EXCLUSIVE: Cannabis Investors Face Uncertainty As GOP's DeSantis Gains Traction, Commons CEO Says

Tahira Rehmatullah, CEO of Commons and a partner at Highland Venture Partners, shed light on the possible consequences of the stance taken by Florida Gov. Ron DeSantis on the cannabis industry during the Benzinga Cannabis Capital Conference in Miami Beach, Florida on Tuesday. 

The Context: "I'm very displeased," Rehmatullah said of DeSantis' opposition to legal cannabis. 

Rehmatullah's remarks come at a time when DeSantis, a rising star in the GOP, is considered a leading candidate for the 2024 Republican presidential nomination. Despite the growing acceptance of marijuana nationwide, DeSantis has been vocal about his opposition to cannabis legalization, and his views could have far-reaching implications for the industry's future. 

Rehmatullah recalled a conversation she had with U.S. Rep. Nancy Mace (R-South Carolina), a conservative politician who holds progressive views on cannabis.

She highlighted the importance of bipartisan support and said more politicians like Mace are needed in elected office. Mace's personal experiences have helped humanize the issue and demystify the impact of legalization, Rehmatullah said.

Regarding investment trends, Rehmatullah acknowledged the challenges faced by investors due to macroeconomic issues and a broad-based pullback across sectors.

Despite the difficulties, she remains optimistic about the cannabis industry's potential for growth. This period of "strategic tightening" could ultimately strengthen the industry, as businesses that survive and thrive will emerge stronger, the cannabis CEO said. 

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Rehmatullah Says Federal Legalization Uncertain: Progress toward federal legalization of cannabis might not happen as quickly as some had hoped, Rehmatullah said.

While there are supporters of legalization in both the Republican and Democratic parties, each party has its own initiatives that could be met with opposition from the other side, the cannabis CEO said. 

Despite her pessimism on federal legalization, she acknowledged the efforts of advocates from all sides.

"There are strong people not only in the Republican Party, but also in the Democratic Party and, you know, kind of everything in between who are launching initiatives, who have ways that we can continue to move forward," she told Benzinga. 

Read also: EXCLUSIVE: The Evolution Of Cannabis Beverages And Why Betting On Federal Legalization Is 'A Bad Business Model'

Common CEO Tahira Rehmatullah, center, speaks Tuesday at the Benzinga Cannabis Capital Conference in Miami Beach. Photo by Kelsey Wilkerson.