Election 2024: Harris, Trump Agree on Cannabis Policy

In an unexpected turn of events, the 2024 presidential race has seen a convergence of views on cannabis policy between Democratic Vice President Kamala Harris and former Republican President Donald Trump. Both candidates have expressed support for loosening federal marijuana restrictions, a shift that could significantly impact the cannabis industry, job creation, and criminal justice reform.


**A Newfound Agreement**

Trump's recent announcement backing President Joe Biden's efforts to loosen federal marijuana restrictions and his support for a Florida ballot initiative to legalize cannabis use for adults has put him in line with Harris' stance on the issue. Harris, who has long advocated for marijuana decriminalization, has also pledged to legalize marijuana nationally and ensure Black men have access to wealth and jobs in the burgeoning cannabis industry.


**The Impact on the Cannabis Industry**

Federal legalization of cannabis could significantly boost the industry's growth and job creation. A study by New Frontier Data projects that the legal cannabis market could reach $30 billion by 2025, creating over 250,000 jobs. Legalization would open up interstate commerce, allowing businesses to scale and increase efficiency. Additionally, access to banking services would improve, reducing operational costs and enhancing business stability.

**Tax Revenues and Economic Benefits**

Legalizing marijuana at the federal level could generate significant tax revenues and economic benefits. According to a 2021 report by the Congressional Research Service, legalizing marijuana could generate $131.8 billion in federal tax revenues over 10 years, assuming a 20% excise tax and 10% retail sales tax. Additionally, a 2019 study by the American Journal of Public Health estimated that legalization could reduce criminal justice costs by $7.7 billion annually.

**Criminal Justice Reform and Racial Disparities**

The convergence of Trump and Harris on cannabis policy has sparked a fresh debate on criminal justice reform and racial disparities in the 2024 election. Both candidates now support loosening federal marijuana restrictions, a shift that could impact millions of Americans, particularly people of color disproportionately affected by the war on drugs. This convergence highlights the growing bipartisan support for cannabis reform, with 70% of Americans now backing legalization.


**The Road Ahead**

As the 2024 election approaches, the convergence of Harris and Trump on cannabis policy could sway young voters, particularly young Black men. The Biden administration's insufficient cannabis reforms could also drive young voters towards candidates who support full legalization. The shared position on cannabis policy by Harris and Trump could potentially boost their fundraising efforts and campaign support, especially among younger voters and marginalized communities. However, the track record of Trump's administration on cannabis policy may deter some voters who are unsure about his follow-through.

In conclusion, the agreement between Harris and Trump on cannabis policy could have far-reaching implications for the cannabis industry, job creation, and criminal justice reform. As the election approaches, voters will be watching closely to see how these policies play out and how they may impact their lives and the broader economy.