies without heavy federal intervention.
Tyler Beuerlein, chief strategic business officer at Safe Harbor Financial, noted that a Trump administration could encourage state-led cannabis policy while possibly reducing federal restrictions. However, this approach might not address critical industry challenges like limited banking services and restricted interstate commerce. Beuerlein and other advocates highlight the need for bipartisan support for initiatives like the SAFE Banking Act, which would address barriers preventing cannabis businesses from accessing essential financial services.
Federal rescheduling, which would reclassify cannabis, remains a central issue. While it wouldn’t fully legalize cannabis, rescheduling could provide tax breaks, reduce business restrictions, and support industry growth. Yet, this change may be gradual, as testimony and debate on rescheduling are expected to extend into early 2025.
Though Trump’s victory raises questions about reform, growing public and bipartisan support for legalization suggests potential for incremental progress. For now, it’s a wait-and-see scenario, with hopes that the momentum for change, driven by both public interest and the industry’s needs, will continue to grow.
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