While every industry is preparing for any and all outcomes in the upcoming election, U.S. weed companies are banking on a Biden/Harris W.
A joint effort: Sen. Kamala Harris, Biden’s VP pick, said during last week’s debate that the Biden administration would push for decriminalization at the federal level if they win in November.
And if the Senate also flips from red to blue, it will likely be more impactful for marijuana policy than whoever is sitting in the Oval Office.
Republican Majority Leader Mitch McConnell has repeatedly struck down legislation that would allow financial institutions more freedom to work with cannabis companies. If the Senate adopts a more chill stance on weed, it would pave the way for U.S.-based companies to list their shares on major stock exchanges.
Bottom line: August cannabis sales were up 26% in California and 34% in Nevada compared to last year, according to BDS Analytics. A Biden victory could propel those numbers even…higher.