Back during the 2020 election campaign, Joe Biden promised to reclassify the status of cannabis in the United States. On the eve of new elections, the president again came up with this initiative, and on May 1, 2024, it was supported by the US Department of Justice.
Even though 40 out of the 50 U.S. states have already legalized recreational use of cannabis, at the federal level, marijuana is a Schedule I drug, which is a drug with a high potential for abuse. This means that the punishment for the possession and consumption of weed is the same as for the use and possession of heroin.
The reclassification of cannabis could significantly impact both the U.S. marijuana market and the global market.
How could cannabis reclassification reshape the U.S. market?
- The number and quality of medical cannabis research is likely to increase.
- Medical use would expand.
- New consumers would appear for both recreational and medical cannabis use.
- Cannabis-related arrests and imprisonment would drop in.
- Companies and people would invest more in the cannabis industry. New investments mean new varieties and innovative technologies in the field of cultivation and processing of marijuana.
- Tightening competition in an expanding market.
- Consolidation of the industry may occur: when large players buy up small companies.
How will the U.S. cannabis reclassification affect the global market?
The legalization of cannabis in the United States, the world's largest economy, would have a significant impact on the global market.
- It may lead to increased investment in the cannabis industry and a worldwide expansion of cannabis production.
- Other countries may follow the US example and also revise their cannabis laws, for example, as Germany did recently.
- Changes would affect imports and exports flows of cannabis.
What would the reclassification bring to marijuana consumers in Spain?
- Foremost, prices for the Californian varieties that consumers can find in cannabis clubs may decrease.
- Of course, new varieties would be available in Barcelona cannabis clubs.
- Cannabis offal availability would expand as well.
It is important to note that Biden's proposal to reclassify cannabis is still in its early stage, and the market future will depend on its implementation by Congress and regulators.
