Most of the industry has been thrilled with the progress of rescheduling.  But for the 40+ million who consume – what does it mean in real world terms?

The federal government took a big step toward rescheduling marijuana from a Schedule 1, which is a dangerous drug with zero medical benefits, to to Schedule III such as ketamine, Tylenol with codeine, and anabolic steroids.  The industry is excited at the progress, the benefits will include the ability to have simple tax write off like any other normal mom and pop business.  But what can consumers expect from marijuana rescheduling.

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Two longer term benefits. With a Schedule III classification, medical researchers may find it easier to obtain the necessary approvals and funding for studies.  With existing work, scientist have just began uncovering how the plant can help the body.  By better understanding of the compound’s potential, better treatments will be available for a variety of health issue. The pharmaceutical industry, the major leader in research, stands to gain from increased research opportunities.

It also will move the medical industry closer into viewing cannabis as a legal, useful tool in treating patients. This could play a part in weaning physicians from using opioids for pain and using something developed from cannabis which is much less addictive.

Another benefit is it allows legal businesses a bit more breathing room and some expansion, even in the short term. The hope is to push out the grey players who are causing issues. One which is the flow of premade products from maker to seller to consumer, currently – some cut corners and products are not quite the same as on traditional store shelves. Rescheduling will allow more oversight and safer products.

“Legalization represents a pivotal shift towards a safer, more accessible, and consumer-friendly cannabis market,” said, Bob Groesbeck, Co-CEO Planet 13. “Legalization would not only have significant economic implications but would also greatly benefit cannabis consumers. “With legal status ensuring that products undergo rigorous testing for safety and quality, consumers can confidently access products that meet stringent standards.

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One benefit not seen in the near horizon is a lowering of prices. As a growing industry, most mom and pop need the extra cash to stabilize and grow. So while sales may happen, the benefit for the consumer is a healthy shop/product maker which will be around longer.

“Cannabis policy is a burning question with a small minority of the public but data show that in congressional campaigns, the vast majority (nearly 90% of candidates) never mention cannabis policy in public. That suggests that most voters are focused on different issues. Despite that, the current cannabis rescheduling petition before the federal government, and initiated by President Biden, is moving at lightning speed compared to every other cannabis rescheduling petition before it.” shared John Hudak,  Director, Maine Office of Cannabis Policy.

Shows like Downtown Abbey, Palm Royale, and more have showed the  big, big rich lives – and a few even touched the marijuana counterculture movement.

It seems we can’t get enough about the lives of the very rich. Shows including Downtown Abbey, Succession, the Gilded Age, and Palm Royale are all over and people are loving it. Ryan Murphy has done well and is just off his latest series Truman Vs.The Swans.  All of this highlights the extremely well to do and how they live life.  But did you know about the gilded age Heiress who helped the marijuana movement?

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The Mellon family is in the rare category of being big then and still today. On the East Coast they continue to still have pull and cache like the “new money” Gates, Zuckerberg and Bezos.   An old family from Pittsburgh, they made the start of it all in banking, the Mellon in today’s BNY Mellon. The family includes Andrew Mellon, one of the longest serving Treasury Secretaries, along with famous members in the judicial, banking, financial, business, and political professions.  Bunny Mellon was one of the great philanthropists and art collectors.  A dear friend of Jackie Kennedy Onassis, she designed a number of significant gardens, including the White House Rose Garden

But it was Peggy Mellon Hitchcock, another Mellon heiress who helped the counterculture. Her mother was a Mellon and her father, Thomas Hitchcock Jr., was a leading polo player and a partner at Lehman Brothers.  Peggy was a spitfire and was as comfortable in the family’s many homes as in a smokey jazz club with artists. Spirited and fun she was always open to what’s new and what’s next.  She had an unlikely relationship with Timothy O’Leary. She persuaded her brothers to let O’Leary have use of their joint family estate Daheim (also known as Millbrook or the Hitchcock estate).

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For 5 years, O’Leary, thanks to Peggy lived like a king and had guests including Allen Ginsberg, Charles Mingus, and R. D. Laing to the old monied manse. What went on is the stuff of legends with a blend of art, marijuana, money, new ideas, psychedelics, music and love. The The New York Times’ Luc Sante, described it as “a period filled with endless parties, epiphanies and breakdowns, emotional dramas of all sizes, and numerous raids and arrests.” Nina Grabol shared it was “a cross between a country club, a madhouse, a research institute, a monastery, and a Fellini movie set.”

Peggy was responsible for helping the counterculture rest, regroup, and move forward.  Who knew this would be the early path to rescheduling?

The Economic Impact of Cannabis: A Growth Engine for Local Economies

The rapid expansion of the cannabis industry is reshaping local economies, injecting over $100 billion into the US economy in 2023, with a projected 12.5% growth in 2024. This significant impact is supported by companies like Seed Connect, a US-based cannabis seed bank.

Beyond direct sales, the broader economic ripple effect benefits various sectors, enhancing both community development and financial prosperity. The contribution of cannabis to local economies extends beyond mere financial injections.

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For every $10 spent on cannabis products, an additional $18 flows back into the economy, driving economic activity that supports small businesses, creates jobs, and generates substantial tax revenue.  This multiplier effect underscores cannabis as a robust driver of local economic growth.

States like California, Colorado, and Washington have seen cannabis tax revenues surpass those from alcohol, highlighting the industry’s potential as a significant fiscal contributor.

The ongoing legalization and increasing acceptance of cannabis across the U.S. promise to amplify these economic benefits. Furthermore, the cannabis sector has become a critical employment hub, supporting over 400,000 full-time jobs nationwide.  This number is expected to rise as the market expands, illustrating the industry’s role in fostering a diverse range of job opportunities across retail, cultivation, and beyond.

The economic dynamics of the cannabis industry also include enhancing public health outcomes.

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Many localities utilize cannabis tax revenues to fund public services such as education and healthcare, directly benefiting community welfare.

Moreover, the industry’s growth encourages sustainable agricultural practices and technological innovations that further enhance its economic and environmental impact.

Considering these factors, the economic influence of cannabis not only represents a compelling narrative for States contemplating or already benefiting from legalization but also positions the industry as a pivotal element in future economic planning.

Investors, policymakers, and community leaders are increasingly recognizing the potential for sustained economic benefits, making cannabis a crucial area of interest in economic development discussions.

As the cannabis industry continues to evolve, its capacity to contribute to economic stability and growth becomes ever more apparent, ensuring a dynamic and resilient future for local economies.