In this week’s Trade To Black Podcast, TDR Founder Shadd Dales speaks with lead financial writer Benjamin A. Smith (@BenjaminA_Smith) on a variety of topics related to cannabis, psychedelics and the macro market. With Bloomberg reporting that the Cannabis Administration and Opportunity Act would be introduced next week, and Neflix docuseries How to Change Your Mind gaining significant attention, there was plenty to talk about.
As reported by Bloomberg, Senate Democrats plan to introduce an encompassing will that decriminalize cannabis on a federal level. The Cannabis Administration and Opportunity Act, otherwise known as CAOA, is finally set to be formally introduced a little over a year after being previewed by lead co-sponsor Chuck Schumer in July 2021.
Although the legislation has little chances of passing, it’s what comes next that Benjamin A. Smith is tracking most. He believes that SAFE Banking could see its best shot on goal to date, if Senate Democrats settle for a deal if CAOA does not gain traction:
The most interesting thing, however, is I think that the introduction of CAOA will at least get it out of the way so to speak. And if it doesn’t receive that interest, and we have the midterms coming up in November… if there’s a change in the Senate, if there’s a change in the Congress, and CAOA fails, you might get a situation, or at least I can see it—a possibility that Chuck Schumer is trying to get what he can (banking reform) at that point.”
Of course, SAFE Banking has passed the House six times previous and has never received any traction in the Senate. However, we at least see fertile ground where SAFE Banking can be seriously considered in the 2023 National Defense Authorization Act. TDR will be monitoring this situation closely in the fourth quarter.
We also touch on the Netflix docuseries How to Change Your Mind, presented by Academy Award-winning filmmaker Alex Gibney and New York Times best-selling author Michael Pollan in four parts. Each are focused on a different mind-altering substance: —LSD, psilocybin, MDMA, and mescaline—which elicit their own unique medicinal benefits.
With Numinus Wellness and Novamind showing steady growth in clinic appointments for psychedelic-assisted therapy, there’s no doubt interest is growing for psychedelic outpatient services. Can these companies get a point where they are generating operating cash flow remains the big benchmark for these companies and their investors.
To view the previous Trade To Black Podcast, click here.