Marijuana is being talked about a lot in these past few days. This is because nine states voted about legalizing either medical or recreational marijuana in this election. With these new amendments being passed, a lot is going to change for better or for worse with the medical marijuana industry.
However, what people are really wondering is how Trump and his presidency are going to affect the future of marijuana. According to Trump, he is “100% in favor of medical marijuana”. Trump proposed that he would reschedule marijuana from its current illegal status as a Schedule 1 substance to possibly a Schedule 2 or lower, if he won the election. Schedule 1 substances are considered federally illegal and supposed to have no medical benefits, whereas Schedule 2 substances and lower are considered to have medical benefits but also are perceived to have addictive qualities. Now that he has the power to affect change, the industry may see some changes.
Trump’s proposal will have a large effect on the marijuana industry as it would make marijuana a regulated drug. This means that the FDA will be able to strictly control the drug. This will impact the industry as it will allow the FDA to force the medical cannabis companies to prove via clinical trials the actual effect of medical marijuana on patients. These trials take time and a lot of money. So while in retrospect it seems like decriminalizing marijuana will make it more accessible to people in need, it will actually negatively impact people who desperately need it for medical issues.
In terms of recreational marijuana, Trump is less hands on. He has yet to suggest the federal government’s involvement in recreational marijuana and it appears as if for the time being, the decision will fall on state legislature. It cannot be determined exactly what Trump will do in his presidency and how the industry will be affected, but this election might prove bittersweet for the medical marijuana industry.