Luna Stower, head of Impact at Ispire, passionately discussed the future of cannabis reform and the need for a comprehensive approach that prioritizes social equity and industry growth at the Benzinga Cannabis Capital Conference last week.

In her interview, Stower emphasized the importance of moving beyond rescheduling cannabis, calling for full descheduling to prevent the industry from being dominated by pharmaceutical companies and large corporations.

Descheduling Over Rescheduling

"We believe in descheduling completely. We want to deschedule, deschedule, deschedule," Stower stated, underscoring her concern that rescheduling cannabis may disproportionately benefit larger companies with pharmaceutical backgrounds.

While rescheduling could offer incremental progress, particularly by allowing banking access and tax write-offs under 280E, she argued that descheduling would truly level the playing field for smaller, craft businesses.

"A reschedule is a nice idea for the next step. But, in reality, it's just going to allow only those with pharmaceutical backgrounds and access to those resources to produce it," she explained.

The Push for Social Equity

Stower also highlighted the ongoing struggle for social equity within the cannabis industry. She pointed out the movement for cannabis reform is deeply rooted in social justice, citing the history of cannabis being used as a treatment for AIDS patients in San Francisco during the 1980s and ’90s.

"Cannabis is built on the backs of patients on social rights activists," Stower noted. She urged the industry to remain focused on its foundational values, adding, "Love can be lucrative too, and the ways that we do it, baking into the triple bottom line — people over profit and your reputation over revenue."

Regulatory Involvement and Self-Regulation

As the cannabis industry continues to face regulatory hurdles, Stower emphasized the importance of being involved in creating regulations. She pointed to the work being done by the vape industry as an example of how businesses can self-regulate while still working with legislators.

"We're creating a 501(c)(3), and we're working together to help the regulators so that we're at the table," she said, stressing the need for proactive involvement in the regulatory process.

Despite the challenges posed by new legislation, such as California's recent ban on hemp products containing THC, Stower remains optimistic about the future of the cannabis industry. "We're all in the same boat, and a rising tide raises all boats together," she said.

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