Cannabis investors welcomed the news that Vice President Kamala Harris will likely run as the Democrat’s presidential candidate this year, optimistic that US President Joe Biden’s right-hand woman will continue to progress marijuana reforms initiated by his administration such as the rescheduling of the drug.
Biden on Sunday announced on Sunday he would no longer be gunning for the top job and endorsed Harris for the position.
Over the course of her career, Harris’ position on marijuana has evolved as broader attitudes towards the drug in the US have shifted.
During her time as District Attorney in San Fransisco, more than 1,900 people were convicted for cannabis offenses and Harris in 2010 opposed a California ballot initiative to legalize marijuana.
By 2015, she appears to have softened her stance by calling for an end to the federal ban on medical marijuana and, in recent years, she has actively supported numerous pieces of cannabis legislation including co-sponsoring the SAFE Banking Act, the Marijuana Justice Act and the MORE Act.
In March 2024, Harris called on the Department of Health and Human Services and the Department of Justice to accelerate the reclassification of marijuana from Schedule I to Schedule III of the Controlled Substances Act.
"Marijuana is considered as dangerous as heroin and more dangerous than fentanyl, which is absurd, not to mention patently unfair," Harris said.
During a roundtable with individuals who had been pardoned for marijuana convictions, she also stated: “Nobody should have to go to jail for smoking weed.”
Despite the rather last-minute change in leadership, investors appear to see a potential Democrat win in November as positive for the cannabis sector.
The AdvisorShares Pure US Cannabis ETF, which provides investors with access to US cannabis firms jumped 4.5% to $7.74, while the AdvisorShares Pure Cannabis ETF added 3.2% at $3.52 on Monday afternoon.