MJBiz - September/October 2024 - 33

Photo by stock.adobe.com/Lila Patel
September 2023, later questioning
the need for legislation such as
the SAFER Banking Act. Vance's
position is in stark contrast to his
colleague in the Ohio delegation,
U.S. Rep. David Joyce, a moderate
Republican and leading GOP
advocate for marijuana reform,
including banking protections.
Uncertainty Unneeded
Among the cannabis industry's chief
fears for a Trump presidency is
executive-branch action to unwind
Biden's marijuana rescheduling
process.
That could happen if the Drug
Enforcement Administration delays
implementation of rescheduling
until after the November election-or
after the January inauguration,
though there are clear indications
the Biden administration intends
to have rescheduling completed in
time for Election Day.
Meanwhile, it's speculated that
the executive branch could be
imbued with new powers to overrule
rescheduling based on a Supreme
Court decision in June.
This guessing game-even if the
Trump administration ultimately
does nothing-could be enough to
sow doubt among cannabis investors
and entrepreneurs, which could
lead to dour outcomes for marijuana
businesses teetering on the brink of
profitability or bankruptcy.
" That uncertainty is what the
industry does not need, " the NCIA's
Friberg said. " We've had uncertainty
since Day 1. We're looking for some
stability. "
" I don't want us to be in the
same position when Trump took
office (in 2017), with everyone
in this industry up in arms and
when businesses felt threatened, "
agreed Shanita Penny, a senior
vice president at Washington,
D.C.-based lobbying firm Forbes
Tate Partners and senior adviser to
the Coalition for Cannabis Policy,
Education and Regulation.
Known and Unknowns
In terms of marijuana legalization
and broader cannabis reforms, the
major presidential candidates can
be reduced to a known quantity and
a question mark.
Trump almost certainly won't
impair the continued spread of
regulated marijuana markets across
the United States, and his will to roll
back popular Biden-era marijuana
reforms is questionable at best.
At the same time, there's little to
indicate he'll push Congress to pass
federal reform schemes, particularly
proposals packaged with social
equity conditions.
In stark contrast, Harris is poised
to use the nation's highest office to
drag marijuana policy into the 21st
century.
" This is the first time we've ever
had a pro-legalization candidate on
the presidential stage, " the Cannabis
Council's Culver said. " If Harris
wins, she's going to be able to take
the ball that Joe Biden got rolling. "
mjbizdaily.com | September-October 2024 33

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MJBiz - September/October 2024

Table of Contents for the Digital Edition of MJBiz - September/October 2024

MJBiz - September/October 2024 - 1
MJBiz - September/October 2024 - 2
MJBiz - September/October 2024 - 3
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