By Shadd Dales On Nov 12, 2024
In the latest episode of the TDR Trade To Black Podcast, Shadd Dales, Anthony Varrell, and ex-Nikki Haley strategic advisor Rick Wiley delve into the current state of the cannabis industry amidst political uncertainties and another incoming Trump presidency. The recent US elections have made an impact on cannabis markets, and investors are wondering about the potential implications of a new Republican-controlled Senate. We’ll speculate on Rick Scott’s potential appointment as Senate Majority Leader and how his influence might shape future cannabis policies.
Rick Wiley, a seasoned political strategist and former advisor to Nikki Haley, brings a unique perspective on cannabis advocacy, and some insight on strategies to bridge the political divides in Washington. Wiley shares how his organization, Project Champion, aims to build Republican support for cannabis legislation by mobilizing constituents and educating state legislators directly. According to Wiley, targeting legislators in their home districts with constituent-led advocacy can effectively sway opinions and, in the long term, help normalize cannabis policies in the Trump administration.
Many are worried about how the election’s income will alter the potential federal rescheduling of cannabis. Rescheduling seemed to be moving on pace to move cannabis from a Schedule I to a Schedule III drug. This change in scheduling would help garner tax breaks for cannabis businesses from 280e and lead to increased medical research, both crucial for legitimizing the industry. While this progress is anticipated, Anthony Varrell and Rick Wiley believe it’s still important to educate the public and politicians both. We’ll explain why.
Plus, Dan Ahrens from Advisorshares (NYSEARCA:MSOS) will join us to talk about recent price action involving cannabis stocks and how he’s preparing for the volatility that lies ahead. Investors, especially those in ETFs like MSOX, are seeing increased uncertainty. Dan Aarons clarifies ETF mechanics, and explains how redemptions in cannabis ETFs, while challenging, are managed effectively without exacerbating market volatility.
This episode with Rick Wiley provides an insightful look into the industry’s political landscape and emphasizes the potential for bipartisan support through strategic, localized advocacy efforts.