Cresco CEO’s Feedback From President Trump Inauguration
Welcome to the Trade To Black podcast aired on Wednesday, January 22, 2025. Charlie Bachtell, CEO of Cresco Labs (OTC: CRLBF), joins us to talk about his recent trip to Washington over this past weekend, where he attended a number of Presidential inauguration events for the 47th President of the United States, Donald Trump. We’ll learn about the latest news involving cannabis reform and federal policy.
When it comes to federal cannabis reform, action is more important than what critics are calling “hopium”—or hopeful rhetoric with little in the way of deliverables. Fox News recently had an op-ed with Mike Tyson and Weldon Angelos critiquing what they believe are President Biden’s failures on cannabis policy. Rescheduling cannabis and unified messaging with the administration’s priorities will be important if they want to succeed. Could Trump be motivated enough to be a key player in progressing cannabis? We’ll share our thoughts.
Charlie Bachtell emphasized how far the cannabis industry has come in terms of legitimacy and economic contribution. Over the past decade, it has grown into a multibillion-dollar industry, generating significant tax revenue and employing hundreds of thousands of people across the US. But the lack of SAFE Banking and other federal legislation is hurting. In 2024, cannabis companies generated over $30 billion in revenue, but they were primarily cash-reliant and unable to access banking services.
Ongoing state-level issues are also slowing down progress. The situation in Pennsylvania is one such example, with legalization efforts lagging despite having the infrastructure for a robust market. We’ll talk about the opportunities that the Trump administration may be able to capitalize on, including the rescheduling of cannabis and banking reform, but is the administration willing to make cannabis a priority?
With robust economic contributions, widespread public support, and increased industry coordination, the conditions are ripe for federal reform. Now that the inauguration is over, Cresco’s CEO explains why sustained advocacy and strategic messaging are essential to overcome legislative and regulatory hurdles.