President Trump hasn’t shared his views on marijuana yet. However, the US 2020 election is heating up. Many Democratic candidates have chosen marijuana legalization as a political platform.
President Trump and the 2020 presidential election
Some of the candidates have shared their views on marijuana legalization. Recently, we discussed what Bernie Sanders said about marijuana. To learn more, read Bernie Sanders Tweets on Marijuana Legalization.
Other candidates want easier regulations for the cannabis industry. For example, Joe Biden wants to pass the SAFE Justice Act to decriminalize cannabis. To learn more, read Joe Biden Wants to Reform Cannabis Laws.
Will President Trump legalize marijuana?
Many people wonder what President Trump thinks about cannabis. He’s known to be very vocal about topics in his tweets, particularly tariff-related issues. However, President Trump hasn’t said much about cannabis yet. A Growth Op article in July discussed how Piper Jaffray analyst Michael Lavery discussed President Trump’s view on cannabis. He thinks that President Trump could make marijuana legalization one of his key platforms in the 2020 election. Also, making cannabis regulations easier could help President Trump gain support from younger voters. However, Lavery thinks that President Trump’s stance on cannabis legalization will depend on which Democrat candidate runs against him.
Lavery said, “By supporting cannabis, Trump may be able to incrementally broaden his appeal with swing voters without alienating his base.”
Other candidates’ views
Other candidates like Bernie Sanders and Andrew Yang also support marijuana legalization. To learn more about candidates’ views, read US Cannabis Update: Gardner and Warren Reintroduce STATES Act.
Headwind for the sector
The cannabis industry is in the spotlight now. What could threaten the sector? FDA regulations have always made it difficult for the sector. And now, the ongoing FBI investigation into industry corruption added to the stress. Read Cannabis Industry: FBI and FDA Tighten the Screws to learn more. Cannabis stocks have shown immense potential in 2019.
As of Monday, Canopy Growth (CGC) (WEED) has fallen in 17.2% in August. Meanwhile, Aurora Cannabis (ACB), Tilray (TLRY), and Cronos Group (CRON) have lost 6.2%, 26.6%, and 12.6%. Innovative Industrial Properties (IIPR), HEXO (HEXO), and Aphria (APHA) have gained 4.2%, 2.3%, and 15.9%.
YTD, Canopy Growth has lost 2.5%. Aurora Cannabis, HEXO, Aphria, Cronos Group, and Innovative Industrial Properties have gained 17.7%, 25.3%, 5.7%, 10.3%, and 142% YTD (year-to-date). In contrast, Tilray has fallen 57.5% YTD.
Canopy Growth, Tilray, and Innovative Industrial Properties reported their earnings this month. Cresco Labs (CRLBF) will report its second-quarter results on Wednesday. Read Which Are the Best Cannabis Stocks in August? for more industry updates in August.
Stay tuned to learn more about election candidates’ views on marijuana legalization.