SAM - Cannabis 2024: Experts Weigh In What To Expect From DC And Business Outlook 'Exciting Point In Time' | Benzinga
With another year behind us with no federal legalization of marijuana and no approval of the SAFE Banking Act, the industry’s biggest problem remains the lack of access to capital. What will happen in 2024? Are we any closer to either of these reforms?
At first glance it might seem so, considering the many marijuana milestones of 2023. Though these positive events beg a few questions: Why are we still waiting for SAFE Banking and rescheduling of cannabis at the federal level? With 24 states having legal recreational marijuana as of 2023, isn’t it more logical to expect to see state-by-state progress? What is prevailing optimism or pessimism?
We asked industry experts and their answers varied.
For Socrates Rosenfeld, CEO and co-founder of Jane Technologies, an online ordering platform service for cannabis dispensaries, the US cannabis industry is at an "exciting point in time. With over 50% of Americans now living in a state with legal cannabis access and the government's recent actions on issues like SAFER and rescheduling, the end of cannabis prohibition has never felt closer to becoming a reality,” Rosenfeld told Benzinga.
He added that it is of great importance for industry operators to continue to invest in scalable solutions to remain competitive. "Powerful digital infrastructure, deep data analysis, and trusted customer relationships will not only be important factors in determining the future winners of the US market but will also shape the global industry's future for generations to come.”
The Farm Bill Might Be In Focus
To gather more relevant insight, Benzinga also spoke with Patrick Rea, managing director of what is thought to be the longest-running cannabis investment fund, Poseidon Investment Management. Additionally, we gathered the most intriguing quotes from other industry titans.
When it comes to federal reforms, Rea says forecasting is difficult. "After 10 years in the cannabis industry, predicting changes to marijuana regulations on the federal level feels like a fool's errand,” Rea told us, adding that the focus will probably be on hemp.
"Still, we expect cannabis advocates, lobbyists, and lawyers to turn their attention to changing or protecting The Farm ...