Investors should know Joe Biden's attitude towards cannabis
As the leading candidate among many Democratic candidates seeking to run for President, it is worth being aware of Joe Biden’s attitude toward cannabis. During most of his political career, Biden was anti-cannabis including his eight years as Vice President. As a Presidential candidate, however, he has compromised his position to one that favours decriminalization and believes states should take the lead on legalization. This is a reasonable position for Biden to take given that recent polls show 61% of Americans and 76% of Democrats favour legalizing cannabis.
The Obama-Biden administration produced the Cole Memorandum that advised agencies against enforcing Federal criminal law against cannabis in states that have legalized. Trump Attorney General Jeff Sessions rescinded the Cole Memo with one that returned marijuana law to pre-November 2008.
Biden’s new stance remains well short of candidates such as Cory Booker, Peter Buttigieg, Julian Castro, John Delaney, Tulsi Gabbard, Kirsten Gillibrand, Kamala Harris, John Hickenlooper, Jay Inslee, Amy Klobuchar, Beto O’Rourke, Tim Ryan, Bernie Sanders, Eric Swalwell, Elizabeth Warren and Andrew Yang who favour legalization. Nearly half of the candidates favour legalization and nearly all of the top dozen leading in the polls do as well. Except Biden.