Events in recent months indicate the momentum for legalization has never been stronger. Red and blue states have liberalized their laws and welcomed the industry. Cannabis businesses rejoiced when Democrats took control of the Senate and Majority Leader Chuck Schumer became a vocal legalization supporter. But the same laws blocking the industry’s access to banking, interstate trade and other routine business activity have left brands facing the same obstacles they’ve encountered for years.
“None of us actually know what’s going to happen,” said Steve Allan, CEO of The Parent Company, a portfolio of brands including Caliva and Jay-Z’s Monogram. Allan suspects federal legalization is several years off, but in this volatile and uncertain climate, he said The Parent Company aims to maintain “high optionality.” In other words, he doesn’t want to pursue a strategy that depends on a politician voting a certain way.
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