Connect with us

Hi, what are you looking for?

Stock

Trump signals support for Biden plan to loosen marijuana restrictions

Republican presidential nominee Donald Trump has expressed support for loosening federal restrictions on marijuana, aligning himself with the Biden administration’s ongoing efforts to do exactly that.

In a social media post Sunday, Trump also said he would vote “yes” on a Florida ballot measure to legalize recreational marijuana for adults in his home state.

“As President, we will continue to focus on research to unlock the medical uses of marijuana to a Schedule 3 drug, and work with Congress to pass common sense laws, including safe banking for state authorized companies, and supporting states’ rights to pass marijuana laws, like in Florida, that work so well for their citizens,” Trump wrote.

Trump had previously signaled support for the Florida ballot measure, though his latest post offered more detail about his policy views on marijuana. It is also the first time the former president has endorsed the easing of federal restrictions on the drug, a notable change given that his former attorney general, Jeff Sessions, took a hard-line stance against marijuana and reestablished legal guidance allowing federal prosecutors to pursue cannabis crimes in states where the drug is legal.

Recreational marijuana is legal in 24 states and the District of Columbia. In May, Biden endorsed his Justice Department’s proposal to reclassify marijuana as a Schedule III controlled substance, removing it from the Schedule I category that includes heroin and LSD. That measure would put marijuana in the same category as prescription drugs such as ketamine and anabolic steroids, and speed up research into marijuana’s health benefits.

It would also boost profits for the flagging marijuana industry by allowing companies to claim federal tax deductions. Many financial institutions, including banks and credit card companies, will not provide services to marijuana companies because of the drug’s current status as a Schedule I drug; congressional members from both parties have supported legislation that would ensure cannabis companies access to those services.

The Drug Enforcement Administration has scheduled a Dec. 2 hearing on the proposed rescheduling, raising the possibility that it will not be decided until after the winner of the Nov. 5 presidential election takes office.

Trump’s announcement was surprising because it aligns him with President Joe Biden on marijuana reform, said Lee Hannah, a professor of political science in Wright State University in Ohio, which last year became the largest red state to legalize recreational marijuana. It also marks the first instance presidential candidates from both major political parties support large-scale cannabis reform. Trump’s support for loosening restrictions on marijuana could help on the electoral margins because the drug is popular across parties, said Hannah, co-author of “Green Rush: The Rise of Medical Marijuana in the American States.”

“You could view it as Trump definitely trying to court young voters and young men,” Hannah said.

Hannah said Trump’s appointment of Sessions during his presidency was more about cracking down on illegal immigration. “Sessions came with being a hard-liner on drugs,” Hannah said. “I think Trump has always been a little looser and less concerned about the issue.”

Despite unease among some members of his party on loosening marijuana restrictions, Trump on Sunday wrote on Truth Social: “It is time to end needless arrests and incarcerations of adults for small amounts of marijuana for personal use.”

Kevin Sabet, president of Smart Approaches to Marijuana, which opposes marijuana rescheduling, called Trump’s announcement “election-year politics at its worst.” He said many Republican leaders he knows “behind closed doors are extremely disappointed.”

Two dozen congressional Republicans have spoken out against reclassifying the drug. In July, 23 GOP lawmakers urged the administration to withdraw the proposal. “It is clear that this proposed rule was not properly researched … and is merely responding to the popularity of marijuana and not the actual science,” wrote the group led by Rep. Pete Sessions (Tex.) and Sen. James Lankford (Okla.).

Rep. Earl Blumenauer (D-Ore.), founder and co-chairman of the Congressional Cannabis Caucus, said in a statement that “while we have always enjoyed bipartisan support, it should be a powerful signal to the rest of the Republican Party when even Donald Trump can get on board.”

The Harris campaign did not immediately respond to a request for comment. However, after Trump first suggested he was supporting the Florida ballot measure, her campaign accused him of “brazen flip-flops” on multiple issues.

“Trump now suggests he is for legalizing marijuana — but as President, his own Justice Department cracked down on marijuana offenses,” Harris campaign spokesman Ian Sams said in a memo.

As vice president, Harris has been a vocal proponent of reclassifying marijuana. In March, while the federal government was still reviewing the classification, she said the process needs to be done “as quickly as possible,” and called it “absurd” that marijuana was still treated as more dangerous than fentanyl. She has been less outspoken about marijuana reform since replacing Biden as the Democratic presidential nominee this summer.

In Florida, where Trump lives, the proposed constitutional amendment would legalize possession of up to 3 ounces for those 21 and older. The ballot measure needs 60 percent of the vote to pass and faces opposition from Florida Republicans, including Gov. Ron DeSantis, Trump’s former rival for the 2024 presidential nomination.

Marijuana industry organizations immediately hailed Trump’s support.

Trump joins millions of Americans who have “reassessed their views on cannabis in recent years,” said David Culver, vice president of the U.S. Cannabis Council, a trade group representing the regulated marijuana industry. “We believe cannabis reform is a winning issue.”

This post appeared first on washingtonpost.com

Enter Your Information Below To Receive Free Trading Ideas, Latest News And Articles.






    Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

    You May Also Like

    Investing

    Overview Steppe Gold (TSX:STGO) is a precious metals development company and gold and silver producer in Mongolia. The company owns the Altan Tsaagan Ovoo...

    Latest News

    Rescuers are searching through rubble and trying to reach isolated communities after a devastating earthquake struck Morocco, killing thousands and leaving more injured or...

    Stock

    LIVE OAK, Fla. — President Biden traveled to Florida on Saturday to survey the damage caused by Hurricane Idalia, part of a storm response...

    Investing

    Investor Insight EMU NL is an Australia-focused base and precious metals exploration company offering a compelling opportunity in the highly lucrative copper space. A...

    Disclaimer: Smartmerchantknow.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.


    Copyright © 2024 smartmerchantknow.com