One minute he’s dodging a bullet, the next he’s voicing support for cannabis reform in the United States. Like him or not, he’s unarguably something special.
Presidential candidate and business magnate Donald Trump attracted significant attention on Monday after a post made on his media platform, Truth Social, regarding the state of the cannabis industry. In it, he advocated for federal cannabis rescheduling and access to banking services among operators.
“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,” Trump said Sunday night.
Public cannabis operators like Curaleaf Holdings Inc (OTCMKTS: CURLF), Trulieve Cannabis Corp (OTCMKTS: TCNNF) and Terrascend Corp (OTCMKTS: TSNDF) all saw a significant rise in their share price after Trump’s post.
He also specifically voiced his assent for recreational pot legalization in the state of Florida where he resides. A ballot on the matter, which is opposed by state Governor Ron DeSantis, will take place in November. Trump thinks that medical cannabis has been highly beneficial for Florida residents and that there’s no reason to not have an adult-use market.
Yo, the fact that Trump is coming out for the legalization of marijuana before the democrats in power actually do it, is crazy lol. No reason why weed shouldn’t be legal and fully decriminalized while many get their records expunged and those in prison for possession return home.
— Ja'Mal Green (@JaymalGreen) September 9, 2024
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Read more: Cannabis stocks slide after DEA decides to push back reclassification hearing
No decision from DEA until after November election
The United States Drug Enforcement Administration recently decided to push back its hearing on the federal rescheduling of cannabis until Dec. 2.
However, the agency has already made it publicly known that it will be rescheduling the plant from its current status as a Schedule 1 drug. It’s just a matter of time now.
“Regardless of the outcome in November, it is clear that cannabis will soon be rescheduled after spending more than 50 years alongside heroin on Schedule I,” Adam Goers, co-chair of the Coalition for Cannabis Scheduling Reform, said in response to Trump’s post.
A poll last year from Washington, D.C.’s major analytics company Gallup found that support for cannabis legalization was at an all-time-high nationwide. Many other market researchers have made similar conclusions.
rowan@mugglehead.com
