Politics doesn’t always influence emergent industries, but when it comes to psychedelics and cannabis, Washington plays a big part. In this episode of Trade To Black Podcast, we explore a number of political topics. These include what stance various politicians are taking on these substances, the new potential House Speaker candidates including Jim Jordan, and what legalization may do for both the canna industries and investment opportunities.
We kick off by discussing the potential candidates for the position of House Speaker. Last week, a lot of us were surprised to see Kevin McCarthy ousted from his position, and many have fears that this could jeopardize SAFER Banking.
Jim Jordan, a prominent Republican, is considered one of the contenders for the spot. He’s known for his conservative views but has faced criticism for his reputation as a disruptive force in Washington. His record on legislation related to a significant issue has raised questions about his suitability. His alignment with former President Donald Trump and voting history on relevant bills come under scrutiny.
We then address the sell-the-news dynamic that occurred after the positive MAPS data. This dynamic disrupted the market with a short-term drop in stock prices in the psychedelic sector. Our experts like to stress the importance of a long-term perspective. Not only is the sector emergent, there are challenges like weak macroeconomic conditions and high interest rates to contend with.
Nevertheless, an intriguing shift in state policy has opened new opportunities. We explore the impact of this significant policy change in California and the medical potential that might arise from it. Despite federal restrictions, the state’s decision could have far-reaching implications for the future.