Cannabis Musings - June 7, 2023
Why can't we all just get along?
Friends – Cannabis Musings will be on vacation for the next two weeks and very much not paying attention to the news.
Before we depart, just a quick note on the news that the National Cannabis Industry Association, the oldest major trade group representing the cannabis industry, announced that it is downsizing significantly, reportedly “a reflection of broader industry headwinds than pandemic aftermath.”
I think that perspective is absolutely correct, this being even more of a bellwether than the various investment banks stepping away from the industry. Companies are in such distress that funding for national lobbying and policy is simply less of a priority. It doesn’t help that the industry now has a number of trade groups working on generally the same thing – steering the future of federal cannabis policy – but with very different constituencies.
We talked recently about industry infighting, and my thoughts that lobbying collaboration and coordination are desperately needed. This NCIA news is an unfortunate example of the problem. This industry needs to better control its own destiny, particularly as large, well-funded, politically-savvy outside trade groups are trying to take the reins. Tuches afn tish!
Be seeing you!
Hauser Advisory provides advice and strategy on business lifecycle events and cannabis industry navigation, tapping into a deep, national network and twenty-five years of dealmaking and capital markets experience.
© 2023 Marc Hauser and Hauser Advisory. None of the foregoing is legal, investment, or any other sort of advice, and it may not be relied upon in any manner, shape, or form.