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No matter which way the Presidential election goes, there will be many changes pertaining to the cannabis industry. The federal government classifies cannabis as an illegal controlled substance. However, voters in several states have decided ballot measures on marijuana's legal status under state law. On November 4, the total number of states making it legal under state law has grown, potentially changing the national conversation around legalization.
16 million Americans will join 93 million others who now live in states that allow adults to use marijuana legally after voters in New Jersey, Arizona, South Dakota, and Montana on Tuesday overwhelmingly approved ballot measures on weed. This means that 1 in 3 Americans now live in states where marijuana is legal for anyone at least 21 years old. While ballots are still being counted, four states have joined the ranks of legal-marijuana states in the U.S., and two have legalized medical marijuana. At this point, it does not appear that the Senate will be majority Democratic. This makes it unlikely the Senate makeup will be sympathetic to cannabis policy and, a Republican-led Senate without Cory Gardner might be a worst-case scenario for legalization. Democrats, meanwhile, are projected to keep control of the House — though the size of their majority is still in question. They also lost some key figures such as House Agriculture Committee Chairman Collin Peterson (D-Minn.), a significant hemp policy player.
At the State level, the "Green Wave" is alive and well.
Here are some of our thoughts and questions we have with the results to date of the elections:
- What do you expect to see in a Republican-controlled Senate?
- Do you think we will see serious movement on cannabis-related bills, like SAFE banking (which would make it easier for banks to serve cannabis businesses)?
- If there's another wave of COVID relief, do you think we can see Cannabis get included in it?
- What are the chances of the MORE Act, which would remove federal penalties on marijuana and expunge some cannabis-related records, among other things passing? Are all Democrats on board?
- What is the chance that the MORE Act gets folded into a more significant criminal justice/racial justice/policing piece of legislation?
- What impact will legalization in New Jersey have? Will there be a lot of fighting over the details in the regulations?
- Will the opening of the New Jersey market change the political dynamics in the region?
- If New Jersey legalizes, will it create a sense of urgency in New York and Pennsylvania? What about Connecticut, Delaware, and Rhode Island?
- How could the creation of five new markets change or affect the national conversation around legalization?
If you have any questions that you like asked, please email me at
To help us through the implications, we have invited two expert speakers on the topic. Andre Haroche is a co-founder of Silverleaf Venture Partners, a cannabis-focused venture capital firm. J.T. Taylor is Hedgeye's Chief Political Strategist. A brief biography of our guest speakers:
