CALL DETAILS:
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We are hosting a Cannabis Legalization call today, 11/30, in 10-minutes with Zander Abrams, the Founder of the Cannabis Policy Forum. On the call we will discuss the following topics:
Election 2022 Overview
Cannabis Ballot Initiatives
- 2–5 passed - failed in ND, SD, and AR
- What does this mean for the "Republican warming" for cannabis"? Cannabis Industry has only unlocked blue or purple states and will need to change the narrative and increase investment for flipping conservative states.
- Missouri will be only for existing medical operators
- Maryland was the big win on the board
Congress 2023–24
Republican Majority in only House
- Story of Trump GOP candidates -> quality of candidates matters, and Perhaps more elevation for Nancy Mace, but will need a new pro-Cannabis GOP coalition as most lost primaries or died from the last Congress.
- New Democratic leadership in the House -> Hakeem Jeffries is likely the next Dem leader. Different generations and much more sympathetic to cannabis issues.
- Future cannabis legislation in a GOP House and a Democratic Senate? None likely
Lame Duck Congress
- SAFE+
- This election was the best outcome for the lame-duck movement of SAFE+.
- If just D's, they would wait until the next Congress to "do it right."
- If R's swept, D's would punt to use in the campaign for 2024. Hope may be the addition for SAFE+
- The cannabis research bill was signed by POTUS; This is the first cannabis legislation passed by Congress and sent to the POTUS in US history.
New York
- It will be worse than California, and the draft rules are negative for MSOs.
- No MSOs in retail for three years so must focus on cultivation/brand/distro (not typically things MSOs do well).
- Largely social equity licensees
- The unregulated market is king in NY and will continue to be the primary revenue source.
MJ BizCon 2022 Recap
- Cannabis funding is drying up
- Last year was the rise of suits and ties; this year was the rise of suits and ties looking for someone to pick up the check.
- Brands are getting better and better at expansion.
- The Cannabis Industry is still in 2.0 and hopefully coming out soon
- Celebrities are limited to C-listers or athletes
- MSO executive's bad behavior was largely unaddressed. (e.g., Abner and GTI board resignation)
- Many new entrants in the industry from across the world, including Thailand.
Please email any questions you may have to .
