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Results of US elections might hold different outcomes for the cannabis industry

As the results of the US elections are slowly coming in, there have been high hopes in the cannabis industry that things are going to change. Cannabis is still federally illegal in the States, which hampers the possibility of cannabis companies to capitalize on the movements of cannabis goods across different states. As soon as federal legalization becomes real, a whole new world of possibilities would open up for US cannabis firms, as well as international ones. On top of that, there is the widespread sentiment that once the US finally federally legalize cannabis, other countries around the world would follow suit, thus allowing the industry to be on the track to express its full market potential. But where do exactly the two candidates stand when it comes to cannabis policies?

During his office, President Donald Trump has not pursued a full-scale crackdown of state-legal cannabis programs and has voiced tentative support for modest reform legislation. Yet, his administration has made a number of hostile anti-cannabis actions—from rescinding Obama-era guidance on cannabis prosecutions to implementing policies making immigrants ineligible for citizenship if they consume cannabis or work in the cannabis industry.

Bluntly put, the President is a drug policy mystery. His past comments on drug policy, attitude toward state-level legalization efforts, and administrative actions as president offer a dizzying portrait of a person who once said all drugs should be legal but who also appointed a vociferous anti-cannabis attorney general as one of his first acts in the White House.

On the other side, the democrat candidate Joe Biden has an equal controversial record when it comes to cannabis policies, as during his years as a Senator he was renowned for pushing punitive anti-drug measures, which culminated in the passing of the Crime Bill in 1994 which negatively impacted the black community. At the same time, he has recognized that it was a mistake from his side. The choice of Kamala Harris as vice-president who, even though as a controversial past regarding punishing cannabis-related offenses, is pushing forward cannabis legalization efforts, looking to expunge the records of those who were arrested for cannabis crimes in the past. A victory of the democratic candidate is also seen positive for the Canadian cannabis industry, said CIBC World Markets’ Ian de Verteuil.

 


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