Is Harris the answer for the cannabis industry?

After a few tough weeks, political change could help the cannabis industry

Republican House Speaker Mike Johnson appears to be on a path to dismantle the cannabis industry. He recently allowed a group to petition to slow, delay or stop the rescheduling process and is known as an enemy of the marijuana industry. If left unchecked, he could roll back so many things that the legal industry will be seriously damaged. And there is constant talk of harsh penalties for the black market. The unexpected chaos in the Democratic Party could mean change. The question is whether Harris is the answer to the cannabis industry's hopes.

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While Speaker Mike Johnson consistently votes against all things marijuana, Vice President Harris' stance is a little more complicated. During her tenure as California's attorney general, she was known for being tough on the industry. As vice president, she took a break and emerged as an advocate for government reclassification. Unlike any other vice president or vice presidential candidate, she has mentioned it regularly in campaign speeches.

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As attorney general, she was a polarizing figure in California, often changing her positions on criminal justice issues. But her move toward some degree of cannabis legalization is seen as a good sign for the industry. Stock prices rose when it was announced that she may become the Democratic Party's presidential nominee. Investors note that while 85% of the public believes cannabis should be legal in some form, some politicians are definitely not on board.

Harris has been said to have not spoken out on controversial issues until she realized what was politically feasible. Marijuana is no longer a consumer issue today, and the public from the baby boomer generation to Gen Z sees it in a much more positive light. This may be why she is speaking about it more openly and frequently. She made several comments in March when the reorganization was just beginning, and now the issue is likely to come up again. The Drug Enforcement Administration (DEA) is nearing the end of public hearings on the reorganization, and some in the GOP, Johnson added, want to extend the deadline. Harris's view could provide important insight into the impact of a Harris presidency on cannabis.

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The next year is critical for the cannabis industry. The big backers are former bankers, the alcohol industry and others, but the backbone is small growers, dispensaries and product companies. The election will have far-reaching consequences for the industry and tens of thousands of jobs.