EXCLUSIVE - System Of A Down's Shavo On Cannabis Rescheduling: 'Still A Long Way To Go But It's A Huge Milestone'
Portfolio Pulse from Javier Hasse
President Joe Biden's announcement to reschedule marijuana from a Schedule I to a Schedule III drug under federal law is seen as a significant milestone for the cannabis industry. Shavo Odadjian, founder of 22Red, and other industry leaders like David Klein (Canopy Growth) and Kim Rivers (Trulieve) have expressed optimism about the move, which is expected to alleviate tax burdens and foster industry growth.
May 17, 2024 | 2:48 pm
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POSITIVE IMPACT
The Cannabist Company's CEO David Hart highlights the economic benefits of marijuana rescheduling, particularly the relief from the 280E tax code.
The rescheduling will allow cannabis businesses to deduct normal business expenses, improving financial sustainability and enabling greater reinvestment.
CONFIDENCE 75
IMPORTANCE 80
RELEVANCE 60
POSITIVE IMPACT
Canopy Growth's CEO David Klein views the rescheduling of marijuana as a major leap forward, potentially correcting historical injustices and fostering industry growth.
The rescheduling is expected to alleviate tax burdens and regulatory constraints, which could positively impact Canopy Growth's operations and profitability.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 80
POSITIVE IMPACT
Trulieve's CEO Kim Rivers celebrates the rescheduling of marijuana as a historic move, emphasizing its importance for federal cannabis reform.
The rescheduling is expected to create a more favorable regulatory environment, which could benefit Trulieve's business operations and growth prospects.
CONFIDENCE 80
IMPORTANCE 85
RELEVANCE 70