These are heady times for the marijuana industry. Consider:
- The cannabis industry’s largest conference — MJBizCon — is expected to draw more than 20,000 attendees to Las Vegas this week, and it has been called America’s fastest-growing trade show.
- The Nevada Dispensary Association predicts marijuana taxes could contribute $1 billion to state coffers over seven years, and Canada has legalized recreational sales nationwide.
- And Jeff Sessions, a vocal critic of marijuana, just resigned as U.S. attorney general.
“Having such an outspoken opponent of marijuana in charge of federal enforcement kept me up at night,” said Dan Anglin, CEO of CannAmerica Brands, which makes edible marijuana products and operates in Nevada and two other states.
With Attorney General Jeff Sessions gone and Rep. Pete Session, R-TX unseated things could be looking up on the federal level.
“It is really looking hopeful that the president is paying attention to the will of the people on this issue and will make a move on this issue now that Attorney General Jeff Sessions is gone,” Anglin said.
Marijuana still being listed as a Schedule 1 drug by the federal government causes a lot of problems for the fast-growing industry, Anglin said.
Most banks still do not allow marijuana businesses to use their services. There is also the problem of getting investment money.
“It takes a lot of creative financial management to be in the industry in the first place. And access to capital is virtually impossible with it being federal illegal,” Anglin said.
Beyond finances, Anglin said the federal criminalization of the industry means surplus product cannot be moved from one state to another.
“Federalization and lifting the interstate ban on cannabis will help alleviate some of these problems and provide more access to cannabis across the country,” he said.
Since they cannot be publically traded in the United States, the company recently went public on the Canadian Securities Exchange with a market capitalization of more than $30 million American.
“With just getting on the Canadian Securities and Exchange a couple of weeks ago, I think we’re performing pretty well and stabilizing and looking for more opportunities which is one of the reasons we’re in Las Vegas today,” he said.
They are in Las Vegas looking to network with other companies from around the world. Anglin said Canada, which just this past summer legalized cannabis around the country, has the led the charge on how to deal with some of the issues states are still dealing with like public consumption and employment.
Anglin, a former Marine, has been active in the cannabis industry since 2011 and founded and serves as chairman of the Colorado Cannabis Chamber of Commerce.
He believes cannabis will be legalized around the country and eventually, it will be like alcohol, which nearly 100 years since the end of prohibition is now widely accepted.
Dan Anglin, CEO, CannAmerica Brands