IN THE WEEDS: What’s Holding Up the US Cannabis Boom?
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With increasing frequency, states throughout the US are legalizing cannabis for medical or recreational use, or both, and all but four of the 50 states have decriminalized cannabis.
Looking to the north, Canada fully legalized cannabis in October 2018 and business has been booming. So why is the US still limited to trading OTC shares and a couple of ETFs within its borders? Cannabis is illegal at the Federal level. Statehood is powerful, but Federal law ultimately controls banking, interstate commerce, and a host of related issues that are severely limiting investment in the US cannabis industry. Most US brokerages and custodians will not allow trading and/or custody of these securities as a result, leaving US investors with few domestic options.
On Wednesday, April 28, join us as we walk through the issues holding up the US cannabis industry - and why it matters to investment managers - with Jack Seibald, Managing Director of Cowen Prime Services, and Gary S. Kaminsky, Esq., Chief Regulatory and Compliance Officer of Ayr Wellness. We will review the Canadian model for legalization and discuss the impact of state legalization, functional limitations of banking and commerce laws, and how pending Federal legislation and developments with US exchanges may clear the weeds in the way of the US cannabis boom.
- Gary S. Kaminsky, Esq., Chief Regulatory and Compliance Officer, Ayr Wellness
- Jack Seibald, Managing Director, Cowen Prime Services
- Suzan Rose, Senior Advisor, AIMA
We hope you will join us for this timely and informative session.