With the 2024 election looming, the Biden-Harris administration has called on the Drug Enforcement Administration (DEA) to make a decision on rescheduling cannabis. This move has sparked debate about the timing of such a decision and its potential political implications.
Barbara Fox, co-founder and CEO of Cannabiz Supply, and upcoming speaker at the Benzinga Cannabis Capital Conference, shared her perspective on the matter. Fox expressed skepticism about any significant changes to cannabis regulations happening before the election. She noted that “despite the Biden-Harris administration’s efforts to urge the DEA to make a decision before the election, I believe that any decision made so close to the election in a deeply polarized nation will likely be perceived as politically motivated, regardless of the intent.” This highlights the challenges of enacting major policy changes during an election year, where even well-intentioned actions can be viewed through a political lens.
Fox further emphasized the potential economic impact of cannabis rescheduling on the industry. She explained that “should cannabis be regulated, we can expect a surge in mergers and acquisitions due to favorable and equitable tax laws.” This suggests that rescheduling could lead to a more consolidated cannabis market as businesses seek to take advantage of new opportunities. Fox also predicted that traditional banks, eager to lend to cannabis operations, would likely finance these mergers and acquisitions.
Fox’s insights will be a key part of the broader discussion at the Benzinga Cannabis Capital Conference, scheduled for October 8-9 in Chicago. The conference will bring together industry leaders to explore the future of cannabis regulation and its implications for businesses nationwide. While the timing of cannabis rescheduling remains uncertain, Fox’s view that any significant action on deregulation might be delayed offers a critical perspective as the industry navigates these potential changes. The conference will delve into the potential economic opportunities and challenges that lie ahead, making it a crucial event for anyone involved in or interested in the cannabis industry.
