Derek Peterson, The Ceo Of Terra Tech, A Publicly-traded Cannabis Agriculture Company, Reflected Zucker’s Disappointment In Spicer’s Comments.

marijuana weed pot store dispensary It’s threatening”a multi-billion dollar industry that provides thousands of jobs across the majority of states in the union,” he said. Although a number of states have legalized and regulated it for both recreational and medical use , marijuana is illegal at the federal level. It’s classified as a Schedule 1 drug putting it in the same category as heroin and the government can restrict cross-state shipment and financingas a result. Isaac Dietrich, the CEO colorado medical marijuana of MassRoots, a publicly-traded cannabis company said that his stock “is going to take a beating,” but that “it creates an opportunity for investors who believe in the long-term trajectory of the cannabis market.” MassRoots shares slid 7.49% on Friday afternoon, a day after Spicer’s comments. But Dietrich says that, because MassRoots is positioned as a medical-cannabis app, the company will benefit from the Trump Administration’s policy, which makes a distinction between recreational and medical cannabis . Timothy J. Gonzalez/AP “We do not believe the Trump Administration will take significant action to shut down the recreational cannabis industry in states like Colorado, where the cannabis industry employs tens of thousands of people and contributes more than $100 million in taxes annually,” MassRoots said in a statement. Firms that do business in the recreational market, however, are disappointed with Spicer’s comments. “The cannabis industry will fight any pressure from the federal government to set back the significant progress that’s been made thus far,” Jeffrey Zucker, the president of Green Lion Partners , a Denver-based strategy firm said. “Singling out the adult-use market is short-sighted.” Zucker said that regulated cannabis markets “eliminate” the illegitimate market, and pointed to overwhelming public support in favor of full legalization. 71% of voterssay the government should not enforce federal marijuana laws against states that have legalized recreational and medical use, according to a recent Quinnipiac poll . Derek Peterson, the CEO of Terra Tech, a publicly-traded cannabis agriculture company, reflected Zucker’s disappointment in Spicer’s comments. Terra Tech shares were trading down 9.92% on Friday. “We have hoped and still hope that the federal government will respect states’ rights in the same manner they have on several other issues,” Peterson said. “The economic impact, job creation, and tax collection associated with both medical and recreational legalization have been tremendous throughout the country.” Lucy Nicholson/Reuters Lawyers who work with clients in the cannabis space say that Spicer’s comments are more blusterthan indicative of any substantive policy changes from the Obama Administration. The Justice Department’s policy towards marijuana is governed by the ” Cole Memorandum ,” which stipulatesstipulates that the DOJ place “low priority” on enforcing marijuana laws against businesses and organizations that comply with state laws.

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