As adult-use cannabis markets gain traction across the U.S., medical marijuana — a cornerstone of early cannabis reform — seems to be losing its place in policy discussions.
Despite its importance, the focus on adult-use legalization has overshadowed the medical marijuana conversation, raising concerns within the industry.
Brandon Harshbarger, president of Cheech and Chong Global Holdings, discussed this shift in an interview before his appearance at the Benzinga Cannabis Capital Conference.
Medical Cannabis: The Forgotten Pillar
Harshbarger emphasized the centrality of medical marijuana in the initial stages of cannabis reform.
“One of the things I hold most dear to my heart, and it is part of the ethos of this company, is that cannabis is medicine,” he stated. However, as recreational cannabis markets expanded, the focus on medical use diminished.
He attributed this shift, in part, to regulatory challenges posed by the FDA regarding health claims surrounding cannabis. But more importantly, he pointed to a growing market demand for casual cannabis consumption, which he believes has driven the industry's current trajectory.
“Unfortunately, when recreational programs started to take off, part of that strategy meant a reduction in emphasis on the medicinal qualities of cannabis,” Harshbarger noted. The increased access brought about by recreational markets, he explained, has made it easier for consumers to view cannabis in a more casual light, which in turn has fueled the industry's growth.
Balancing Access with Mission
While the industry has moved toward adult use, Harshbarger remains committed to expanding access for all medical or recreational consumers. “Our mission in cannabis is simple: access for everyone, in every market,” he said. He acknowledged that the evolution of the cannabis industry has allowed for greater availability of cannabis products. Still, he expressed concern that this shift has led to losing focus on the medical benefits that initially sparked legalization efforts.
“In some markets, that is medicinal, but in others, hemp-derived products have shown that when access to cannabis occurs at scale, the benefits are even greater than we could have ever imagined,” Harshbarger added, underscoring the potential of cannabis across all markets and forms.
The Road Ahead
As cannabis policy continues to evolve, Harshbarger remains hopeful that medical marijuana will regain its prominence in policy discussions. He believes that while adult-use markets are essential for industry growth, the medical cannabis community should not be forgotten.
For Harshbarger, the future of cannabis lies in balancing both markets, ensuring that all consumers, whether casual or medical, have access to the products they need.
Photo: Courtesy of Roxana Gonzalez on Shutterstock
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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