EXCLUSIVE: Cresco Labs CEO Says Cannabis Industry To Hold White House Accountable For Campaign Promises: 'We'll Take Any Movement At A Federal Level'

Cresco Labs CRLBF CEO Charlie Bachtell said federal movement on rescheduling and consolidation in the cannabis sector could be coming soon.

Here's a look at what Bachtell told the audience at the Benzinga Cannabis Capital Conference in Chicago on Monday.

Working with the White House: One of the key topics in a conversation between Bachtell and Alliance Global Partners Senior Managing Director Adam Carlson was how cannabis gets oxygen into the White House after being an issue throughout the 2024 election campaign.

Bachtell said cannabis was not included on the White House’s first 100 days list, which means the sector may need to wait for the Trump administration to complete the big initiatives first.

"And then hold them accountable for campaign promises," Bachtell said.

The Cresco Labs CEO noted that President Donald Trump supported rescheduling cannabis during his campaign. Bachtell believes this is likely the "first domino" to fall at the federal level for support for the sector.

"We'll take any movement at a federal level," he told the conference.

Bachtell said rescheduling is administrative in nature and doesn't need to be approved by the House of Representatives or Senate.

Read Also: Cannabis Firm Cresco Labs Reports Mixed Q4, CEO Says Company Will ‘Strategically Deploy Capital To Create Growth’ In 2025

Working Through Challenges: Bachtell said the priority is to learn from success and failure at Cresco. "Focus on what we can control."

Bachtell said key factors in the cannabis sector that meet the consumer’s needs are quality, price, availability and accessibility.

"Quality has been improving."

He noted that consumers see differences in prices depending on what state they live in.

With so many variables, Bachtell said the messaging is to focus on the core business. This is because there are many variables, and regulations can change in the future.

"You have unforeseeable nuance that can enter the space at any given time."

What's Next for Cresco: Bachtell said Cresco is always evaluating the next opportunity and with a high level of cash on the balance sheet, the company can be opportunistic going forward.

Bachtell said companies should put themselves in the best position to be opportunistic. The industry is now seeing smarter acquisitions on both sides of deals, with companies meeting the acquirer where the acquirer needs to be met.

"There needs to be an acquisition target," Bachtell said.

Bachtell said there needs to be an understanding at the regulatory level.

"The industry needs consolidation. Consolidation I think is an important thing."

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Photo: Benzinga