💸 The Tape

The Truth About Legalization

In the grand theater of U.S. politics, the President often appears as the lead actor, but when it comes to legalizing marijuana, they're more like a supporting character waiting for the script to allow their big moment. Despite public perception, the President of the United States cannot unilaterally legalize marijuana nationwide. Let's dive into the legislative labyrinth and see why even the Commander-in-Chief can't just puff, puff, pass federal legalization into law.

Separation of Powers and the Legislative Maze

The U.S. Constitution is a stickler for procedure, assigning the power to make laws to Congress, not the President. Marijuana is currently classified as a Schedule I substance under the Controlled Substances Act (CSA) of 1970, meaning it's considered to have a high potential for abuse and no accepted medical use. To change this classification—or remove it entirely—a few things need to happen:

1. Congressional Action: Congress can pass a bill to legalize marijuana by amending or repealing the CSA. This requires approval from both the House and the Senate, followed by the President's signature. Given the current political climate, well we all know how this goes.

2. Administrative Rescheduling: The President could direct the Attorney General or the Department of Health and Human Services to review marijuana's scheduling. However, this process is lengthy, involves multiple agencies, and can be challenged in court.

3. Executive Orders: While presidents love their executive orders, they can't be used to overturn existing laws. An executive order attempting to legalize marijuana would likely be met with legal challenges faster than you can say "litigation."

Trump and Cannabis: A Budding Interest?

Former President Donald Trump has had a hazy stance on marijuana. During his time in office, he expressed lukewarm support for states' rights to decide their cannabis laws but stopped short of advocating for federal legalization. In 2018, he said he'd "probably" support the STATES Act, which would protect state-legal cannabis activities from federal interference. However, his administration also rescinded the Cole Memorandum, increasing federal enforcement discretion. It's like he was holding a joint but couldn't decide whether to light it or toss it.

Kamala Harris: From Skeptic to Supporter

Vice President Kamala Harris has evolved from a former prosecutor with a strict stance on marijuana to a leading advocate for decriminalization. She co-sponsored the Marijuana Opportunity Reinvestment and Expungement (MORE) Act in the Senate, which aims to decriminalize marijuana at the federal level and address social justice issues stemming from the war on drugs. Harris has said, "We need to legalize marijuana and regulate it." Her transformation is has been dramatic but is symbolic of the changing of public perception of the plant over the years.

Impact on the Election: A Joint Effort

Cannabis legalization has become a bipartisan issue that's increasingly important to voters. With public support for legalization at an all-time high (pun intended), both parties are feeling the pressure. Trump's ambivalence may not win over the pro-legalization crowd, while Harris's advocacy could energize younger and progressive voters.

However, the economy, healthcare, and foreign policy still overshadow marijuana on the list of voter priorities. Cannabis is like the garnish on the electoral cocktail—not the main ingredient but adding a little flavor.

The Bottom Line

While the President can't single-handedly legalize marijuana, their stance can influence policy and sway public opinion. For meaningful change, it will take a concerted effort from Congress, the administration, and advocacy groups. Until then, the cannabis industry—and investors—remain in a state of cautious optimism, waiting for the political clouds to clear.

So, as the election buzzes on, remember that federal legalization isn't just a stroke of the presidential pen away. It's a complex process requiring more immense collaboration. Either way we are seeing progress and the conversation continue— but its time for actual tangible move forward.

📈 Dog Walkers

Village Farms To Rep The Industry In Court

Village Farms International (NASDAQ: VFF) just snagged a golden ticket as the only cannabis industry operator selected to participate in the DEA's upcoming hearing on reclassifying marijuana from Schedule I to Schedule III. It's like being invited to the policymaking Oscars of cannabis. CEO Michael DeGiglio didn't mince words, urging U.S. policymakers to finally embrace common sense over politics and align with global trends. Representing the company will be Dr. John Harloe, their Global Cannabis General Counsel—a heavyweight in the cannabinoid arena with a PhD in Pharmacology and Toxicology. With the hearing slated for early 2025, Village Farms is poised to play a starring role in shaping the future of U.S. cannabis regulation. Talk about being in the right place at the right time!

Ron DeSantis Is Losing Credibility Fast

Talk about irony thicker than a Florida swamp! Governor Ron DeSantis, on a crusade to defeat recreational marijuana via Amendment 3, has been hobnobbing with hemp companies peddling high-potency cannabis—products that, surprise, test above Florida's legal THC limit, effectively making them illegal marijuana. A Herald/Times investigation reveals that the Republican Party of Florida and a committee run by the governor's chief of staff accepted donations from these very companies. To add spice to the plot, some products contained banned pesticides. Despite regulators flagging these issues and lawmakers passing a bill to clamp down on psychoactive hemp, DeSantis vetoed it in June. And wouldn't you know it? The hemp donations started pouring in right after. It's a classic case of "do as I say, not as I fund."

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📺 YouTube

Cannabis News: Dispelling The Rumors About Rescheduling | Trade to Black

What we covered:

✅ On our latest Trade To Black podcast at 11am est, Eric Berlin from Dentons join us to talk about the latest news involving rescheduling and how the cannabis industry should interpret it.

Yesterday it was announced that the participant list was publicly disclosed, and the standing of the potential participants has been called into question.

Berlin will explain what this means, and more importantly how this will all unfold in the coming months.

Plus, Dan from The Chart Guys will join us to discuss the weekly performance of cannabis stocks and outline what to prepare for as the decision on Amendment 3 approaches next week.