Could federal legalization of cannabis be a vital issue in the 2024 presidential election?

The doom and gloom in the cannabis market in recent years are primarily attributed to regulation not progressing as quickly as investors had hoped. 

President Biden has announced a mass pardon for all Americans convicted of simple federal marijuana possession. Still, he has not followed through on his 2021 campaign promise to decriminalize cannabis nationally. Biden could, however, return to the cannabis issue again running up to the 2024 elections. 

Federal cannabis legalization is one of the rare political issues that seem to have bipartisan support. Pew Research found in a November 2022 poll that 88% of Americans believe cannabis should be legalized for medical use on a federal level, and 59% of Americans say it should be legal for both recreational and medical use.

Eight cannabis statistics to consider going into the 2024 presidential elections: 

1. 85% of Republicans and Republican-leaning independents favor federal medical marijuana legalization

2. 45% of Republicans and Republican-leaning independents favor recreational and medical legalization

3. 95% of Democrats favor medical legalization

4. 73% favor both recreational and medical legalization

5. 93% of Americans aged 18-29 say marijuana should be legalized for medical purposes

6. 72% of Americans aged 18-29 say it should be legalized for recreational purposes.

7. 86% of American voters over age 65 favor federal medical marijuana legalization

8. 46% of American voters over age 65 favor federal recreational legalization

These levels of support across the political spectrum and age brackets could indicate cannabis legalization being a pivotal issue in 2024 as pressure mounts to grow the cannabis industry nationwide. Biden or his Republican challenger could undoubtedly take on cannabis reform to gain young voters' support. 

However, with its deep pockets, the pharmaceutical lobby is fighting hard to fight the threat of federal cannabis legalization to the pharmaceutical industry. The prescription pain medication market is expected to exceed $100 billion in 2023. 

Why invest ahead of the 2024 elections

As we anticipate the revival of federal cannabis legalization as a vital issue in the 2024  presidential elections, the cannabis industry will continue to grow throughout legal states. That means that right now is the most opportune time to invest in well-vetted cannabis companies positioned for success. 

Cocannco uses sound financial due diligence to identify and partner with these companies and crowdfunding to provide the cash infusion they need to grow. 

Ready to learn more about these investment opportunities with Cocannco? 

Schedule a call here.