In the latest episode of the Cannabis Business Podcast, Ian Rassman and Respect My Region team up for their fifth official episode, bringing listeners up-to-date on the latest events and news in the cannabis industry. This episode is packed with discussions that dive into the excitement around the Emerald Cup, a beloved event in the cannabis community, and some of the biggest business stories making headlines, particularly the significant federal rescheduling of cannabis.
A Recap of the Emerald Cup Experience
Ian and the Respect My Region team start off by reminiscing about their time at the Emerald Cup, one of the most respected cannabis competitions and trade shows in the country. For years, the Emerald Cup has stood as a hallmark for cannabis culture and innovation, showcasing the best products and operators from Northern California and beyond.
During the podcast, Ian shares his personal highlights from the event, which took place in Northern California, focusing on the connections he made with cultivators, retailers, and industry professionals. He talks about the vibrant community that came together, despite the smaller-than-usual attendance, which made it a more intimate setting to engage with key players and gain insights into the current state of the cannabis market.
Respect My Region’s Joey Brabo adds his perspective, giving listeners a glimpse into the pulse of the Emerald Cup this year, from networking with brands to checking out the latest in cannabis product development.
One memorable moment for Ian was the outdoor area with music and legal consumption. This spot served as a social hub for attendees to chill, network, and vibe to live music. For Respect My Region, covering the event as a media partner allowed them to reconnect with industry veterans and showcase their appreciation for the operators working hard to advance the culture.
The Big Cannabis News: Federal Rescheduling
Transitioning from the Emerald Cup, Ian and the Respect My Region team shift gears to break down one of the biggest cannabis business stories currently in the news: the possibility of rescheduling cannabis at the federal level.
This news comes as a significant shift in the industry’s trajectory, with widespread implications for businesses, consumers, and regulatory landscapes across the United States.
The federal government has been reviewing cannabis’ Schedule I status, a classification that puts cannabis in the same category as heroin and LSD, drugs considered to have no accepted medical use and a high potential for abuse.
Ian and the team discuss the recent momentum around rescheduling cannabis, pointing to the increased support for federal reforms and the possibility that the substance may soon be reclassified as a Schedule III drug.
This potential reclassification could dramatically change the cannabis landscape. Schedule III drugs are recognized as having medical value with lower abuse potential. If this change happens, it could open the door for more research, reduce legal complexities for cannabis businesses, and ultimately lead to broader access for consumers.
Ian offers his take on how rescheduling would impact cannabis operators.
The removal of certain tax burdens, like Section 280E, which prohibits cannabis businesses from deducting normal business expenses on federal taxes, would provide much-needed relief. He points out that many cannabis businesses struggle under the current taxation rules, and changing cannabis’ classification could lead to stronger financial footing for companies.
Respect My Region adds to the conversation by touching on the concerns that some operators still have about federal involvement. While rescheduling would be a win for many in the industry, others worry about the implications of federal oversight and how this could lead to increased regulations, compliance costs, and challenges for smaller operators already working on slim margins.
Industry Outlook and What’s Next
As the episode wraps up, Ian and the team emphasize the importance of staying informed about the evolving marijuana business landscape. Between key events like the Emerald Cup and the monumental potential changes to federal laws, there’s no shortage of developments that could influence the direction of the industry.
The episode serves as both an insightful recap of their Emerald Cup experience and a thoughtful exploration of the critical news shaping weed businesses today. Whether you’re an operator, investor, or cannabis enthusiast, Ian and the Respect My Region team provide a valuable perspective on the current industry scene and what the future might hold.
Don’t miss out on the next episode, where the team will continue to discuss the latest in marijuana business news, industry events, and more.
Tune in to the podcast to stay up-to-date with everything happening in the cannabis world!
