President-elect Donald Trump did not show much support for marijuana policy reforms during his first term in office. However, prior to this year's presidential election, he supported President Joe Biden's stance on rescheduling cannabis from a Schedule I drug to Schedule III. He stated, “I believe it is time to end needless arrests and incarcerations of adults for small amounts of marijuana for personal use. We must also implement smart regulations, while providing access for adults, to safe, tested products.”
Only time will tell what Trump's stance on marijuana reforms will be during his second term, and whether federal legalization is even a possibility. Whatever the case, the cannabis industry is rapidly expanding. The global cannabis market is estimated to be worth $148.4 billion by 2031.
