EXCLUSIVE: Former Congressman Ed Perlmutter Predicts 2024 Election Results And Their Impact On Cannabis Reform

"We’re heading into an election cycle where both major party tickets are in favor of legalization, as well as smaller reforms," said David Mangone, vice president at The Liaison Group, during Tuesday’s Benzinga Cannabis Capital Conference in Chicago, Illinois, addressing a crowded room.

The panel, devoted to the issue of congressional roles in advancing cannabis reform, included former Rep. Ed Perlmutter, known as the father of SAFER Banking Act, and was moderated by Saphira Galoob, executive director of the National Cannabis Roundtable.

Mangone highlighted that plenty of progress had been made over the last year. "We have had a Congressional Budget Office score on the Banking Bill and the Government Accountability Office reaching out to stakeholders in the industry and service providers," he said. More importantly, there have been "some pretty significant endorsements and language in favor of state banking from both presidential candidates."

According to Mangone, there is bipartisan support for cannabis reform, including endorsements from both major presidential candidates, making it difficult for opponents to vote against the bill based on policy. He quoted one Republican senator who said that SAFE Banking "is just good governance."

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Lame Duck Holds Opportunities

Perlmutter predicted that the 2024 elections would result in a Democratic White House, a Republican Senate, and a Democratic House. In the case of this "split government," some things would actually get done in the lame duck that might not happen if one party sweeps all three institutions. According to him, Senate Majority Leader Chuck Schumer will really push to get SAFE Banking Act passed in the Senate, where it's been stuck for the last five years.

Perlmutter also believes that there's going to be a little more reluctance in the House, and some deal making done that is probably going to involve crypto. However, he can "see the Biden White House particularly wanting to just finish this subject, signing this thing."

If either party sweeps everything, he believes that the bill would be pushed until the next session. That's because one party would be more inclined to promote justice and equity, for example, while the other might focus on lending and securities transactions.

"So what I want you all to do, because this is a democracy, where we each get to say how we want our government to look come the next year. So you’ve got a lot of responsibility here in this conference to shape what this lame duck is going to look like," Perlmutter said.

Rescheduling Update: Looking Bright

Mangone provided a rescheduling update, highlighting that the rule received more than 43,000 public comments. There's a hearing before an administrative law judge in December, and while it's still unknown who's participating, former Deputy Attorney General James Cole, the Iraq Afghanistan Veterans Association, many researchers and scientists in the space have made decent arguments.

"My view that having a hearing and having an open forum that’s bolstered by a very thorough 252-page recommendation from a federal agency of Health and Human Services, bolstered by 43,000 public comments and bolstered by the longstanding research that has both been included in that analysis and has been submitted since that period has closed. I think it’s a really strong case that’s going to be made for scheduling to move forward with appropriate science backing it," Mangone said.

Galoob followed up on Perlmutter's call to participation, calling attendees to continue advocating for SAFE Banking and cannabis reform through direct contact with lawmakers. She called everyone to use "pound 250," an action initiative that allows participants to directly connect with their senators through a simple phone call, and praised Benzinga for supporting this campaign.

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Former Rep. Ed Perlmutter, speaks at the Benzinga Cannabis Capital Conference on Tuesday. Photo by Wendy Davis.