Harris-Walz Ticket: Could It Be the Federal Cannabis Reform Catalyst?

As the U.S. prepares for the 2024 election, the cannabis industry closely watches the Harris-Walz presidential ticket.

Known for their pro-cannabis stance, Vice President Kamala Harris and Michigan Governor Tim Walz could potentially bring about substantial federal cannabis reform.

Bryan Gerber, co-founder and CEO of Hemper, HARA Supply, and upcoming speaker at the Benzinga Cannabis Capital Conference, provided his thoughts on what this administration might mean for the industry.

Pro-Cannabis Records and Potential Reforms

Gerber pointed out that Walz's record includes legalizing adult-use cannabis in Minnesota and expunging low-level cannabis convictions. Additionally, Walz has sponsored federal legislation aimed at increasing medical cannabis research for veterans.

“A Harris/Walz administration could lead to real federal reform,” Gerber noted, emphasizing that both candidates have a history of supporting cannabis-related initiatives.

Harris has also become more vocal in her support for cannabis legislation, further boosting the prospects for reform if the ticket wins. Gerber believes that the pair could build on the efforts initiated by President Biden, particularly in the area of cannabis rescheduling. This potential progress in federal policy is what has many in the cannabis industry paying close attention to the election outcome.

Industry and Investor Reactions

The impact of a Harris-Walz victory could extend far beyond policy changes. According to Gerber, the outcome of the election will likely influence the strategies of many cannabis operators. “The election outcome will surely impact the short and long-term strategies of many industry operators,” he said, suggesting that companies may adjust their approaches based on the potential for federal legalization.

Moreover, Gerber highlighted that a Democratic victory could boost investor confidence in the cannabis market. With the possibility of more favorable regulations, investors might become more willing to pour capital into cannabis businesses, further driving industry expansion.

Benzinga Cannabis Capital Conference

These potential shifts in the cannabis industry will be central topics at the upcoming Benzinga Cannabis Capital Conference, scheduled for October 8-9 in Chicago. The event, which attracted over 2,000 participants in its spring edition, will bring together leaders, investors, and policymakers to explore the future of cannabis in the U.S.

As the head of companies that produce over 100 million cannabis cones monthly, Gerber's insights into how political developments could shape the industry will be invaluable for attendees. His perspective on how businesses can adapt to the changing regulatory environment is expected to be a key highlight at the conference.

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