As the U.S. presidential election approaches, the Democratic Kamala Harris-Tim Walz ticket is gaining attention as the first from a major party to support cannabis legalization openly. Gary Santo, CEO of RX Green Technologies and a speaker at the upcoming Benzinga Cannabis Capital Conference shared his thoughts on how this development might impact the cannabis industry.
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While acknowledging the potential benefits, Santo remains cautious about whether this political shift will lead to meaningful action.
“Having outwardly affirmative leadership at the top who believes in cannabis is excellent,” Santo said. However, he questioned whether cannabis would be a priority for the Harris-Walz administration, given other pressing national issues. “Will cannabis be one of the platforms they prioritize? Or will they delegate it to the rest of the government, as we’ve seen with the Biden administration?”
Regulatory Environment: Optimism with Caution
Santo also reflected on the current state of cannabis regulations, expressing a cautiously optimistic view. “I think the good news is the regulatory environment cannot get any worse for cannabis, right? So it’s only going to get better,” he said. However, Santo emphasized that progress may be slow, as other priorities could delay significant changes.
This cautious outlook extends to the rescheduling process as well. Santo acknowledged that the announcement sparked some excitement but warned that real change would take time.
“I think we saw in the whole rescheduling announcement that there was a little bump, but the market gave a lot of that back. Because I think everybody realized that whatever comes out of this will take time to implement.”
Investor Confidence: Focusing on Fundamentals
When it comes to investor confidence, Santo advises a more grounded approach. He emphasizes that while political developments can create short-term market gains, long-term success depends on strong business fundamentals. “Investors should focus on strong operators who are succeeding despite the current regulatory challenges,” Santo says.
He pointed out that initial excitement around political developments often fades as the realities of implementation set in. “It’s not like something is going on that’s going to make cannabis illegal where it was once legal. That’s not going to happen,” Santo remarked. His comments highlight the importance of businesses and investors focusing on building resilient operations, regardless of political shifts.
Want To Know More?
These insights from Santo come at a critical time for the cannabis industry, with federal rescheduling and other legislative efforts still unfolding. The upcoming Benzinga Cannabis Capital Conference, taking place Oct. 8-9 in Chicago, will provide a platform for industry leaders to discuss these pressing issues.
As one of the event’s speakers, Santo will share his thoughts on how the industry can navigate these challenges and capitalize on emerging opportunities
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