Harris-Walz Administration Could Promote Cannabis Rescheduling As 'Major Victory,' Possibly Delaying Full Federal Legalization

The Harris-Walz presidential ticket represents a historic milestone as the first major U.S. party ticket to explicitly support cannabis legalization. This groundbreaking development has ignited conversations within the industry about its potential impact on federal cannabis policy.

Laurie Parfitt, founder & CEO of LKP Impact Consulting and upcoming speaker at the Benzinga Cannabis Capital Conference, shared her thoughts on how this political shift might affect the pace of legalization efforts and the industry’s future.

Hurdles for Federal Cannabis Reform Under Harris-Walz

Parfitt emphasized that the engagement of high-level government officials with the cannabis industry is a noteworthy shift. However, she cautioned that other global and domestic challenges might impact how much of a priority cannabis legalization will be for a potential Harris-Walz administration.

"Under a potential Harris-Walz administration, the rescheduling of cannabis might be viewed and promoted as a major victory, potentially delaying further efforts toward full federal legalization," Parfitt explained.

Investor Sentiment and Industry Outlook

The impact of this political development extends beyond policy changes—it also influences investor confidence and the direction of cannabis companies. Parfitt noted that the recent Health & Human Services recommendation to reschedule cannabis has rekindled interest among investors.

Despite ongoing challenges, including reduced conference participation and layoffs, the rescheduling announcement has renewed the industry’s energy. While capital has yet to flow back into the cannabis space at the levels seen in previous years, Parfitt highlighted that investors are starting to reassess opportunities.

“While this development has not yet resulted in a significant influx of additional capital, it has reignited interest among investors, who are now beginning to reevaluate and explore limited opportunities within the industry," she said.

Benzinga Cannabis Capital Conference: Addressing Industry Challenges

As the cannabis industry navigates these political and financial developments, the upcoming Benzinga Cannabis Capital Conference in Chicago on Oct. 8-9 offers a platform for industry leaders to discuss the path forward. Parfitt and other industry figures will provide insights into how the Harris-Walz ticket and related political factors might shape the future of cannabis policy and investment.

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