Reform does not help every cannabis operator equally. Jay Rosenthal on why the best asset is the one that still has value when your forecast is wrong.
The federal hemp ban arrives in November. It was aimed at intoxicating products, but the language is broad enough to take therapeutic CBD with it.
Cannabis started as a medical story, then the green rush buried it. The FDA's botanical drug pathway is what brings the original thesis back.
Access is a transaction. Influence is leverage. Cannabis has confused the two, and the scoreboard in Washington keeps saying so.
In stable industries control compounds; in unstable ones flexibility does. Cannabis infrastructure is either a moat or an anchor.
CBD didn't earn acceptance through branding. It earned it because results showed up where nothing else worked — and Schedule III raises the bar again.
Schedule III put CBD first for a reason: it's the lowest-friction entry point for FDA oversight. The agency will apply the playbook it knows.
Logic doesn't work in the cannabinoid space. Power and influence do. Spirits, pharma, big ag and retail are all circling the same disruption.
When billions are on the line, research gets messy. Read closely, stay skeptical — and know which meta-analysis actually put the numbers on the table.
What if cannabis operators had to buy cannabinoids from GMP-licensed manufacturers instead of retrofitting facilities? The supply chain flips overnight.