Although the US presidential elections remains too close to call, the November ballot is likely to see a new wave of cannabis legalization.  

Four states have bud on the ballot. Florida leads the way with 66% of voters in favour of full adult-use legalization in the Sunshine State and Republican nominee, Donald Trump agrees with them.

Besides Florida, South Dakota and North Dakota voters will cast ballots on adult-use legalization measures, while Nebraskans will decide on a pair of medical cannabis legalization initiatives on Election Day.

Florida, in particular, represents a catalyst for industry growth: Not only is it home to roughly 23 million residents, but the Southern US is the least progressive cannabis region in the nation and Florida could be the tipping domino for further legalization.

While this is the first election in US history where both major party candidates are in favour of decriminalizing cannabis, the Kamala Harris campaign has been leaning more strongly into her reform position in recent weeks.

Harris recently reaffirmed her support for federally legalizing marijuana—a position she says is largely informed by her understanding that cannabis criminalization has disproportionately impacted Black and brown communities.

Trump has voiced support for rescheduling cannabis, as well as marijuana industry banking access and a Florida adult-use legalization ballot initiative.

Cannabis giant Tilray Brands’ CEO Irwin Simon says the 2024 presidential election is likely to improve the legal cannabis industry in the U.S.—regardless of who wins.

"We believe that there is a greater likelihood that the upcoming U.S. Presidential elections will result in improved regulatory changes in the cannabis industry, as both candidates have publicly confirmed their support for further legalization,"

Colorado was one of the first US states to legalize cannabis in 2012. Today, 48 states and Washington D.C. have approved cannabis for some kind of medical use, although 10 of those states have legalized only the limited use of oils containing low levels of THC, the active compound in cannabis. Adult use for anyone 21 and older is now allowed in 24 states and Washington.

Cannabis Business Times reports that 11 states are on pace to top the US$1-billion benchmark in total retail sales at licensed cannabis dispensaries in 2024, including a pair of medical-only markets—Florida and Pennsylvania.

California, which was the fifth largest economy in the world in 2023, is projected to remain the world’s largest cannabis economy with more than $4.7 billion in adult-use and medical cannabis sales in 2024, according to monthly sales figures from the state’s Department of Cannabis Control (DCC).

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