The 2024 U.S. presidential election presents a significant moment for the cannabis industry, marking a historical shift with the candidacy of Kamala Harris and Tim Walz, the first ticket openly advocating for cannabis legalization. This development has ignited conversations about the potential influence of a Harris-Walz administration on federal cannabis policy and its implications for the industry’s future.
Jamie L. Pearson, president of New Holland Group, Inc. and a speaker at the upcoming Benzinga Cannabis Capital Conference, emphasizes the importance of having pro-cannabis leadership at the highest levels of government. While this represents a positive development, Pearson acknowledges the uncertainty surrounding current judicial decisions, which could complicate efforts to advance cannabis legalization. “Even with a Harris presidency, the road to full legalization may be slow and complex, influenced by the intricate workings of American politics,” she states.
Pearson also addresses the potential impact of this political shift on investor confidence. A Harris-Walz victory could inspire optimism among investors, particularly those interested in the cannabis industry. However, Pearson cautions that this initial surge might be followed by a pullback as investor sentiment remains closely tied to concrete legislative changes. “If the Harris/Walz ticket wins, I predict there will be a giant surge in investor confidence, but I predict the ebb will also be inevitable,” Pearson observes. Issues like 280E tax regulations and access to banking services will be critical factors in determining the industry’s trajectory.
This political development arrives at a critical juncture for the cannabis industry, coinciding with increasing public support for legalization. As industry leaders gather at Benzinga’s Cannabis Capital Conference on October 8-9 in Chicago, these discussions will be at the forefront. The event will offer stakeholders an opportunity to explore how the political landscape might shape the future of cannabis in the United States, providing insights and strategies for navigating these uncertain times.
