Financial Woes and Patient Loss Plague NY’s Cannabis Program

As the Biden-Harris administration urges the DEA to make a decision on cannabis rescheduling before the upcoming election, concerns are growing about the timing and political ramifications of such a move. Barbara Fox, co-founder and CEO of Cannabiz Supply and a featured speaker at the upcoming Benzinga Cannabis Capital Conference, voiced her doubts about any major actions on cannabis rescheduling occurring before the election.

“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,” Fox stated. Her remarks highlight the complexities of enacting policy changes during an election year, where decisions can be overshadowed by political calculations.

Economic Impact and Industry Shifts

Fox also discussed the significant economic impact that cannabis rescheduling could have on the industry. “Should cannabis be regulated, we can expect a surge in mergers and acquisitions due to favorable and equitable tax laws,” she explained. Fox further noted that traditional banks, which have been hesitant to engage with cannabis businesses due to legal uncertainties, would likely jump at the opportunity to finance deals, driving consolidation within the industry.

Fox’s insights will be featured as part of a broader discussion at the Benzinga Cannabis Capital Conference, set for October 8-9 in Chicago. The event will bring together industry leaders, investors, and policymakers to explore the future of cannabis regulation and its implications for businesses across the country.

While the future of cannabis rescheduling remains in flux, Fox’s view that significant deregulation may be delayed offers a crucial perspective for stakeholders. As the industry awaits potential regulatory changes, the upcoming conference promises to shed light on the opportunities and challenges that lie ahead.