The future of cannabis reform took center stage at the Benzinga Cannabis Capital Conference, with Luna Stower, head of Impact at Ispire, delivering a powerful message about the need for a comprehensive approach that prioritizes both social equity and industry growth.
Stower, a vocal advocate for cannabis reform, made a clear and compelling argument for full descheduling of cannabis, asserting that it is the only way to create a truly level playing field for all participants. She expressed concern that rescheduling, while potentially offering some incremental progress, such as banking access and tax write-offs under 280E, could ultimately lead to the industry being dominated by large corporations with pharmaceutical backgrounds.
“We believe in descheduling completely. We want to deschedule, deschedule, deschedule,” Stower declared, emphasizing her belief that full descheduling is the only way to prevent the industry from falling into the hands of a select few. She emphasized that rescheduling would simply offer a limited advantage, disproportionately benefiting companies with deep pockets and existing pharmaceutical connections.
Stower also highlighted the ongoing struggle for social equity within the cannabis industry, a topic deeply intertwined with the history of the movement. She reminded the audience that the fight for cannabis reform is rooted in social justice, referencing the use of cannabis as a treatment for AIDS patients in San Francisco during the 1980s and ’90s.
“Cannabis is built on the backs of patients and social rights activists,” she stated, urging the industry to stay true to its core values. “Love can be lucrative too, and the ways that we do it, baking into the triple bottom line — people over profit and your reputation over revenue.”
Looking ahead, Stower stressed the importance of active involvement in shaping the regulatory landscape. She cited the vape industry as an example of how businesses can self-regulate while simultaneously engaging with legislators.
“We’re creating a 501(c)(3), and we’re working together to help the regulators so that we’re at the table,” Stower said, emphasizing the need for proactive engagement in the regulatory process.
Despite the challenges posed by new legislation, such as California’s recent ban on hemp products containing THC, Stower remains optimistic about the future of the cannabis industry.
“We’re all in the same boat, and a rising tide raises all boats together,” she concluded, emphasizing the importance of collaboration and unity in navigating the ever-changing landscape of cannabis reform.