As expected, we started receiving industry reaction to the presidential outcome very early on. Cannabis Business Executive will add commentary as it is received throughout the day and thereafter, reserving its right to publish or not as it sees fit.
NewLake Capital Partners, Inc. (OTCQX: NLCP) CEO Anthony Coniglio:
President-elect Trump’s September endorsement of cannabis reforms – including the successful Adult use ballot initiative in Florida, as well as support for rescheduling, federal decriminalization and banking access – sets the stage for potential reform in the upcoming Congress. To accomplish these goals in a split Congress, it will be critical for politicians to reach across the aisle to find common ground on reforms important to the industry. This is a potential inflection point for the cannabis sector, and we now need follow-through from elected officials to advance reform, which the vast majority of Americans desire.
Safe Harbor Financial (NASDAQ: SHFS) Chief Strategic Business Development Officer Tyler Beuerlein:
A Trump Administration will likely place greater emphasis on state autonomy and deregulatory measures, potentially reinforcing a state-led approach to cannabis policy. While this perspective could allow individual states to set their own cannabis agendas without heavy federal intervention, significant barriers remain for the industry, particularly concerning access to banking services and interstate commerce. Deregulatory policies alone won’t address the core banking issues cannabis operators face. Bipartisan Congressional support will be essential for enacting measures like the SAFE Banking Act.
In the event of federal legalization, FinCEN’s existing guidance for financial institutions, which mandates strict oversight of cannabis transactions, is expected to stay in place, meaning that regulatory requirements for cannabis banking are likely to persist. Even with favorable shifts in state policies, the cannabis sector will still operate under complex and sometimes contradictory regulations. We are prepared to navigate this fragmented environment, advocating for stable, effective financial services for our clients. As the industry grows, so does our commitment to ensuring that cannabis businesses can operate with financial confidence amid an evolving and often unpredictable regulatory landscape.
MAPS, Ismail L. Ali, J.D., Director of Policy and Advocacy:
Former President Donald Trump demonstrated a mixed approach to drug policy during his first term. In 2018, Trump signed the First Step Act, which codified and expanded criminal justice reforms, and the Right to Try Act, which permits access to pre-approved treatments although whether or not Schedule I drugs like MDMA and psilocybin are included in that remit remains to be seen. Nonetheless, much of his overall drug policy reinforced long-disproven prohibitionist values, especially with regard to criminal enforcement and supply-side drug control. His rhetoric often focuses on counterproductive punitive measures, including aggressive policing and border control policies that inaccurately link the drug crises to immigration policy. Whether Trump wants to admit it or not, the nationwide mental health crisis leading to substance use disorders, overdoses, and suicides is ours to solve.
Trump has been neither clear nor consistent in his opinion or direction on psychedelic research or policy. In a recent interview, he expressed vague positivity toward the potential for psychedelic-assisted therapies, especially in relation to Veterans’ mental health. Ambiguity from the federal government could hinder state policies that aim to expand access to these treatments, so we are concerned about potential threats to reforms in places like Oregon and Colorado, where groundbreaking personal and therapeutic use policies have emerged. Citizens of those states — who voted to pass initiatives that include extensive, multi-agency rulemaking processes — deserve the chance for the programs they passed to have a chance of success without interference from the federal government.
Nevertheless, MAPS remains cautiously optimistic about the possibility of continued funding for psychedelic research through Congress and federal agencies like the Veterans Administration and National Institutes of Health. Trump’s alliances could put the issue at the forefront of the next Administration’s public and mental health policies. While this has the potential to create opportunities for access to care and regulatory progress, deregulation of federal pharmaceutical regulatory oversight could have far-reaching detrimental consequences for Americans’ health and safety. While we agree the need for psychedelic care is urgent, we also caution against unethical or irresponsible dismantling of federal regulations that protect patients. We hope that the Administration will seek input and listen to stakeholders in Congress, across the aisle, and among communities of patients, providers, and caregivers.
Although uncertainty remains about the next Administration’s approach to psychedelics, the potential to accelerate safe access to psychedelic-assisted care remains, offering hope to millions who suffer from mental health challenges and reflecting the growing majority of Americans who support and advocate for psychedelic-assisted care.
Carma HoldCo, Chief Executive Officer Adam Wilks:
President-elect Trump’s/Harris’ victory marks a pivotal moment for the cannabis industry. His/Her administration’s support for federal cannabis reform marks a pivotal moment for the industry, aligning with the cultural shift that Carma HoldCo has championed from the beginning. With icons like Mike Tyson and Ric Flair at our side, we’re ready to lead a new era where cannabis can be fully embraced for its potential to inspire, heal, and bring people together. As the regulatory landscape evolves to support responsible expansion and innovation, Carma HoldCo is optimistic about making a positive impact on consumers nationwide and driving meaningful progress for the cannabis industry.
Ethos, Gibran Washington, Founder & CEO:
At Ethos, our mission has been to revolutionize and redefine the boundaries of modern medicine through evidence-based cannabis therapies. With the election now behind us, we have a unique opportunity to unite our efforts and build further momentum toward meaningful change. Full federal legalization would foster innovation, enabling us to deepen our research partnership with Thomas Jefferson University towards advancing cannabis-based treatments for a range of medical conditions, including chronic pain and neurological disorders. We look forward to working collaboratively with policymakers to establish the best path forward, ensuring cannabis is accessible to those who need it most.
The U.S. Cannabis Council, David Culver, Senior Vice President:
“The cannabis community has every reason to be optimistic with President Trump returning to the White House. He has endorsed the SAFE Banking Act and reclassification of cannabis, and he supports cannabis reform that protects consumer safety and prevents youth access. We look forward to working with his administration to advance meaningful federal reform.”
Silver Therapeutics, Brendan McKee, Co-Founder, CFO, COO:
Both candidates committed to making progress on cannabis reform, and now that President Trump is back in office, it’s critical he and his administration work toward fulfilling those promises. Specifically, we’re looking for action on federal legalization, SAFE Banking, and most importantly efforts to release those incarcerated for non-violent cannabis offenses.
On a state level, we’re seeing mixed progress. It’s surprising that Florida’s legalization measure didn’t reach the 60% threshold for approval. This underscores the fact that some states—and certain parts of the country—still aren’t ready to embrace cannabis reform.
Even Massachusetts, known for being progressive, couldn’t get the psychedelics ballot initiative passed. This is disappointing for those who believe in plant-based medicines and alternative therapies.
States still have significant influence on the future of cannabis and other alternative treatments. We’ll keep pushing forward in the fight for comprehensive cannabis reform and expanded access to alternative therapies.
Green Leaf Business Solutions, Marc Rodriguez, Founder & CEO:
A Trump administration may continue to leave cannabis legalization largely to individual states, with limited federal intervention. This approach could slow the pace of federal cannabis reform, creating uncertainty that may limit cannabis-related employment and job growth, especially in states that have yet to legalize cannabis or in banking and interstate commerce sectors that rely on clear federal guidelines.
Green Check, Kevin Hart, Founder & CEO:
“Last night brought a mix of results as Florida, Nebraska, South Dakota, and North Dakota voted for marijuana legalization, with a surprising and disappointing outcome in Florida. At the recent CLAB event focused on the Florida market, optimism for a positive result was high, so today’s frustration is palpable. One thing is certain: the cannabis industry doesn’t quit. After decades in this fight, they’ll dust themselves off and press on, focusing on rescheduling and the SAFER Banking Act.”
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