2021 is seeing a dramatic shift in the US political landscape. We?re transitioning from a Republican President, Democratic House, and Republican Senate to a Democratic President, Democratic House, and narrowly Democratic Senate when we consider that the Democratic Vice President serves as the tie-breaker in a 50/50 Senate.

 

Considering that cannabis reform has long been in-demand for left-leaning voters, what does this incoming blue administration mean for the cannabis industry? Can we toss our hats into the air in celebration?

 

Perhaps not yet. There are several factors that affect the types of cannabis reform we may see in the coming years and when we might see them.

Biden?s Opinions on Cannabis Reform

While support for cannabis reform is strong among Democrats, Biden isn?t so sure. Historically, he?s been hesitant about its legalization, often repeating the long-voiced claim that cannabis is a ?gateway drug.?

 

The good news is that he has made progress lately by supporting decriminalization, which treats cannabis violations like traffic tickets rather than true criminal offenses. At least this is a step in the right direction.

Will Biden Prioritize Cannabis Reform?

Now that Biden has voiced support for decriminalization, do we expect him to make it a priority in his new administration? It?s not likely.

 

With the US still struggling with COVID-19, the goals and plans Biden has released show that overcoming COVID-19 and rebuilding the economy will be his key priorities. Cannabis reform could still happen, but probably not right away.

What Could the Biden Administration Do for Cannabis Reform?

There are certain limits to the federal government?s power over drug laws. While there are currently federal laws against cannabis, states can make their own laws too. This means that while the federal government can end the federal prohibition of cannabis, individual states could still decide to have state laws prohibiting cannabis.

 

Hope isn?t lost, though. There are several existing documents and acts the Biden administration could use to benefit the cannabis industry.

The Cole Memo

During the Obama administration, the Deputy Attorney General at the time, James Cole, issued what is known as the Cole Memo. This memo essentially directed federal agencies not to pursue action against cannabis businesses that were complying with their states? laws. Jeff Sessions rescinded the Cole Memo in 2018, but Biden?s nominated Attorney General Merrick Garland could choose to reinstate it.

SAFE Banking Act

One major problem for cannabis businesses has been the lack of access to banking services. In 2019, the House passed the SAFE Banking Act which would allow state-legal cannabis businesses to access those banking services. It didn?t get past the Republican Senate at the time, but now that the Senate leans left, it could be revived.

MORE Act

The MORE Act could be a serious game-changer because it would remove marijuana and THC from the list of Schedule I drugs. It?s in a similar state to the SAFE Banking Act: it was passed by the House in 2020 but not by the Senate, so the now-blue Senate could take another look at the legislation.

The Outlook for Cannabis Under the Biden Administration

All in all, does Biden?s election mean a slam dunk for cannabis? Not entirely, but it?s certainly a promising sign of good things to come. To do your part to support the cannabis industry, check out our products and resources today.