EXCLUSIVE: Cannabis Catalysts Praise SAFER Momentum, Plus State Market Prospects

The cannabis industry is poised for some serious growth owing to the historic clearance of the SAFER Banking Act by the Senate’s Banking Committee.

Trulieve TCNNF CEO Kim Rivers couldn’t be clearer facing Benzinga’s Cannabis Capital Conference audience on Wednesday, Sept. 27: “It’s SAFER Banking Day. Today's historic, right? We've never had a vote in the Senate, period, on a true cannabis policy, standalone measure.”

Although “there's always a little bit of last minute back and forth on these things” and the story is expected to continue around section 10, Rivers says, she still finds the proposal’s “postured well” in Senate — including Majority Leader Chuck Schumer’s call to move it “forward and expeditiously.”

CCC’s keynote speaker told Alliance Global Partners’ managing director Aaron Grey it’s not just about SAFER passing but rather a larger set of regulations on the industry as a whole, and further views the waiting period while House and Senate bill versions align as potentially “a blessing in disguise” for a chance to gather support and firm alliances on key points.

Schedule III

Last October, President Joe Biden called for a review of cannabis scheduling. Late August, the HHS recommended it be moved from Schedule I to III under the federal Controlled Substances Act, effectively validating its medical use and affirming its low-to-moderate risk of abuse.

This last bit will continue to be one of the sector’s largest catalysts, says Rivers, who also expects “a plethora of additional bills” will be filed soon.

Previously vocal about the impact on taxes, she confided at CCC’s Chicago edition that as per 280E — the specific tax code applying to Schedule I and II drugs — Trulieve paid around $223 million in cash taxes to the federal government and stated that the removal of that tax penalty “obviously is enormous for our business and for many other businesses in the industry.”

See Also: Federal Agency Gives Green Light: How Relaxed Marijuana Laws Could Boost U.S. Stocks

Discussing state-level opportunities Rivers sees a “massive” opportunity in Florida, anticipating a $6 billion market opportunity with its potential shift from medical to adult use -considering 21 million residents and 2022’s 138 million yearly unique tourist visits,- yet she also sees good prospects for states like Pennsylvania and Ohio 

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Photo: Benzinga's Cannabis Capital Conference