Joe Biden Drops Out: What Would Happen With Cannabis Legalization Under Kamala Harris Or Donald Trump?

President Joe Biden announced his decision to drop out of the presidential race in a letter posted on his official X account Sunday after growing pressure from colleagues in the Democratic party and big-name fundraisers. The president, who has been secluded while recovering from COVID-19, said he will speak to the nation in more detail later this week, reported CNN.

"It has been the greatest honor of my life to serve as your President," Biden wrote in the letter. "And while it has been my intention to seek reelection, I believe it is in the best interest of my party and the country for me to stand down and to focus solely on fulfilling my duties as President for the remainder of my term."

Now What For Cannabis Legalization?

In mid-May, President Biden directed federal agencies to review the classification of marijuana, aiming to reschedule it from a Schedule I to a Schedule III substance under federal law. This move followed numerous public statements, including his State of the Union address, where he emphasized that no one should be in jail for possession of cannabis.

With this significant step, legalization advocates might be wondering what's next.

"President Biden has taken historic steps toward ending the federal prohibition of cannabis, including starting the process to move it to Schedule III and pardoning thousands of Americans convicted of nonviolent cannabis offenses. We look forward to the current administration finalizing the rescheduling process, and we hope the next nominee will support formally ending federal cannabis prohibition,” said David Culver, senior vice president of public affairs at the U.S. Cannabis Council.

With Biden Out, VP Kamala Harris Would Be The Answer To The Question Of What’s Next

It’s safe to say that VP Harris has done a total turn-around on the topic of cannabis legalization as did her soon-to-be-retired boss. How could they not? After all, legalizing cannabis is among the most popular topics shared by both Democrats and Republicans alike.

Harris has undergone a notable evolution in her stance on cannabis policy since her days as a prosecutor in California enforcing marijuana criminalization to a U.S. Senator sponsoring a bill for its federal legalization. And her journey mirrors the shifting attitudes toward cannabis in the United States.

On numerous occasions, especially in that past year, Harris has labeled the current classification of cannabis —equivalent to heroin and considered more dangerous than fentanyl— as “absurd” and “patently unfair.”

In fact, and not to be trite, Harris learned not long ago on the Jimmy Kimmel show that an Oregon-based company had created a strain after her, called "Kamala Kush."

Harris used the opportunity to reiterate her newly-found stance that marijuana users should not face jail time.

“I think we both agree that people shouldn’t have to go to jail for smoking weed. And we’ve pardoned a number of people,” said the vice president.

In the same interview, Harris also addressed the mostly debunked “cannabis as a gateway drug” theory.

So, is cannabis legalization in good hands if VP Harris ends up sitting at the biggest table in the West Wing? Most likely…yes.

And If Trump Ends Up In The White House?

That’s an even bigger question as Trump has remained mum on the topic.

In April last year, he told a National Rifle Association meeting that the uptick in mass shootings across the country was "not a gun problem" but rather that "genetically engineered" cannabis and the trans community could be at fault and should therefore be investigated.

But as Don Murphy, founder of the American Cannabis Collective who attended last week’s Republican National Convention said, “I don’t see Donald Trump sticking his finger in the eye of 80% of Americans.”

His stance is still unclear.

Benzinga will be watching the reaction of key cannabis ETFs like the AdvisorShares Pure US Cannabis ETF MSOS closely on Monday trading.

Photo: Shutterstock