The upcoming 2024 presidential election could mark a significant turning point for federal cannabis policy, with the Harris-Walz ticket openly advocating for legalization. This could be a game-changer for the cannabis industry, especially regarding the critical issue of federal rescheduling.
Seth Yakatan, a Partner at Katan Associates International and a speaker at Benzinga’s Cannabis Capital Conference, emphasizes the significance of the Harris-Walz ticket. He highlights it as the first presidential ticket to demonstrate “genuine and consistent support of legalizing cannabis.” Yakatan points out that Tim Walz, a strong advocate for state-run cannabis programs and hemp regulation, could bring essential federal alignment to the industry.
Yakatan contrasts this with the Trump-Vance ticket, which he describes as being “beholden to the evangelical Christian wing of the Republican Party.” He believes this could hinder federal legalization efforts, making the outcome of the 2024 election crucial for the future of cannabis policy.
Yakatan firmly believes that federal rescheduling is the “single largest catalyst event for the cannabis industry” since state-level legalization began. While complete decriminalization remains the ultimate goal, rescheduling could act as a “watershed moment” for the industry. This could pave the way for new capital and reshape the landscape of the cannabis sector. “This will be a watershed moment in terms of new capital flowing into the sector,” he stated, emphasizing the financial implications of such a shift.
As the cannabis industry eagerly observes the election and the potential for federal rescheduling, Yakatan remains cautiously optimistic. He sees this as a critical moment that could significantly impact the industry’s future, especially if the right political leadership is in place. Yakatan will further explore these topics at the Benzinga Cannabis Capital Conference, where industry leaders will convene to discuss the latest developments in the cannabis space.
