Why Donald Trump Will Be Good For Weed

Forbes

Cannabis industry insiders are hopeful the next administration will support legalization—but they’re also prepared for another buzzkill.  Read the full story on Forbes: https://www.forbes.com/sites/willyakowicz/2024/11/29/why-donald-trump-will-be-good-for-weed/  Subscribe to FORBES: https://www.youtube.com/user/Forbes?sub_confirmation=1  Fuel your success with Forbes. Gain unlimited access to premium journalism, including breaking news, groundbreaking in-depth reported stories, daily digests and more. Plus, members get a front-row seat at members-only events with leading thinkers and doers, access to premium video that can help you get ahead, an ad-light experience, early access to select products including NFT drops and more:  https://account.forbes.com/membership/?utm_source=youtube&utm_medium=display&utm_campaign=growth_non-sub_paid_subscribe_ytdescript  Stay Connected Forbes newsletters: https://newsletters.editorial.forbes.com Forbes on Facebook: http://fb.com/forbes Forbes Video on Twitter: http://www.twitter.com/forbes Forbes Video on Instagram: http://instagram.com/forbes More From Forbes:  http://forbes.com  Forbes covers the intersection of entrepreneurship, wealth, technology, business and lifestyle with a focus on people and success.

Transcript

00:00Today on Forbes, why Donald Trump will be good for weed.

00:06The cannabis world has high hopes

00:08for the second Trump presidency.

00:10While 38 states have some form of legal marijuana sales

00:14in a market that's estimated to be $30 billion annually,

00:18cannabis is still illegal federally.

00:21This means plant-touching companies

00:23fall under a punitive tax code

00:25meant for illicit drug traffickers

00:27that eats into profitability.

00:29Despite the seeming ubiquity of dispensaries

00:32and Americans smoking, eating,

00:33and drinking products infused with THC,

00:36unlicensed cannabis sales are still rampant

00:39and legal intoxicating hemp products are sold everywhere.

00:42And while the Biden administration

00:44began the historic move to reschedule marijuana

00:46under the Controlled Substances Act

00:48to a less severe category,

00:50that process has hit political and bureaucratic roadblocks.

00:54A look at Trump's first term in the White House

00:56does not exactly paint him as a friend of the industry.

01:00Within the first month of his presidency in 2017,

01:03the Trump administration

01:04put the recreational marijuana industry on notice,

01:07threatening, quote,

01:08greater enforcement of federal law.

01:11Then-U.S. Attorney General Jeff Sessions

01:13rescinded the Obama-era policies

01:15that allowed the recreational pot industry to flourish,

01:18sparking fear and paranoia across the industry.

01:21But eventually, Trump,

01:22who, like Biden, does not drink alcohol,

01:25left the state-licensed marijuana trade alone.

01:28Since leaving office, however, his stance has evolved.

01:32On the campaign trail,

01:33Trump voiced his support for rescheduling,

01:36passing bank reform,

01:37and reiterated his belief

01:39in a states' rights approach to legalization.

01:42As a Palm Beach resident,

01:43he also expressed his support for Florida's Amendment 3,

01:47which would have legalized recreational cannabis in the state,

01:49though the measure failed to reach

01:51the 60% threshold required for passage.

01:55The evolution of Trump's position

01:56is why Boris Jordan,

01:58the billionaire CEO and chairman

02:00of Connecticut-based Cureleaf,

02:02a vertically-integrated cannabis company

02:04with 152 dispensaries across 19 states,

02:07says he sees a bright side to a second Trump presidency.

02:11Jordan tells Forbes, quote,

02:13"'I am cautiously optimistic.

02:15The one thing that I know about Trump

02:16is that if he makes a commitment to do something,

02:18he, at a minimum, tries to do it.

02:21He doesn't always succeed in doing it,

02:22but at least tries.'"

02:25Jordan says that because Trump, quote,

02:27committed to cannabis reform while campaigning this year

02:30and is, quote, on record with his views,

02:32a second Trump term will likely be good for the industry.

02:36Jordan may also be one of the few Americans

02:38who is, quote, disappointed

02:40that former Representative Matt Gaetz,

02:42who is pro-cannabis but was dogged

02:44by allegations of sexual misconduct,

02:46withdrew his nomination for U.S. Attorney General.

02:49Jordan says, quote,

02:50"'That's a big loss for us.

02:52I think we would have gotten even more than we wanted

02:54and even faster if he became the Attorney General.'"

02:58After Gaetz withdrew his nomination,

03:00Trump nominated Pam Bondi,

03:02the former Attorney General of Florida,

03:04to lead the Justice Department.

03:06During her tenure as Florida Attorney General,

03:09Bondi opposed the legalization of medical marijuana.

03:12The Sunshine State is now the country's

03:14largest medical cannabis market,

03:16with more than $2 billion in annual sales.

03:20While Robert F. Kennedy Jr.

03:21has been nominated for Secretary

03:23of the U.S. Department of Health and Human Services

03:25and is known for supporting legalization,

03:28Trump nominated Marty Makary,

03:30a surgeon and author, to lead the FDA.

03:32Makary has warned that marijuana is a gateway drug

03:35and not as safe as people think.

03:38But Jordan believes that, quote,

03:39"'As long as it's a person who is going to do

03:41what Trump tells them to do,

03:42I think we should be in good shape.'"

03:45The legendary litigator David Boies,

03:47who was preparing to argue his case

03:49seeking to federally legalize state-licensed marijuana

03:52in court in early December,

03:54shares Jordan's optimism that a second Trump term

03:57will bode well for the cannabis industry.

03:59Boies says, quote,

04:01"'We are much more likely to see positive change.

04:04Trump's default is to let the states have it.

04:06His inclination is to let people do what they want.'"

04:10For full coverage, check out Will Yakowitz's piece

04:13on Forbes.com.

04:16This is Kieran Meadows from Forbes.

04:18Thanks for tuning in.

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