Marijuana Industry Response to Biden Running for Second Term

President Biden yesterday announced his candidacy for the second term with Vice President Kamala Harris, and that was definitely new for the cannabis industry. The social media reaction has been defiantly mixed with a small glimmer of hope that he will push for the legalization of cannabis. For the past year, there have been constant rumors of postponements, presidential actions, and public support for SAFE banking… and yet nothing significant to help the companies that help people spend. And with nothing to strategically end the black market.

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“If Biden is re-elected, I expect his administration will continue to have less neutral influence over cannabis companies in the United States than the industry needs today. This will only feed the black market and hurt small businesses,” Kyle Shenfeld, President of Rainbow RG, one of the cannabis industry’s leading real estate financiers.

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Andrew Cooper of Falcon Rappaport & Berkman and a leading cannabis and psychedelics advocate said: “While President Biden’s first term electrified cannabis enthusiasts and industry experts alike with promises of federal legalization, his announcement that he would be running for a second term, unappreciated cannabis-related fanfare. Despite his recent initiation of the review process to reconsider planning cannabis and his pardoning of federal prisoners convicted of simple possession offenses, pro-legalization advocates remain unfazed. The fact is, the Biden administration is made up of Prohibitionists in disguise. Perhaps it was the government’s uncompromising dislike of the plant and the openly aggressive attitude of the Justice Department that had led to a lack of confidence in that government. While it may not be too late for Biden to win back the hearts of the cannabis industry, repeated broken promises have prompted many to seek relief beyond this administration.”

It’s definitely key for investors in the growing interest, as Hilltop Vantage Capital’s Ted M. Mottola points out: “As Biden announces his candidacy for re-election with an economic downturn looming, let’s all hope for a little more progress on financial regulation cannabis . Capital restrictions are getting tighter by the day for “normal” companies, and it’s only getting worse for cannabis and cannabis-related companies. Both companies and investors are awaiting the next turning point that will allow a fresh flow of capital to propel the cannabis sector into the next phase of its maturity.

If the current government does not make progress in this term or in the possible second term, it will lose the opportunity to draft legislation in its preferred structure and risk the opposing party building it in its own framework.”

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Proponents are calling for an expansion of Biden’s pardon for marijuana, particularly one that includes immigrants deported for these types of offenses. Biden’s pardon affects nearly 6,500 Americans. However, these pardons apply only to residents and citizens of the United States.

On the Democrat side, Congresswoman Alexandria Ocasio-Cortez (AOC) has been pushing Biden and his administration to legalize cannabis and make medical marijuana available to suffering veterans. In the Politics Makes Strange Bedfellows category, she is on the same page as GOP Congresswoman Nancy Mace.

RELATED: AOC slams Biden’s pardon for omitting undocumented immigrants: ‘Where’s our DREAM Act?’

The founder and editor of Green Market Report, Debra Borchardt, the leading cannabis business website, states: “I think if he is elected there is a good chance that something will move towards legalization. If you don’t have to worry about re-election, you can take more risks. I’m cautiously optimistic about a second term.”