"While rescheduling has advanced, and if adopted it would mark the largest incremental step forward in federal cannabis reform to date, the fact remains that it is not completed."
In late August, Trump departed from his usual stance that cannabis legalization should be left up to each individual state.
"The fact that both Republican and Democratic Presidential candidates now support federal cannabis reform increases the probability that federal cannabis legalization is simply a matter of time," said Bernstein analyst Nadine Sarwat, in a recent note.
However, while candidate support has boosted the market, Bernstein also noted that growth has been stagnant in the category as it faces macro headwinds.
"Despite all the headlines regarding potential federal reform, state-level sales performance is sobering," Sarwat said.
Persons:
Kamala Harris, aren't, Harris, Harris's, Jason Wild, Biden, Brady Cobb, Cobb, Emily Paxhia, Donald Trump's, Trump, Bernstein, Nadine Sarwat, Sarwat
Organizations:
White, Democratic, Toronto Stock Exchange, Drug Enforcement Administration, Poseidon Investment Management, Cannabis ETF, Republican, Democratic Presidential
Locations:
Washington ,, United States, Florida