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?

RELATED: Beer Sales Flatten Thanks To Marijuana

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).

RELATED: Cannabis Industry Employs The Same As These Companies

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.

RELATED: California or New York, Which Has The Biggest Marijuana Mess

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.

RELATED: Cannabis Industry Employs The Same As These Companies

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.

The Biden keeps sort of promising/pushing rescheduling – will be in time to help the industry this year? 

The public has turned a corner about marijuana use. Except for a few older members in Congress (Mitch McConnell being one), the majority of the US and Canadians believe cannabis should be legal. The American Medical Association, founded in 1847 and long the platinum standard of medical decision in the US, has declared marijuana has medical benefits.  But the older members of the current administration, and most likely Biden himself, are still reluctant to make a move to help patients, people and the industry. The concern is will rescheduling come in time to help the marijuana industry in 2024.

RELATED: California or New York, Which Has The Biggest Marijuana Mess

In October of 2022, in order to fulfill a campaign promised to younger voters, the government decided to look at scheduling. Both Health and Human Services (HHS) and the Food and Drug Administration (FDA) did the research and recommended to the Drug Enforcement Agency (DEA) to reschedule it from a dangerous drug to one with health benefits. While the DEA has never not followed their decision, the DEA has been quiet about doing so regarding cannabis. And time has marched on, rumor was it would be declared by the end of 2023, then 4/20, now maybe the end of summer.

And while customers continue to spend on legal weed, the underpinning of of the industry is crumbling with zero tax benefits, onerous decisions and a business stigma. The Vice President mentioned it should move forward and the President tried to take credit during his State of the Union address, but nothing has happened.

A key benefit is rescheduling would allow the industry typical business tax write offs. Currently, businesses which touch the plant can take zero tax deductions, but have the gift of extra business expenses. Rescheduling with give an industry with 50+% mom and pop businesses a chance. A decision will have to be made by the beginning of October to have any sway with young voters for the election, but will be it be too late to help this year? And how many small businesses will be hurt or be forced to close.

In political circles, it is clear while this isn’t a policy wanted by Biden and his team, it is a necessary one to help attracting increasingly distant younger voters. The DC rumor mill says a decision will be made in the fall if a decision is “need” or if they have regained enough ground with young voters.

Lonnie Rosenwald from Zuber Lawler shared “Whether the timing of rescheduling makes a difference depends on the effective date. For example, if the effective date is January 1, 2025, companies could deduct their ordinary and necessary business expenses on their 2025 federal income tax returns.”

“Rescheduling could be retroactive, in which case companies would need to file amended returns claiming deductions for past years quickly enough to avoid the running of the statute of limitations. Finally, if rescheduling is effective in 2024, it should be retroactive to January 1, 2024, regardless of the specific effective date of rescheduling. Companies that overpaid their 2024 taxes in making quarterly payments prior to the effective date of rescheduling would be able to claim deductions for ordinary business expenses for the entire year, and to receive refunds in 2025 for their overpayments.”

The general feel in the industry is the rescheduling decision needs six months of runway to go into effect before the elections. However, there is the potential to skip the interim process and go right to a final ruling and, in theory, this could happen as late as September.