fbpx
QQQ
-2.49
316.84
-0.79%
DIA
-2.00
312.11
-0.64%
SPY
-2.91
381.49
-0.77%
TLT
+ 0.60
150.62
+ 0.4%
GLD
-2.07
175.30
-1.19%

GTI, Curaleaf Execs Discuss What The Election Means For The Cannabis Industry

November 5, 2020 10:31 am
Share to Linkedin Share to Twitter Share to Facebook Share to Print License More
GTI, Curaleaf Execs Discuss What The Election Means For The Cannabis Industry

Despite the veil of uncertainty surrounding the U.S. Presidential election, the cannabis industry remains upbeat with the votes it received in five key states.

"People have spoken on cannabis" by taking a "green way last night," Dina Rollman, SVP Government and Regulations Affairs at Green Thumb Industries Inc. (OTCQX:GTBIF), said Wednesday after Election Day.

Rollman expressed her thoughts on a Zoom call hosted by Cantor Fitzgerald analyst Pablo Zuanic. She was joined by Ed Conklin, SVP Government Relations at Curaleaf Holdings Inc. (OTCQX:CURLF).

As Tuesday night went into Wednesday morning, news broke that all cannabis legalization initiatives — in Arizona, Mississippi, New Jersey, Montana, and South Dakota — had passed.

"It's a great time to be in this industry," Conklin said.

In a one-hour panel discussion, the three cannabis experts shared their thoughts on what's next for the cannabis industry, including deregulation at both federal and state levels.

A Big Win For Cannabis

As of today, roughly 31% of the US residents "will live in a state with a legal adult-use cannabis," Rollman said. "A majority of the country has now spoken."

Conklin pointed out that New Jersey was the "first domino to fall out" and that states like New York, Connecticut, and Pennsylvania will likely follow suit.

New York would pave the way for the others, he says, since cannabis is poised to be in Governor Andrew Cuomo's budget for 2021.

Conklin added that the current health crisis had devastated the state's budgets and that cannabis tax revenues would mitigate the damage.

Over the next couple of years, states like South Carolina, Kentucky, Connecticut, and Maryland would legalize cannabis, either for adult use or medical, both speakers suggested.

Blue, Red, Or Green Wave?

Many expected a so-called blue wave Democratic sweep of the Oval Office and Congress. That would have led to greater support for federal legalization of cannabis, Conklin suggests.

However, that didn't happen since Democrats lost key Senate races and will remain in the minority. Still, the outcome on Nov. 3 was a "great result for cannabis," as "measured progression in legislation is a great way," Conklin said. 

Even though a Democratic win would "speed up" the entry of the Canadian LPs into the US market, the victory of the opposing party is not a "bad result" for multi-state operators such as Curaleaf and GTI,  Rollman disclosed.

Both speakers also agree that, at this point, there are no potential champions for the industry among Republican Senators — a contrast to Sen. Kamala Harris who is a Democrat.

Harris, who is a Senate Sponsor of the More Act, highlights cannabis as a priority. She is someone who could drive federal cannabis reform, Rollman stated.

Nevertheless, there are indications that Republican senators could support federal reforming, including the SAFE Banking Act and similar banking reforms, considering they will be overseeing "massive cannabis economies..which is right now happening on a cash basis," she added.


Related Articles

Michigan Cannabis Sales Near $1B In First Year Of Adult-Use Sales

Cannabis sales in Michigan spiked during December, bringing the total to $984.6 million for 2020. read more

Cantor Analyst Raises Aphria And Tilray Price Targets Amid Merger

Cantor Fitzgerald analyst Pablo Zuanic expressed disappointment by Aphria Inc. (TSX: APHA) (NASDAQ: APHA) quarterly results in an analyst note published Friday. read more

Cannabis Movers & Shakers: Next Green, Cannabis Control Commission, Willow, TruTrace, HEXO, Bengal Capital, MediPharm Labs, NIHC

Here is a summary of the latest leadership changes within the cannabis industry. read more

French Energy Firm Backs Hemp-Fueled Gas Plant With $23M

French energy company Qairos Energies is financing a project that will use locally grown hemp for the production of hydrogen and methane, according to HempToday. read more

Jay-Z Touts 'End Of Cannabis Prohibition' As Roc Nation Finalizes SPAC Deal With Caliva, Left Coast Ventures

A consortium made up of CMG Partners Inc., Left Coast Ventures Inc. and Shawn Carter (Jay-Z) —with his company Roc Nation — has finalized its previously announced transaction with Subversive Capital Acquisition Corp. (OTCQX: SBVCF). read more