President Trump is considering to reclassify marijuana as a less dangerous drug after hosting a $1 million per plate fundraiser at his Bedminster golf club in New Jersey earlier this month, according to an Aug. 8 article in the Wall Street Journal. Attendees of the fundraiser included Kim Rivers, the CEO of Trulieve, one of America’s largest cannabis companies; Albert Bourla, the CEO of Pfizer, the pharmaceutical company; cryptocurrency executives; and political insiders.
The marijuana industry has poured millions into various Trump political groups and hired some of Washington’s top lobbyists and advisers to Trump. The pot lobby is turning to Trump after the nearly complete rejection from various government agencies. The pro-pot American Rights and Reform PAC has millions of dollars from the business at its disposal and has advertised extensively. This PAC gave $1 million to Trump’s PAC, it gave about $120,000 to Trump pollster Tony Fabrizio’s firm, and paid $300,000 to Trump campaign adviser Alex Bruesewitz to work on social media and advertisements.
What is under consideration is not complete decriminalization, but rather reclassifying marijuana to a Schedule III drug. This would allow cannabis businesses to qualify for federal tax deductions and tax credits. However, the same businesses would still be prevented from opening bank accounts, taking bank loans, or making many other financial transactions.
