Rob Sechrist Talks Election, Cannabis News
Welcome to the Trade To Black Podcast for Wednesday, October 30, 2024. We’re one week out from the US Federal election, and the market is moving in anticipation of the results. Rob Sechrist from Pelorus Capital joins us to talk about why the immediate focus needs to remain on realistic goals, such as rescheduling, rather than the election outcomes themselves. He’ll also discuss which president might possibly benefit the cannabis industry over a longer term than a democratic win, and how he believes the ALJ hearing will play out.
The market has been showing some nervous reactions to the upcoming election, particularly among cannabis stocks. Trulieve in particular has seen a bit of a swing, with investors no doubt anticipating a big movement due to the outcome of Florida’s vote on Amendment 3. Big money has been spent to sway public opinion, since the amendment needs a 60% approval to pass. So far Floridians don’t seem to be much swayed by DeSantis’ stance and rhetoric against #YesOn3.
If Amendment 3 passes, Florida stands to become one of the largest cannabis markets in the world, and that’ll be great news for investors. However, federal leadership changes create enough ambiguity to keep investors on edge about the future performance of cannabis stocks
The ALJ hearing is set to bring together four main parties, each representing different perspectives within the cannabis debate. Four parties may seem limited for such a significant issue, but a smaller group could actually streamline the hearing process and result in a faster decision. Long-established cannabis advocacy organizations, such as the National Cannabis Industry Association (NCIA) and Smart Approaches to Marijuana (SAM) are expected to be among them.
Though it’s difficult to be patient with an extended hearing process, it could mean better results for legislation in the long run. A robust hearing and a strong evidentiary record might prevent more lawsuits from delaying the ruling. Sechrist acknowledges that a few lawsuits are likely inevitable, no matter what the election outcome. Hopefully they can be resolved without long-term setbacks so that rescheduling can happen in a reasonable timeframe.
And is it time to rethink media consumption in the modern age? Younger generations are looking towards different sources than the old, biased channels. We’ll share our thoughts.
