Joe Biden, frontrunner for the Democrats' 2020 presidential nomination, wants to make cannabis a Schedule II drug, a policy critics say could destroy much of the existing industry, Vice reports. There is no precedent for an open REC market for a schedule II drug.
- If enforced, it would end "almost all current state-legal activities," Rand Corporation and Carnegie Mellon Scholar Jonathan Caulkins said.
- To continue operation REC businesses would need the same "explicit exemption" held by alcohol and tobacco, and winning it isn't a sure thing. "It could all come crashing down," Caulkin
- "I view Biden's plan as a ham-fisted handing over of cannabis to the pharmaceutical industry," Gavin Kogan, chairman of vertically integrated California business Grupo Flor said.
Speaking on Joe Rogan's podcast, Sen. Bernie Sanders (D-Vt.) said as president he would legalize REC by executive order.
- A venture capital firm controlled by Josh Kushner, brother of President Trump's son-in-law and advisor Jared Kushner, is leading a $35M investment in online cannabis marketplace LeafLink.
- LeafLink CEO Ryan Smith is a confirmed speaker at WeedWeek Recharge on September 20. ⬇️⬇️⬇️