Fall 2024
Trump Says He Is Voting YES on Amendment 3 In Florida! (Adult-Use Recreational Cannabis)
Source: Donald J. Trump (@realDonaldTrump) | Truth Social
This week former President Trump posted on his platform, Truth Social, that he will be voting YES on amendment 3 this November in Florida, which would legalize adult-use cannabis in the state of Florida. He stated that he believed it was time to end arrests for personal amounts of cannabis, as well as the need to establish regulations and provide safe and tested cannabis products for adults.
Trump continued, and pledged that, as president, he would focus on cannabis research, push for rescheduling marijuana to a Schedule III drug, and work with Congress to pass marijuana reforms, including easing financial restrictions for cannabis businesses.
His comments align with efforts like the stalled SAFER Banking Act and the States Reform Act. This seismic shift from a prominent political figure highlights the evolving attitudes towards cannabis nationwide. The federal government’s stance lags behind both state-level actions and public opinion. Now that bipartisan support is emerging, there is growing confidence that, regardless of the administration in power, we are likely to see incremental cannabis reforms in the near future, including rescheduling and the passage of SAFE Banking.
Polling suggests a significant portion of Florida voters support the amendment, with a 60% approval needed to pass. If successful, this could be a major catalyst for the cannabis sector, particularly benefiting companies like Trulieve, Verano, Curaleaf, TRP Cookies and Ayr Wellness, who have large exposure in the state’s medical cannabis market.
KEY Investment Partners’ DEA Comment Opinion
KEY’s DEA Comment Opinion:
We believe we’ve received positive news from the DEA’s decision to hold a public hearing on their decision to reschedule cannabis after the election. We are now comfortable that we have bipartisan support for broad cannabis reform, and the uncertainty over the past few months has been answered.
Why this is good news:
- Takes Politics Out of the Decision: Holding the hearing post-election ensures that the decision on rescheduling cannabis is made based on scientific evidence and public input, not election pressures. This strengthens the integrity of the process and ensures a fair outcome.
- Stronger Legal Standing: Delaying the decision reduces the risk of it being seen as politically motivated, which can make it more defensible against potential legal challenges. A decision grounded in evidence and due process is less likely to be overturned in court.
- Reflects Public Support: With over 43,000 public comments submitted in favor of rescheduling, there is clear support for cannabis reform. Additionally, recent polls show that ~70% of Americans support cannabis legalization, and more people, especially young adults, are choosing cannabis over alcohol due to its perceived health benefits. This growing public support strengthens the case for rescheduling.
Overall, the DEA’s decision to delay the hearing allows for a more thorough, unbiased review process and aligns with the strong public and bipartisan support for cannabis reform.
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