US: Cannabis industry descends on Washington DC

The legal cannabis industry made its presence known in Washington, D.C. last month as thousands descended on the US capital to talk about the state of the industry and to lobby Congress for reasonable federal marijuana laws.

MedMen joined other top cannabis industry leaders for the annual spring Marijuana Business Conference & Expo and the National Cannabis Industry Association's Lobby Days. MedMen Co-Chairman Chris Leavy led a presentation on cannabis asset valuation, and Director of Compliance and Regulatory Affairs Morgan Sokol met with several legislative offices.

NCIA reported the highest participation ever in seven years of Lobby Days, which took place May 16 and 17. The number of participants doubled to 250, compared to last year, and there were more than 300 meetings held with Congressional representatives and staff, compared to 200 last year. The annual spring Marijuana Business Conference & Expo was in town the same week and attracted 3,000 attendees this year. The conference touched on a number of current topics, including the impact of President Donald Trump's administration on the industry.

"People who hang on the words of this administration are going to suffer terminal whiplash," U.S. Rep. Earl Blumenauer (D-Oregon) reportedly told attendees during a panel session. "People are trying to read all sorts of things into this stuff, and you can't do it."

Despite uncertainty from the White House, Congress has moved progressively on the issue. A budget amendment bill first passed in 2014 continues to protect state-sanctioned medical marijuana operations from federal prosecution. Medical marijuana accounts for an estimated three quarters of the nearly $7 billion legal cannabis market. Several other pending bills seek to further legitimize the cannabis industry, including protection of states that have approved adult use laws, banking reform and eventual end to the federal Prohibition.

"Our industry is maturing, becoming more professional, more institutional," said MedMen Co-chairman Chris Leavy, who gave a presentation on cannabis asset valuation at the conference. "Being in our nation's capital this week helps us bring that message to the powers that be."

The cannabis industry is one of the fastest growing sectors of the U.S. economy. According to the Marijuana Business Daily, the organizer of the trade conference, retail sales of medical and recreational marijuana in the U.S. could grow another 35 percent this year.