A Pro-Cannabis Harris, Walz Presidential Ticket Is 'Undeniably Positive,' Rx Green CEO Says: But Will Reform Be A Priority?

The cannabis industry is watching closely the announcement of Kamala Harris and Tim Walz as the first openly pro-cannabis presidential ticket. Gary Santo, CEO of Rx Green Technologies and an upcoming speaker at the Benzinga Cannabis Capital Conference sees this development as positive.

“Having openly supportive leadership at the top, like Kamala Harris and Tim Walz, is undeniably a positive step for cannabis. It doesn't hurt, that's for sure,” he said.

However, he remains cautious about its long-term impact on federal cannabis policy. “The real question is, once they're in office, will cannabis be a priority? Will they plant their flag and push it forward, or will it be what we’ve seen with Biden, delegating it to other parts of the government while focusing on other issues?” he added.

His point suggests that while leadership matters, the actual follow-through on cannabis reform could be slower than the industry hopes, depending on the administration’s focus.

Will It Affect Investor Confidence?

Beyond the political landscape, Santo emphasized that the industry—especially investors—needs to move away from relying on government policy shifts to drive growth. He believes investors should focus more on the businesses rather than waiting for policy changes to improve the regulatory environment. "By now, investors should have moved past the hopeful phase of, ‘Let's wait and see if the government fixes things.' That momentum play can't be the foundation anymore," he explained.

According to him, the fundamentals of the businesses operating within the cannabis space should be the primary focus. “Investors need to shift their attention toward the fundamentals of the businesses out there. Some exceptional operators are flying under the radar because the entire industry has been painted with this broad brush,” he added, referring to the generalized negative perception of the cannabis industry.

Looking Ahead to Rescheduling

As the cannabis industry continues to advocate for change at the federal level, rescheduling remains a significant topic of conversation. Santo commented on the timeline for rescheduling, saying, "In 12 months, I don't think it's unrealistic to say within 12 months; I don't think they can just keep rolling this along."

However, he warned that rescheduling alone won't bring immediate, sweeping changes. Understanding how rescheduling impacts businesses will take time, especially as multiple regulatory bodies and state governments become involved.

Long-Term Focus is Key

Santo's perspective offers a balanced view of the pro-cannabis ticket, urging optimism and caution. "As long as this administration keeps its focus on cannabis, the potential for progress is certainly there," he noted. However, he reiterated that cannabis businesses and investors should focus on building solid and sustainable companies now rather than waiting for government policy to pave the way.

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Cannabis rescheduling seems to be right around the corner. Want to understand what this means for the future of the industry? Hear directly from top executives, investors, advocates, and policymakers at the 19th Benzinga Cannabis Capital Conference in Chicago this Oct. 8-9. Get your tickets now before prices surge by following this link.

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