Katelyn Baker
Well-Known Member
Donald Trump's selection of anti-drug hardliner Alabama Senator Jefferson Beauregard Sessions III for his attorney general nominee has entrepreneurs in the legal marijuana industry worried. While there is cautious optimism stemming from Mr. Trump's statements both in favor of medical marijuana and states' rights in this area, Senator Sessions has voiced anti-legalization sentiments for years and could instruct the department of justice to prosecute those in the marijuana industry.
The difference in opinion between the current and incoming administration is stark. While President Obama has said he believes marijuana should be regulated like alcohol, Senator Sessions said at a Senate drug hearing in April, "I think one of [Obama's] great failures, it's obvious to me, is his lax treatment in comments on marijuana."
President-elect Trump wants to create jobs however, and the marijuana business, "represents a burgeoning multi-billion industry in the US," according to Marc Ross a professor at the Hofstra School of Law who teaches "The Business and Law of Marijuana," and leads the marijuana business practice at his corporate law firm. Entrepreneurs hope the creation of jobs and a tax base will be factors an economy-focused president might get behind — or at least leave alone.
Matt Karnes managing partner of GreenWave Advisors, LLC estimates tax revenues of $777M will accrue to the state of California just in 2018, the first year that recreational marijuana sales will be legal. Senator Sessions however, could try to prevent California from implementing the legal recreational use voters approved.
A loss of tax revenues is just one of the possible negative effects that reversing legalization could have according to entrepreneurs in the industry. Patrick Devlin, vice president of marketing and communications at Db3 Corporation, an edibles company in Seattle that makes marijuana-infused lozenges, tinctures and other products, believes that any move to quash the burgeoning legal marijuana industry will "re-energize the black market," and the crime that comes along with it.
The states have shown they can "effectively regulate the industry," Devlin said, and should be left to do that.
Brett Roper, COO at Medicine Man Technologies, a Denver-based consulting firm to cannabis businesses in the U.S. and Puerto Rico said the biggest risk to the business right now is the level of uncertainty from a policy perspective on the federal level. Related challenges like the inability to solve the banking problem, the safety issues that have arisen from a cash-based industry, and the inability to deduct business expenses from Federal taxes also continue to make the industry a tough place to do business.
The legal marijuana industry is currently made up of small businesses without the money or political clout to have their voices heard. Paul Rosenberg, CEO at mCig, a Nevada-based distributor of cannabis growing services and products worries that lobbyists from large pharmaceutical companies will influence FDA and DEA actions towards the industry, "using them" to stymie the legal market.
Those in the medical marijuana business hope policy decisions are made based on science rather than emotional prejudices. Nicholas Vita, CEO of Columbia Care LLC, a medical marijuana product development, manufacturing and distribution company said he expects "future guidelines and procedures will be founded upon long-term, independently assessed scientific studies regardless of the administration."
That may be wishful thinking. Senator Sessions was quoted in April saying "Good people don't smoke marijuana."
News Moderator: Katelyn Baker 420 MAGAZINE ®
Full Article: Marijuana Industry Entrepreneurs Want Donald Trump To See Them As Job Creators
Author: Julie Weed
Contact: Forbes
Photo Credit: Dankstop
Website: Forbes
The difference in opinion between the current and incoming administration is stark. While President Obama has said he believes marijuana should be regulated like alcohol, Senator Sessions said at a Senate drug hearing in April, "I think one of [Obama's] great failures, it's obvious to me, is his lax treatment in comments on marijuana."
President-elect Trump wants to create jobs however, and the marijuana business, "represents a burgeoning multi-billion industry in the US," according to Marc Ross a professor at the Hofstra School of Law who teaches "The Business and Law of Marijuana," and leads the marijuana business practice at his corporate law firm. Entrepreneurs hope the creation of jobs and a tax base will be factors an economy-focused president might get behind — or at least leave alone.
Matt Karnes managing partner of GreenWave Advisors, LLC estimates tax revenues of $777M will accrue to the state of California just in 2018, the first year that recreational marijuana sales will be legal. Senator Sessions however, could try to prevent California from implementing the legal recreational use voters approved.
A loss of tax revenues is just one of the possible negative effects that reversing legalization could have according to entrepreneurs in the industry. Patrick Devlin, vice president of marketing and communications at Db3 Corporation, an edibles company in Seattle that makes marijuana-infused lozenges, tinctures and other products, believes that any move to quash the burgeoning legal marijuana industry will "re-energize the black market," and the crime that comes along with it.
The states have shown they can "effectively regulate the industry," Devlin said, and should be left to do that.
Brett Roper, COO at Medicine Man Technologies, a Denver-based consulting firm to cannabis businesses in the U.S. and Puerto Rico said the biggest risk to the business right now is the level of uncertainty from a policy perspective on the federal level. Related challenges like the inability to solve the banking problem, the safety issues that have arisen from a cash-based industry, and the inability to deduct business expenses from Federal taxes also continue to make the industry a tough place to do business.
The legal marijuana industry is currently made up of small businesses without the money or political clout to have their voices heard. Paul Rosenberg, CEO at mCig, a Nevada-based distributor of cannabis growing services and products worries that lobbyists from large pharmaceutical companies will influence FDA and DEA actions towards the industry, "using them" to stymie the legal market.
Those in the medical marijuana business hope policy decisions are made based on science rather than emotional prejudices. Nicholas Vita, CEO of Columbia Care LLC, a medical marijuana product development, manufacturing and distribution company said he expects "future guidelines and procedures will be founded upon long-term, independently assessed scientific studies regardless of the administration."
That may be wishful thinking. Senator Sessions was quoted in April saying "Good people don't smoke marijuana."
News Moderator: Katelyn Baker 420 MAGAZINE ®
Full Article: Marijuana Industry Entrepreneurs Want Donald Trump To See Them As Job Creators
Author: Julie Weed
Contact: Forbes
Photo Credit: Dankstop
Website: Forbes
