The cannabis industry remains unconvinced by Harris's pro-cannabis stance.

• Vice President Harris reaffirmed her support for legalizing cannabis on Monday.
• Since becoming the Democratic nominee, this was the first time she publicly addressed the issue.
• Cannabis policy is what industry insiders are hoping for more details and concrete changes on.

On Monday, Vice President Kamala Harris reaffirmed her support for cannabis legalization in an interview with "All the Smoke," but industry leaders remain skeptical about the administration's commitment to reform.

Harris stated during the interview that it's time to comprehend that we must legalize it and cease penalizing this conduct.

Since becoming the Democratic presidential nominee, this was the first time she publicly addressed the issue.

"Jason Wild, executive chairman of a Toronto Stock Exchange-listed cannabis company with operations in the United States, expressed his hope that Vice President Harris's support for cannabis legalization will result in real action, not just rhetoric. He stated, "I am encouraged by Vice President Harris's support for cannabis legalization; however, we need tangible change, not just soundbites.""

In 2016, as a senator and presidential candidate, Harris proposed legislation to decriminalize and tax cannabis at the federal level. Biden later appointed her as vice president to lead discussions on criminal justice and cannabis reform as his administration worked to reschedule cannabis.

Brady Cobb, founder of Florida-based Sunburn Cannabis, stated that the process has moved slowly.

"Cobb questioned the statement that Harris has been the more pro-cannabis candidate. Although rescheduling has progressed, and if implemented it would represent the most significant incremental advancement in federal cannabis reform to date, the reality is that it is not yet finalized."

The Biden administration announced in spring that it plans to ease restrictions on cannabis by reclassifying it from Schedule I to Schedule III, allowing for more research, larger sales, and distribution of medical supplies in states where it is legal.

The public comment period on cannabis reclassification concluded in July with 43,000 comments submitted for consideration. However, the Drug Enforcement Administration postponed reclassification in August by scheduling a hearing on the proposed rule change for December 2, following the election.

Cannabis investors are eager for more details on future proposals.

Emily Paxhia, co-founder of Poseidon Investment Management, stated, "We would like to hear more from the Harris campaign on their vision for reform on this issue, as several paths need to be improved, including banking and capital markets reform."

The former President Donald Trump's support for cannabis legalization is met with skepticism from the cannabis industry.

From Cobb's perspective, Trump and Harris are equally positioned on the cannabis issue since Trump did not make any progress during his presidency.

Trump shifted his stance on cannabis legalization in late August, stating that if elected, his administration would prioritize research to determine the medical benefits of marijuana and work with Congress to enact laws, such as safe banking for state-authorized businesses and respecting states' rights to legalize marijuana.

He also stated that he intends to cast a yes vote on a Florida ballot initiative to legalize recreational cannabis use.

Since Trump made those comments a month ago, the index that monitors U.S. companies with cannabis exposure has increased by 12%. This rise in value is attributed to investors' perception of bipartisan support for legalization as a favorable factor.

According to Bernstein analyst Nadine Sarwat, the support of both Republican and Democratic Presidential candidates for federal cannabis reform increases the likelihood that federal cannabis legalization will occur soon.

Despite an increase in candidate support, the market has experienced stagnant growth due to macro headwinds.

Although there have been numerous headlines about possible federal reform, state-level sales figures are concerning, according to Sarwat.