The upcoming 2024 U.S. presidential election could mark a significant turning point for the cannabis industry. For the first time, a presidential ticket explicitly supporting cannabis legalization is in contention, sparking hope and anticipation among industry experts.
Saphira Galoob, executive director of the National Cannabis Roundtable and a speaker at the upcoming Benzinga Cannabis Capital Conference, believes that a Harris-Walz administration could drastically accelerate cannabis reform. “Having a pro-legalization ticket is a tremendous asset to advancing cannabis reform,” Galoob stated. She emphasized that the Biden-Harris administration has already made considerable progress on cannabis issues compared to previous presidencies, and a Harris-Walz ticket would likely build upon that foundation. Both Harris and Walz have consistently advocated for full legalization, suggesting their administration could implement further reforms.
Despite the optimistic outlook, Galoob cautioned that the path to full legalization remains challenging. “Even the most pro-cannabis presidential ticket means very little if the Senate and House are not supportive of reform,” she explained. She also noted that the current political landscape suggests neither party will secure the 60 votes necessary for sweeping cannabis legislation in the Senate, making bipartisan support crucial for significant progress.
While a comprehensive legalization bill may face significant hurdles, Galoob believes that more targeted reforms could be achievable. She highlighted the potential for executive actions to make a difference, even in the absence of comprehensive legislative reform. “A pro-legalization ticket could still undertake executive actions on cannabis—for instance, an executive order could direct federal agencies to reassess their internal policies on cannabis,” she said. Such actions could foster a more favorable environment for cannabis businesses and investors, even if Congress remains divided on the issue.
Galoob will further explore these developments at the Benzinga Cannabis Capital Conference, scheduled for October 8-9 in Chicago. This event will bring together industry leaders and policymakers to discuss the future of cannabis reform and the potential impacts of the 2024 election on the industry.
