As the 2024 elections heat up, a look at the data reveals that publicly traded companies are indirectly supporting cannabis legalization efforts by funneling millions of dollars into Democratic candidates' campaigns.
This alignment could prove significant for the industry, particularly as Democratic candidate Kamala Harris reiterated that cannabis should be legalized nationwide.
Read Also: Kamala Harris: 'We Need to Legalize' Cannabis, VP Says For First Time As Presidential Candidate In 'All The Smoke' Podcast
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Corporate Giants
Big-name companies like Google (NASDAQ:GOOGL), Microsoft (NASDAQ:MSFT), and Netflix (NASDAQ:NFLX) are among those whose employees have poured large sums into Democratic coffers.
According to Quiver Quantitative, a data platform that tracks political donations, Google's workforce contributed $4.1 million to Democrats, compared to just $629,778 to Republicans. Similarly, Microsoft employees sent $3.45 million to Democrats, dwarfing their $876,320 to Republicans.
Netflix stands out with $4.47 million exclusively to Democrats, revealing a clear preference among tech giants.
Financial Industry Weighs In
Financial powerhouses like Blackstone (NYSE:BX) and Charles Schwab (NYSE:SCHW) also show their leanings. Blackstone, traditionally seen as conservative, donated over $1 million to Democrats but still favored Republicans with over $6 million.
Meanwhile, Charles Schwab employees contributed $2.98 million solely to Democratic campaigns.
Democratic Funding
With over $20 million directed toward Democratic candidates across industries, cannabis legalization could receive a much-needed push.
Notably, contributions from companies like Palantir (NYSE:PLTR) and Arista Networks (NYSE:ANET) demonstrate the industry's broader support, with Palantir employees donating $2.26 million to Democrats, compared to $1.05 million to Republicans.
Disclaimer: This data, includes donations to all PACs as of September 30, mapped to parties based on their expenditures. It is heavily influenced by company executives, who often make multi-million dollar Super PAC donations. Donations to PACs with mixed expenditures between parties are not included.
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