The Future of Cannabis Legalization in 2023

2022 was another landmark year in the cannabis legalization movement. Though cannabis wasn’t legalized at the federal level this year, a dozen cannabis-related bills were introduced in Congress throughout 2022. Additionally, President Biden issued a directive to reevaluate cannabis’s Schedule I Controlled Substance status. The Biden Administration also negotiated the release of WNBA player Britney Griner, jailed in Russia for cannabis possession. And finally, Rhode Island, Maryland, and Missouri legalized adult-use cannabis. All of which indicate shifting attitudes toward cannabis.

With yet another year of progress toward federal legalization, many wonder what 2023 holds for cannabis? On that front, Cannawayz.com’s crack team of political analysts have formulated three major predictions on the future of cannabis legalization in 2023.

Federal Cannabis Legalization is Unlikely

Despite a dozen cannabis bills making their way through congress, sweeping federal cannabis legalization could still be up to a decade away, according to industry experts. President Biden has continued to soften his position toward cannabis prohibition, reflected in his pardoning of non-violent offenders charged with federal cannabis-related crimes, calling for the reevaluation of cannabis Schedule I Controlled Substance status, and support for expanding research on cannabis’s medical applications.

But Biden still does not support full legalization of adult-use cannabis. Republicans, most of whom oppose legalization, have retaken control of the house of representatives, so no new legislation is projected to emerge there. And even if it did, the Senate has fallen into a stalemate, with 49 Democrats, 49 Republicans, and 2 independents, making the passage of any legalization measures highly doubtful.

More States Are Poised to Legalize Adult-Use Cannabis

21 states have approved adult-use cannabis. Another 23 states have approved medical cannabis use. And several states, including Minnesota, Delaware, Kansas, and North Carolina (all of which have already approved medical cannabis use), are reportedly working toward future ballot measures or are considering measures in state legislatures that would either decriminalize cannabis or outright legalize adult-use cannabis.

If these state-level legalization measures prove successful, 25 of the 50 United States will have approved or decriminaliadult-use use cannabis. And only two states, Idaho and Nebraska, will offer no public use access to cannabis.

Legislation Authorizing Federally Approved Cannabis Banking is Imminent in The Coming Year

Colorado Senator Ed Perlmutter had hoped to tack the Secure and Fair Enforcement (SAFE) Banking Act onto the year-end spending bill passed in the waning moments of Congress’s year-end session. Unfortunately, his efforts fell short. But many fellow lawmakers agreed the legislation, which would allow cannabis businesses access to federally insured banking institutions, including credit card services is a critical necessity.

Oklahoma Senator Tom Cole, a Republican, summed up the situation best: “Many law enforcement professionals and people in the financial services industry tell me about the opportunities this [lack of access to federal banking] creates for criminals because they know these are cash-heavy enterprises. Not to mention the potential for [cannabis businesses to be used in] money laundering.”

In short, the longer the cannabis industry remains locked out of federally approved banking, the more criminal activity will flourish.

The Future of Cannabis Legalization Continues to Brighten

Though federal legalization is probably not happening in 2023, there is still lots to look forward to. More state-level legalization and cannabis banking reform are two hugely positive factors. Moreover, if the strides made in 2022 are any indication, attitudes surrounding cannabis will continue to evolve, making further inroads toward mainstream acceptance.