2024 Election Year and Cannabis
There’s a blend of legislative activity and speculation surrounding the federal legalization of cannabis in the United States, particularly as the 2024 presidential elections approach. Several bills have been introduced in Congress aimed at various aspects of cannabis reform, from expungement of criminal records to financial services access for cannabis businesses, and research on cannabis. Here’s a summary of the current landscape:
Equity and Legal Reform
- Legislation such as the Harnessing Opportunities by Pursuing Expungement (HOPE) Act of 2023 and the Clean Slate Act of 2023 focuses on expungement and/or sealing of criminal records for non-violent cannabis offenses. Additionally, the Free to Grow Act of 2023 aims to repeal restrictions preventing individuals with felony convictions related to controlled substances from participating in the hemp industry.
Financial Services for Cannabis Businesses
- The Secure and Fair Enforcement Regulation (SAFER) Banking Act and similar bills are designed to provide financial relief and legal protections for cannabis businesses and ancillary businesses that work with them, enhancing access to traditional financial services like loans and deposit accounts.
Hemp and CBD Regulation
- Efforts to legalize and regulate CBD through bills such as the Hemp and Hemp-Derived CBD Consumer Protection and Market Stabilization Act of 2023 and the CBD Product Safety and Standardization Act of 2023 have been introduced, aiming to establish federal guidelines for CBD products.
Research Enhancement
- The Medical Marijuana and Cannabidiol Research Expansion Act, signed into law in December 2022, marked a significant step towards supporting the research of cannabis and its potential health benefits. This act aims to streamline the research approval process and mandates responses for applications within 60 days.
2024 Speculations and Efforts
- Despite these legislative efforts, some speculate that significant progress on federal legalization or the passage of key reform bills like the SAFER Banking Act may be unlikely in 2024 due to other pressing issues Congress may prioritize.
- There is also speculation about the potential rescheduling of cannabis under the Controlled Substances Act, with some industry insiders predicting movement on this front before the 2024 elections. Such a change could have profound implications for the industry, especially concerning regulatory scrutiny and the ability of small businesses to navigate the new landscape.
In addition to these federal efforts, state-level actions continue to play a significant role in shaping the cannabis landscape in the United States. While the federal government evaluates various aspects of cannabis policy, the ongoing legislative activities reflect a complex picture of progress and challenges on the path to federal legalization of cannabis.