Cannabis Reform 2024: The Year Of All Talk And No Action

In 2024, the cannabis landscape in the United States experienced some developments, though federal legalization or removal from the Controlled Substances Act (CSA) did not occur under the Biden administration, though that was promised to voters on a regular basis.

“No one should be in jail for cannabis possession” was the refrain repeated by President Joe Biden, beginning with his March 2024 State of the Union — the first time marijuana was ever mentioned in such an illustrious political setting — all the way up to his mid-December 2024 commutation of 1500 people including a relatively small number of cannabis offenders.

Federal Rescheduling? Delay And More Delay

The Drug Enforcement Administration (DEA) initiated a review to reclassify cannabis from a Schedule I to a Schedule III substance under the CSA. This move, following the August 2023 Biden-directed recommendations from the Department of Health and Human Services, could have represented a historic shift in federal cannabis policy. But alas, it was never finalized. The move would have alleviated challenges related to taxation and research restrictions faced by the industry under the ongoing federal restrictions.

Congress, Where Are You?

Rep. Earl Blumenauer (D-OR), longtime cannabis reform advocate, said in a mid-December C-Span interview that Congress seems to be "trapped in time."

"My work on cannabis legalization and working to end the failed war on drugs is one of my greatest areas of satisfaction and one of my greatest disappointments," said Blumenauer who has been involved in cannabis reform since 1973 when he was an Oregon state legislator.

The incoming GOP-led Congress, at least so far, has not prioritized cannabis reform, thus diminishing prospects for supportive legislation.

Read Also: Guns And Cannabis Don’t Mix In Kentucky: Medical Marijuana Law Takes Effect On New Year’s Day

But There Were State-Level Legalization Initiatives

Several states presented cannabis-related measures during the November 2024 elections with mixed outcomes.

• Nebraska: Voters approved the legalization of medical cannabis, marking a significant policy change in a state where cannabis was previously entirely illegal.
• Florida: A well-funded campaign to legalize recreational marijuana failed to achieve the required 60% supermajority, despite substantial financial backing and public support.
• North Dakota and South Dakota: Both states rejected measures to legalize recreational marijuana, reflecting ongoing resistance in certain regions.

How Did Market Dynamics Fair?

The cannabis market faced economic challenges throughout 2024, with many U.S. and Canadian companies experiencing significant stock price declines. Factors contributing to this downturn included regulatory uncertainties, taxation issues and competition from rampant illicit markets.

Notably, AdvisorShares Pure US Cannabis ETF MSOS experienced a challenging 2024, with its stock price declining by approximately 48%, noted Benzinga PRO, indicating broader market struggles including the aforementioned regulatory challenges.

Public Perception And Usage – Some Positive News

Marijuana’s popularity continued to rise, with daily users in the U.S. surpassing alcohol consumers.

This shift is attributed to changing legal statuses, increased public awareness of marijuana’s health benefits and the general acceptance of marijuana as a benign substance, the consumption of which has never resulted in any reported deaths.

Now we just need a bit more support for rescheduling and maybe even legalization.

Now Read:

• Trump Is First ‘Republican President’ With A Pathway To Cannabis Reform, Says Former Adviser

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