Anti-Marijuana Group Launches Fundraiser Against Potential DEA Decision
A renowned anti-marijuana reform group, Smart Approaches to Marijuana (SAM), has initiated a fundraising campaign to oppose the DEA's potential move to downgrade cannabis's danger level, potentially offering significant tax benefits for the marijuana industry. If the reclassification proceeds, it could have substantial implications for companies such as Ascend Wellness, Curaleaf Holdings, Cresco Labs, Green Thumb Industries, Trulieve Cannabis, Ayr Wellness, Verano Holdings, and Jushi Holdings, as well as cannabis ETFs like AdvisorShares Pure Cannabis ETF, ETFMG Alternative Harvest ETF, and Amplify Seymour Cannabis ETF.
Key Takeaways
- Smart Approaches to Marijuana (SAM) has started a fundraising campaign against the potential rescheduling of cannabis, which could provide the marijuana industry with billions in tax breaks and facilitate the further normalization of high-potency THC drugs.
- The proposed rescheduling is subject to White House Office of Management and Budget review, potentially delaying a final decision until after the November election.
- Companies such as Ascend Wellness, Curaleaf Holdings, Cresco Labs, Green Thumb Industries, Trulieve Cannabis, Ayr Wellness, Verano Holdings, and Jushi Holdings, as well as cannabis ETFs, could benefit from this rescheduling.
Analysis
The fundraising initiative by Smart Approaches to Marijuana (SAM) against the DEA's potential decision to downgrade cannabis's danger level could significantly impact the marijuana industry. Rescheduling could result in billions in tax breaks and increased normalization of high-potency THC drugs, which opposes SAM's stance. The final decision may be delayed until after the November election due to the White House Office of Management and Budget review.
The potential beneficial impact extends to companies such as Ascend Wellness, Curaleaf Holdings, Cresco Labs, Green Thumb Industries, Trulieve Cannabis, Ayr Wellness, Verano Holdings, Jushi Holdings, and cannabis ETFs. Conversely, anti-marijuana reform groups like SAM could face setbacks in their efforts to limit cannabis use and availability.
Did You Know?
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Smart Approaches to Marijuana (SAM): A prominent anti-marijuana reform group advocating against the potential normalization of high-potency THC drugs and seeking to promote a health-first approach to marijuana policy.
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Reclassification/Rescheduling of Cannabis: This process entails changing the federal classification of cannabis to alter its perceived danger level and tax implications.
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Multi-State Operators (MSOs): Companies such as Ascend Wellness, Curaleaf Holdings, Cresco Labs, Green Thumb Industries, Trulieve Cannabis, Ayr Wellness, Verano Holdings, and Jushi Holdings stand to benefit from the potential rescheduling of cannabis due to tax breaks and decreased regulatory burdens.