Biden administration attacks the cannabis industry

Given the history of government leaders, it is no surprise that the Biden administration is beginning to expand marijuana legalization.

Small family-owned businesses have struggled over the past two years. Thousands are in the cannabis business, many hoping for help from the 2020 Biden/Harris campaign. Almost four years later, nothing has changed, and as marijuana use soars, the federal government is shutting down hundreds of businesses, even in states where marijuana is fully legal. The DEA's actions are paving the way for a robust illegal market.

Has the Biden administration stuck a knife in the cannabis industry's throat? Has the former cannabis foe managed to effectively put an end to the legal cannabis industry? Biden has been in the federal government for 51 years. His tenure has given him unique insights into how government works, timelines and how projects are pushed forward. Until recently, Biden and Harris were anti-marijuana, but when they saw the direction of voters, especially younger voters, they did an about-face. But was it an attempt to engage the youth movement without having to deliver a final product? The Drug Enforcement Administration's announcement that it would delay approval until at least December 2 sent the industry into a tailspin, with stock prices falling on the back of the announcement.

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Biden is quick to comment, “Don't tell me what's important to you. Show me your budget and I'll tell you what's important to you.” In 2020, the Biden/Harris team promised to help the industry by re-addressing the issue of cannabis. But in reality, Biden waited over three years before making that move. A seasoned lawmaker knows the wheels of change move slowly. Especially when an agency like the DEA is resistant to change. The timing of starting the cannabis reclassification allows the campaign to say, “Look what we're doing,” but actual change may or may not happen. In reality, Biden told the public he values ​​cannabis, but he didn't really push for a simple change until months before the end of his term. Most likely, he knew time was running out. This is disappointing, as the Veterans Administration has recognized that it is an important option for veterans, especially those with PTSD.

Anne Milligan is the head of the DEA and was appointed by the current administration. The DEA is a federal agency that reports to the presidential administration and has made it clear that it does not agree with the opinion of over 85% of the population about cannabis. Nor is it happy that the Department of Health and Human Services (HHS), the American Medical Association, Canada, the Food and Drug Administration and the American College of Physicians have all recommended a reclassification based on the scientific evidence of the plant's medical benefits.

The industry is full of small, family-owned businesses trying to build a new economic engine. Generation Z, knowing marijuana is healthier than alcohol, has embraced weed, and beer sales have dropped. Use has soared across all age groups. States where marijuana is legal have reaped the economic benefits, but the DEA seems unperturbed by the shift in popular acceptance.

While Harris drinks alcohol, Biden and the Republican presidential candidate do not. Harris and Biden have historically been staunch opponents of legal cannabis regulation. On the campaign trail, Harris appears to support the industry, but has not done anything publicly or through government regulations to help the small businesses in the industry.

Both Harris and Biden are experienced policymakers, so the timing or announcement would not be a surprise. Harris has reinvigorated part of the Democratic campaign with other ways to appeal to younger voters. Has the current administration pulled another bait-and-switch on the industry?

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If the Harris team loses, House Speaker Mike Johnson has the chance to repeal legal marijuana as well. He is strongly opposed to any form of legalization. Some industry leaders have doubts about Biden/Harris' stance on marijuana and have expanded their activities to include hemp, which Senator Mitch McConnell has supported. Like another president, Gerald Ford, when New York was in trouble, Biden has sent a very clear message to the industry.