Biden Administration Puts A Knife Into The Cannabis Industry

In surprise to no one considering the history of the administration leaders, Biden administration starts to wind down legal marijuana

Mom and pop businesses have been struggling the last 2 years. Thousands are in hte cannabis business, many having the hope from the Biden/Harris 2020 campaign about helping them. Almost 4 years later, there has been no change, and while marijuana use soars, federal government are putting hundreds of businesses out even in fully legal states. The DEA action is paving the way for a robust illegal market.

Has Biden administration killed put a knife into the cannabis industry. Has former foe of cannabis managed to effectively put a stop to the legal cannabis industry? Biden has been in the federal government for 51 years. His tenure has given him unique insight in how government works, the timeline and how to move projects forward. Until recently, Biden and Harris were anti-marijuana, but recognizing the direction of voters, especially younger voters, they made a pivot. But was it a move to try to engage the youth movement without having to deliver a final product? The announcement by the Drug Enforcement Administration to delay until at least 2 December has thrown the industry into a tailspin with stocks dropping due to the announcement.

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Biden is quick to comment “Don’t tell me what you value. Show me your budget, and I’ll tell you what you value.”  In 2020 the Biden/Harris ticket promised to help the industry by readdressing cannabis.  But in reality, Biden waited over 3 years before he made the move.  An experienced lawmaker understands the wheels of change moves slowly. Especially when the an agency like the DEA is resistant to the change. The timing of the start to reschedule cannabis allows the campaign to say “look what we are doing”, but actual change may or may not happen. In reality, Biden told the public he values cannabis, but he didn’t put a true push on an easy change until months before the end of his term. Most likely knowing the clock would run out. It is disappointing as the Veterans Administration acknowledged it is an important option for veterans, especially with those with PTSD.

Anne Milligan, is the administrator of the DEA and was appointed by the current administration. The DEA is a federal agency overseen by the presidential administration and has made it clear it is not onboard with 85+% of the population’s view on cannabis. It has also not been pleased Health and Human Services (HHS), The American Medical Association, Canada, the Food and Drug Administration and the American College of Physicians have all recommended rescheduling based on the science behind the plant’s medical benefits

The industry is full of mom and pop organizations who are trying to help build a new economic engine. Gen Z, understanding marijuana is healthy than alcohol, has embraced weed and beer sales have been down. Consumer use has soared among all age groups.  Legal states have been reaping the economic benefits, but the DEA doesn’t seemed to be phased by the change of the public acceptance.

While Harris drinks alcohol, Biden and the GOP presidential nominee do not. Harris and Biden have a history of being strong legal cannabis foes. On the campaign trail, Harris seems to support the industry, but has done nothing publicly or via government regulations to help the small businesses in the sector.

Both Harris and Biden are seasoned policy markers, so it would come as no surprise the timeline or the announcement. Harris has revitalized part of the Democrat campaign with other opportunities to engage younger voters. Has the current administration pulled another bait and switch with the industry?

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Should the Harris team lose, it gives House Speaker Mike Johnson a chance to end legal marijuana also. He is dead set against any form of legalization. Some leaders in the industry have doubts about the Biden/Harris take on marijuana and have been expanding into hemp, which Senator Mitch McConnell championed. So like another president, Gerald Ford when NYC was in trouble, Biden sent a very clear message to the industry.