Trump's potential impact on the European medical cannabis scene

According to a report from online cannabis news outlet Marijuana Moment, Trump wrote the following on Truth Social: “As President, we will continue to focus on research to unlock the medical uses of marijuana to a Schedule III drug, and work with Congress to pass common sense laws, including safe banking for state authorized companies, and supporting states rights to pass marijuana laws, like in Florida, that work so well for their citizens”. Up to this point, Trump has declared himself in favor of marijuana reform, backing the rescheduling of marijuana from a Schedule I drug to a Schedule III drug under U.S. federal law. In practical terms, this means that while cannabis would still be regulated, it would no longer be classified alongside substances like heroin and LSD, which are considered to have no accepted medical use. Instead, under Schedule III, marijuana would be placed in the same category as drugs like ketamine and anabolic steroids, acknowledging its medical value and reducing federal restrictions on research, banking, and taxation for cannabis businesses. In a very recent interview earlier in February conducted by Kyle Jaeger from Marijuana Moment, Chase CEO James Dimon confirmed that Chase would "probably" work with cannabis businesses if federal law changes: “We simply can’t follow the law. If there was a federal law, we probably would,” said Dimon when asked if his bank would consider collaborating with cannabis firms. In all fairness, this would be a major shift in tone considering that major banks have historically distanced themselves from the industry. Chase, the largest bank in the U.S., has already taken an open stance on the matter, signaling growing institutional interest in cannabis banking, provided the legal uncertainties are resolved. If the Trump administration follows through on its support for rescheduling cannabis, moving it from Schedule I to Schedule III, it could pave the way for banks like Chase to enter the cannabis sector. This would not only benefit U.S.-based cannabis firms but could also have serious implications for European cannabis companies looking to access American financial networks. One company that has already leveraged U.S. investment opportunities is Germany’s Demecan Group. In August 2024, Demecan successfully secured major funding from Florida-based Trog Hawley Capital, an investment that solidified its status as a major player in the European medical cannabis space. With this financial backing, Demecan has expanded its cultivation and production capacity, strengthening its ability to meet Germany’s growing demand for medical cannabis.

Yet, despite Trump's apparent openness to cannabis reform, his administration has sent mixed signals that paint a far more complicated picture. While he has personally advocated for cannabis rescheduling and overseen prisoner releases tied to cannabis offenses, his appointments for key regulatory roles suggest a far more conservative stance on marijuana. His nominee for chief health attorney has publicly declared that marijuana is a dangerous, genetically engineered hard drug, making it clear that federal agencies could still resist meaningful reform. Similarly, his pick for the head of the Drug Enforcement Administration (DEA) has a well-documented “Just Say No” approach, actively linking cannabis use to schizophrenia and suicide risk. These perspectives suggest that while Trump may talk about loosening restrictions, the bureaucratic machine he is putting in place may work against that goal.

This contradiction puts the European medical cannabis industry in a precarious position. If Trump’s administration follows through on rescheduling, European markets could benefit from increased legitimacy, investment, and global trade opportunities. But if his regulatory agencies continue treating cannabis as a dangerous substance, U.S.-European collaboration in cannabis research, investment, and trade could end up severely limited.

However, with Trump now in office, the future remains unpredictable to say the least. While his public statements suggest a willingness to support federal cannabis reform, his administration’s actual policy actions remain unpredictable. If rescheduling efforts stall or new trade restrictions are introduced, Europe’s cannabis industry could feel the financial squeeze, making access to U.S. capital more difficult.

Ultimately, as the European medical cannabis market continues to expand, all eyes will be on Washington, D.C. to see if Trump follows through on his pro-cannabis rhetoric or if shifting political priorities will put Europe’s cannabis ambitions at risk.

Author: Daniel Ciurea

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