Has the Biden administration destroyed the cannabis industry?

The leadership of the current administration is not a big fan of legalizing marijuana. Was delaying efforts to support the industry an attempt to kill the industry?

Has the Biden administration destroyed the cannabis industry? Has he, a former opponent, 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 was pushing back deadlines until at least December 2 sent the industry into a tailspin, with stock prices falling on 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 cannabis. But in reality, Biden waited over three years before making the 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.

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 done nothing publicly or through government regulations to help small businesses in the sector.

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 abolish legal marijuana as well. He is strongly opposed to any form of legalization. Some industry leaders have doubts about Biden and Harris' stance on marijuana and have expanded their activities to include hemp, which Senator Mitch McConnell has promoted. So one has to ask whether this was a planned murder or a convenient one.