The cannabis industry is undergoing rapid transformation, but one crucial element often gets overlooked: medical marijuana. Despite laying the groundwork for cannabis legalization in the US, medical marijuana finds itself increasingly overshadowed by the fervor surrounding adult-use cannabis. This shift in focus raises critical questions about the future of medical cannabis and its role in shaping broader regulatory changes.
Joseph Lustberg, CEO of Upwise Capital, recently addressed this issue in an exclusive interview with Benzinga. Lustberg acknowledged that the adult-use market garners much attention due to its revenue potential, but he firmly believes that medical marijuana remains an integral part of the cannabis landscape. “Medical marijuana seems overlooked today, even though it was the catalyst for cannabis legalization,” Lustberg remarked. He attributed the focus on adult-use to its size and profitability, but stressed the vital importance of medical cannabis for the overall health of the industry. “The recreational market is larger and attracts more attention from a revenue perspective. Medical also faces challenges, such as insurance coverage barriers,” he added.
Lustberg emphasized the need to maintain medical marijuana’s prominence in future cannabis conversations, especially when discussing patient access and the therapeutic benefits cannabis provides. “Its therapeutic benefits are crucial, so medical marijuana needs to remain part of the dialogue,” he stated. While it may not be the central focus of current cannabis reform discussions, Lustberg sees medical marijuana playing a key role in shaping future cannabis policy. He envisions medical marijuana as a bridge between cannabis and the health and wellness market, potentially shifting public perception as laws evolve. “It can help frame cannabis as a health and wellness product as regulations develop,” Lustberg explained.
Lustberg stressed the need for regulators to protect patient access, encourage research, and ensure diversity in product offerings. “Regulations must protect patient access, research, and product diversity,” he underscored. He concluded by asserting that medical marijuana remains vital to responsible cannabis reform, even as recreational use takes center stage. “Medical marijuana’s place at the table is indispensable to responsible reform,” he affirmed, highlighting the necessity of keeping medical cannabis in the broader conversation about cannabis policy.
As Lustberg prepares to speak at the Benzinga Cannabis Capital Conference, his insights provide valuable perspective on the ongoing challenges and opportunities for medical marijuana within the cannabis reform landscape. Despite the focus on adult-use legalization, medical cannabis continues to be a fundamental part of the industry’s future.
