Former President Donald Trump is now more open to the idea of decriminalizing marijuana after pointing out its growing legalization across the U.S., according to Marijuana Moment. He said he would soon announce his opinion on a cannabis legalization measure on Florida’s November ballot, where he is a voter. Despite this positive development for the industry, cannabis stocks are down at the time of writing.
During a press conference at Mar-a-Lago, Trump admitted it is hard to justify jailing people for something becoming legal nationwide, which is a shift from his earlier anti-drug campaign stance.
Trump also talked about the Biden-Harris administration’s efforts to change cannabis laws and criticized Vice President Kamala Harris for her past record, saying she jailed many Black people for cannabis offenses. Nevertheless, Harris picked Minnesota Gov. Tim Walz, who supports cannabis reform, as her running mate, which indicates a progressive take on cannabis laws.
It’s worth noting that when Trump was president, he believed marijuana laws should be decided by states, and he didn’t crack down on cannabis programs as some feared after Attorney General Jeff Sessions revoked Obama-era guidelines. Though he didn’t talk much about legalization, Trump did support federal policies that respect states’ rights to legalize.
Which Cannabis Stock Is Best to Invest In?
Among the popular weed stocks, analysts expect Trulieve stock to deliver the most upside potential from current levels. Indeed, it has a Strong Buy rating with more than 88% upside potential based on a $19.30 per share price target.
