The Trump Administration has generated an unprecedented amount of press across all sectors, and a commensurate amount of uncertainty. The cannabis industry is unaffected. Trends through early November 2016 indicated that legalization was gaining momentum. But what do the trends look like now?
Here is what some experts in the cannabis field across the country have observed.
“It’s a win-win situation – the President can realize success politically by listening to the 71% of American voters who support cannabis. As a successful businessman, the President knows that American leadership in the fastest growing agricultural sector in the world will mean thousands of jobs for voters in Oregon and tens of thousands of jobs across the country. We trust that the President sticks to his campaign promise – that it’s each individual state’s right to decide how to implement cannabis use regulations.” –William Waldrop, CEO of Signal Bay
“The Trump administration’s unclear stance on the cannabis industry has caused some concern in the space. The industry is now mostly under the impression that state laws will be respected with the slight chance of a potential misguided crackdown on the adult-use markets. In Colorado, we’re going full steam ahead and have seen no ill effects in regard to entrepreneurs entering the industry. While investors have more fear than at this point last year, most are still excited to jump in.” –Jeffrey Zucker, President of Green Lion Partners
“While Donald Trump’s ascension to the presidency hasn’t made an immediate, tangible impact on Colorado’s cannabis industry, many industry professionals and business owners are concerned about his administration’s vague, and conflicting, rhetoric and the potential for members of his cabinet to push for the enforcement of federal illegality concerning the plant. Colorado’s industry has brought about a major revolution in entrepreneurship, investments, tax revenue, jobs, law enforcement, state rights, real estate, and medical technology, and it’d be a terrible thing for the space to be slowed or halted due to misplaced concern for the status of cannabis as a dangerous substance for recreational use. Recent comments from AG Sessions about only expanding the Cole Memorandum seem promising, although investment is slowing down nationally until a firmer position, hopefully respecting the will of the voters, is taken by Trump’s administration.” –Neil Demers, CEO of Diego Pellicer – Colorado
“The current administration has made it very clear they would like to empower the states and Trump has even stated his belief in how medical marijuana can help people. We believe the administration will stick to their word on empowering the states. In Phoenix we have many medical shops, none of which have relayed to us that they are being impacted yet by the administration. The biggest impact the current administration can have in favor of cannabis in the near term would be to give guidelines on how this business can be banked.” –Greg Lambrecht, CEO of SinglePoint (OTCMKTS: SING)
“While Sessions and Spicer have made comments that cause concern in the cannabis community, Trump is nothing if not pro-business. People in the cannabis industry are hoping and many are betting that POTUS will see the net new tax revenue cannabis brings into the states as a solid reason to show support for this emerging industry. No one wants to see that economic juggernaut shift back underground.” –Mary Jane, Editor at High Times