Cannabis’ Dr Phil moment
“The truth is rarely pure and never simple” Oscar Wilde
The dog days of summer are here. In the world of cannabis, however, emotions are approaching a boiling point.
I can’t recall a time when fear and loathing was a high as right now. Regulatory delays (with no clear path forward), a lack of capital (and its pricey if you can find it) and record high bankruptcies (with more to come) are casting a pall over the industry. Its not just leaders and shareholders who are distressed. Experienced talent is heading for greener pastures while unionization is growing.
A credible explanation for the suffering are high taxes, declining margins, and onerous regulations. At the same time, industry folks have agency and do 'own' their feelings and how they cope with them. Often, people can be their own worst enemies, blind to cultural-political realities, prisoners of unrealistic expectations or just downright unhinged.
I am as impatient and frustrated as others when it comes to the sector's travails. I cope by contemplating what Dr Phil might say:
> Cannabis is not yet mainstream.
The stigma and misinformation will take time to overcome, if ever (see the history of alcohol’s temperance movement). Real legislative change requires patience. Considered a ‘vice’ product by governments, cannabis is destined to play by different tax and policy rules.
> Perspective is important.
Most voters don’t prioritize federal legalization or reform over ‘hot button’ issues like the economy, taxes, climate change, or the Ukraine War. Moreover, the human condition allows people to hold two mutually exclusive positions vis a vis legalization (reform & justice for all vs we got bigger concerns) and be content.
> The current state works - if you aren’t in prison
Yes, there is a strong healthcare, social and economic case for legalization. However, we are not on a burning platform. Most consumers have a myriad of product choices in the legal and illicit market at steadily declining prices.
> Investors have other options
Most are licking their cannabis wounds and need time to rekindle their interest. Retail investors are tempted by other sexy sectors like AI and crypto. In the meantime, high interest rates have been choking off a lot of early-stage capital.
> Keep things real
For most recreational users, cannabis is just a product. It shouldn’t be elevated beyond that. (Of course, medical cannabis is different). And, let’s not forget the power of the media and social channels in shaping our mood. It’s easy to get disenchanted when reading a steady stream of negativity, BS and hate.
#personalgrowth #stigma #legalization #alcohol #community #culture