November Election in the US: Cannabis

States Voting on Cannabis Laws

This November, several states are preparing to vote on key cannabis legalization measures. Florida, North Dakota, and South Dakota are considering proposals to legalize adult-use cannabis, potentially joining the 24 states and Washington D.C. that have already done so. Florida’s proposed Amendment 3, which requires 60% voter approval, seeks to tap into its vast market—the largest medical cannabis market in the U.S. with 880,000 patient cardholders as of April. With $2.5 billion in medical sales, Florida is the third-largest market by revenue, following California and Michigan, both of which have legalized recreational use.

In addition to adult-use initiatives, Nebraska will be voting on medical cannabis laws, underscoring a broader trend toward greater acceptance of cannabis for both medicinal and recreational purposes. These measures could have significant implications for the ongoing national conversation around drug policy reform.

Stances of Republican and Democratic Nominees on Legalization

As the November elections approach, cannabis reform has, for the first time in U.S. history, garnered bipartisan support from presidential candidates. Both former President Donald Trump and Vice President Kamala Harris have expressed their backing for easing cannabis restrictions and reclassifying it as a less dangerous substance.

Harris has emphasized, "I just feel strongly, people should not be going to jail for smoking weed," adding, "We need to legalize it and stop criminalizing this behavior." Trump has remarked, "It’s time to end needless arrests and incarcerations of adults for small amounts of marijuana for personal use," and as a Florida resident, he stated, "I will be voting YES on Amendment 3 this November."

This evolving political landscape signals that, regardless of the election's outcome, pro-cannabis laws are likely to progress. From an investment standpoint, this could lead to expanded market opportunities through the removal of the 280E tax code for U.S. cannabis companies, and pave the way for regulatory changes like the SAFER Banking Act and updated U.S. Treasury guidelines as well as the potential uplisting of publicly traded cannabis companies. For investors, this could mean a broader range of investment options, reduced volatility, enhanced liquidity, and stronger valuations for cannabis-related investments.

The opinions expressed in this publication are those of the authors and are subject to change. They do not purport to reflect the opinions or views of ETF Central or its members. ETF Central does not guarantee the accuracy, completeness, or reliability of the information provided.