As the cannabis industry eagerly awaits potential federal changes, the conversation surrounding rescheduling has become a beacon of hope mixed with uncertainty. Gary Santo, CEO of RX Green Technologies and a prominent speaker at the upcoming Benzinga Cannabis Capital Conference, provides a candid assessment, balancing optimism with a dose of realism. While recent developments suggest progress, Santo offers a pragmatic perspective on what rescheduling could truly mean for the industry and why the path forward may be longer than anticipated.
Santo acknowledges that the rescheduling process, though long debated, is finally gaining traction. He points to recent developments like the public comment period and the involvement of key government agencies as signs of progress. However, he cautions against unrealistic expectations, emphasizing that the journey towards rescheduling will not be swift. “It’s going to be on the longer end of the timeline,” he states, highlighting the need for alignment between the Department of Justice (DOJ) and the Drug Enforcement Administration (DEA) before any significant advancements can be made.
Santo adopts a practical approach when considering the potential impact of rescheduling on the cannabis industry. He acknowledges that while it represents a step forward, the changes might not be as immediate or sweeping as some envision. “You could deschedule it, you can reschedule it… and it could be years before we all know what that even means and what that’s going to mean to their company,” Santo explains. He encourages cannabis operators and investors to focus on running successful businesses within the existing regulatory framework instead of waiting for a complete regulatory overhaul. “Could it be better if they could cross state lines? Of course, but they can’t keep waiting for that,” he emphasizes, highlighting the importance of adaptability in a constantly evolving industry.
As Gary Santo prepares to address the upcoming Benzinga Cannabis Capital Conference, he aims to shift the conversation away from merely predicting when rescheduling will occur and towards exploring its true implications. He intends to provide valuable insights and encourage a more informed understanding of the potential impact of rescheduling on the cannabis industry.
