On Thursday, November 7th, Vince Sliwoski, Aaron Pelley and Fred Rocafort held a post election discussion “Post-Election Cannabis Wrap – Smoke ’em if You’ve Got ’em”. Watch the replay!
Key Takeaways from the “Smoke ’em if You’ve Got ’em – 2024 Post Election Cannabis Wrap” Webinar:
Panelists:
Vince Sliwoski: Oregon Business lawyer specializing in cannabis and commercial real estate.
Aaron Pelley: Experienced in cannabis law since Washington’s legalization in 2012.
Fred Rocafort: Trademark attorney working closely with the cannabis team.
Election Results Overview:
Most 2024 cannabis ballot measures did not pass.
Florida, South Dakota, and North Dakota saw failures.
Nebraska became the 39th state to legalize cannabis for medical use when it passed two cannabis initiatives, Initiatives 437 and 438.
Federal and State-Level Developments:
Medical use is currently legal in 38 states, and 24 states allow recreational use.
Republican support for marijuana legalization is growing.
Federal Policy Implications:
Schedule III Rescheduling: The process to move cannabis to Schedule III is ongoing, which could significantly impact the industry.
Importance of Federal Appointments: The future of cannabis policy depends heavily on who is appointed to key positions in the administration.
International and Domestic Trade:
Schedule III status could ease import/export restrictions on cannabis.
Unified control of House, Senate, and presidency might expedite legislative progress.
Economic and Industry Impact:
Cannabis stocks experienced volatility post-election, reflecting investor uncertainty.
Federal legalization and banking reforms are crucial for industry stability and growth.
Future Outlook:
The potential for federal rescheduling remains strong, with hearings scheduled for early 2025.
State-level initiatives and regulatory developments will continue to shape the industry.
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