TDR Exclusive: Michael Bronstein Discusses Cannabis, Hemp and Pennsylvania
The TDR Three Key Takeaways from Michael Bronstein regarding Cannabis, Hemp, and Pennsylvania:
- Increased Political Momentum: The budget discussions and bipartisan support highlight significant support toward future cannabis legalization in Pennsylvania.
- Economic Potential: A projected $420 million in tax revenue from adult-use cannabis underscores the financial benefits for the state.
- Regulatory Complexities: The nuanced debate around synthetic THC and the Farm Bill illustrates the intricate regulatory scenario that needs addressing.
Michael Bronstein, co-founder and president of the American Trade Association for Cannabis and Hemp (ATACH), last Friday provided comprehensive insights into Pennsylvania’s development of cannabis regulations. Interviewing on the “Trade to Black” podcast, Bronstein highlighted the significant strides and persistent challenges in the state’s journey toward cannabis legalization.
Bronstein, a seasoned political strategist, underscored the progress made in Pennsylvania. “The conversation advanced to a point where it’s never advanced before in the state,” he stated, referring to the budget discussions that seriously considered adult-use cannabis legalization. Despite not passing in this session, the dialogue has opened avenues for future legislative efforts.
The bipartisan support for cannabis legislation is a notable development. Bronstein emphasized, “We saw the first bipartisan House bill ever introduced in Pennsylvania, a co-sponsorship memo circulated between Representative Coffer and Representative Kincaid.” This indicates a growing consensus across party lines, crucial for the successful passage of future cannabis laws.
The economic potential of cannabis legalization in Pennsylvania is substantial. A study conducted by Responsible PA, commissioned with FDI Consulting, projected that adult-use cannabis could generate approximately $420 million in tax revenue in the first year alone. Bronstein highlighted the urgency of tapping into this revenue stream, especially as neighboring states move forward with their own legalization efforts. “The governor spoke about the issue being other states around us potentially eating our lunch or taking tax revenue,” he noted.
Bronstein also addressed the regulatory complexities surrounding cannabis, particularly the interplay between state and federal laws. He pointed out the confusion caused by the 2018 Farm Bill, especially regarding synthetic THC products. “The idea that people would read the Farm Bill and say, okay, well, this derivatives language, if we create a synthetic product, that synthetic THC is somehow lawful, but natural THC is unlawful, I don’t think anybody could have predicted,” he explained.
Moreover, the budget oversight that left medical marijuana dispensaries out of a section providing tax relief further illustrates the need for meticulous legislative drafting. Bronstein remarked, “Always important to proofread what you do,” highlighting the drafting error that excluded dispensaries from tax relief measures. This incident underscores the necessity for precise language and careful review in legislative processes.
Generational attitudes towards cannabis continue to influence regulatory progress. Bronstein noted, “A lot of people see this as a generational issue. When I ask my parents what they think of the issue, they have a different view than I have.” He emphasized that as younger generations come to view cannabis similarly to alcohol, normalization and acceptance are likely to increase.
The push for responsible regulation and transparency is vital for industry growth. Bronstein stressed, “If we want to sell these intoxicating products, let’s do it in a lawful fashion and in a way that we make the law clear under a regulatory perspective.” This call for clarity and consistency in regulations is essential for fostering public trust and ensuring market stability.
Michael Bronstein and ATACH remain at the forefront of these efforts, advocating for policies that support both the cannabis and hemp industries. As Bronstein aptly put it, “We have more to do and we’re here to do it.” The continued push for comprehensive and responsible cannabis regulation in Pennsylvania is crucial for realizing the economic and social benefits of legalization.
