‘The Biggest Opportunities For Investors Outside AI’: Optimism Reigns At Benzinga Conference Amid Talks Of Cannabis Rescheduling, Tech Advances
“We’re finally on the cusp of something big,” said George Archos, CEO of Verano Holdings (OTC:VRNOF), during his keynote at the Benzinga Cannabis Capital Conference in Chicago this week. That optimism echoed throughout the event, where more than 2,000 cannabis industry leaders, investors and advocates gathered at the Marriott Magnificent Mile to discuss the future of the industry. Federal reform, market adaptability and technological innovation were the central themes, with many seeing 2024 as a pivotal year for cannabis.
The conference, hailed as a must-attend event in the cannabis industry, featured high-profile leaders like Ross Gerber, Boris Jordan, Jim Belushi and Ricky Williams, who all weighed in on what’s next for cannabis as the industry looks toward potential game-changers like rescheduling and the SAFE Banking Act.
Federal Reform: The Catalyst Everyone’s Waiting For
At the heart of the event was the anticipation surrounding federal reform, particularly the potential for rescheduling cannabis from Schedule I to Schedule III. This move could lift a significant burden off the industry, especially when it comes to taxation under Section 280E, which currently prevents cannabis companies from deducting ordinary business expenses.
Archos captured this sentiment, noting that rescheduling would not only relieve tax pressures but also mark the “first big domino to fall for further reforms like banking access.” He added that Verano, which operates in 14 states, is well-positioned to capitalize on these changes but emphasized that adaptability is crucial in such a fragmented regulatory environment.
Ross Gerber, CEO of Gerber Kawasaki Wealth and Investment Management, shared his positive take as well. “I think cannabis is one of the biggest opportunities for investors that exists today outside of things like AI,” he said, stressing that rescheduling alone could “double the value of all cannabis companies” by easing tax burdens and attracting younger investors eager to support the sector.
Former U.S. Senator Cory Gardner and former Representative Ed Perlmutter, both longtime advocates of cannabis reform, expressed hope for the passage of the SAFE Banking Act, which would provide much-needed access to banking services for cannabis companies. Gardner highlighted the growing bipartisan support for the legislation, calling it “just good governance.”
Market Realities: Surviving And Thriving
While federal reform was the focal point, many speakers also addressed the current challenges of running a cannabis business in today’s market. Boris Jordan, executive chairman and CEO of Curaleaf Holdings (OTC:CURLF), discussed how the company has navigated the macroeconomic pressures of 2024 by streamlining operations and cutting costs. “We’ve made massive progress in recent weeks,” Jordan said, pointing to Curaleaf’s plan to introduce a new three-year strategy for growth heading …