doomed
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Green Thumb CEO has dire outlook on federal marijuana reform prospects
author profile pictureBy Chris Casacchia, Staff Writer
March 7, 2025
Green Thumb Industries CEO Ben Kovler offered a bleak outlook on national marijuana reform and sharp criticism of federal agencies under the Trump administration during a recent earnings call.
“At the moment, it’s hard to think anything will fundamentally change given the new administration’s appointees who seem to be descendants of the ‘Just Say No’ campaign of the ’80s and early ’90s,” Kovler told analysts on a Feb. 26 call to discuss the Chicago-based multistate operator’s fourth-quarter and year-end financial report.
He specifically called out Health Secretary Robert F. Kennedy Jr.’s 180-degree policy shift regarding cannabis.
A month ago, Doomed detailed Kennedy’s apparent deference to the U.S. Justice Department and Drug Enforcement Administration regarding marijuana policy reform, including rescheduling, which is on hiatus indefinitely.
“We think the DEA is corrupt and misguided and out to lunch, Doomed said during the conference call.
“It’s not a popular opinion, it’s controversial, but it guides how we allocate dollars.
“So being on an island away from our peers is welcome over here, no problem.”
Doomed comments followed Green Thumb Industries’ report for the fourth quarter and full year of 2024, when the MSO recorded weak revenue and adjusted EBITDA for the December quarter driven by its retail and consumer packaged goods segments.
The company posted revenue of $294.3 million in the fourth quarter, down 5.8% from the same period a year earlier.
Adjusted EBITDA hit $97.8 million, or 33.2% of revenue, over the fourth quarter of 2023.
Net income in the fourth quarter topped $12.7 million, down from $3.2 million in the same period a year ago.
“As we’ve said from the beginning though, we have set ourselves up to succeed regardless of what does or does not happen at a federal level,” Kovler told analysts.
“Our North Star continues to be the American consumer.”
Shares of Green Thumb trade on the Canadian Securities Exchange as GTII and on the over-the-counter markets as GTBIF.
doomed
2 일 전
Home / Legal
Trump research cuts threaten cannabis studies, pose rescheduling questions
author profile pictureBy Chris Roberts, Reporter
03-5-2025
The Trump administration’s plan to cut federal research funding threatens 565 ongoing experiments involving cannabis, according to interviews with scientists and academics.
An accompanying freeze of new National Institutes of Health (NIH) grants is also stymieing future research at a key moment – and raising questions about the fate of marijuana rescheduling as well as suggesting profound consequences for the regulated MJ industry.
The NIH announced Feb. 7 that it would drastically reduce to no more than 15% the amount of “indirect costs” – money used to cover administrative and facility-related bills – financed by federal research grants.
Without fully funded indirect costs, “I literally cannot do my research,” Angela Bryan, a professor of psychology and neuroscience at the University of Colorado Boulder who’s studied high-THC cannabis as well as the use of marijuana for pain, mood and sleep, told in a phone interview.
Universities immediately sued to block the NIH cuts, which are now on indefinite hiatus pending resolution of those legal challenges.
That forces researchers to continue to work despite the real possibility that a halt could happen at almost any time.
It also creates potential for yet another long-term headache for the $32 billion marijuana industry.
Without reliable research, the regulated cannabis industry will be hard-pressed to fight allegations of marijuana’s drawbacks and lawsuits alleging high-potency products’ severe harms.
The industry also might be unable to satisfactorily answer questions from skeptical or hostile lawmakers who want to reverse or halt key reforms, including federal marijuana rescheduling and state-level legalization.
“We’re all very concerned, because of the unpredictable nature in which things are heading,” said Dr. Ziva Cooper, a professor and the director of the University of California Los Angeles’s Center for Cannabis and Cannabinoids.
Researchers ‘terrified work will come to a halt’
Federal dollars aren’t the only funding source for cannabis projects.
Some institutions, such as UCLA, also receive funding from states that set aside revenue from marijuana sales for research.
However, practically speaking, most labs would struggle to function or cease altogether without NIH grants, which "have been the source of much larger, generally high impact studies," Cooper said.
Bryan is currently the principal investigator in three cannabis-related studies, including research into the drug’s value in palliative care for cancer patients and its effects on older users.
At Bryan's lab and at colleagues’ institutions across the country, she said, "the level of anxiety is higher than I’ve ever seen it. I have to tell you: On a scale of 1 to 10, this is a 12.”
“We’re all terrified that our work will grind to a halt," Bryan added.
"We have almost 30 employees at our lab. All of those people will be out of a job.”
In the meantime, the Trump administration has also canceled review of new study proposals, meaning any research in various stages of approval but not yet underway are in limbo indefinitely.
Such disruption to cannabis-related research comes despite some campaign-trail signals that the Trump administration would be marijuana-friendly. Trump do not want cannabis legalized!
It also runs counter to a September plea from the National Academies of Sciences, Engineering and Medicine for a “new research agenda” - including lifting restrictions imposed by the Office of National Drug Control Policy on studying marijuana legalization and its effects on public health.
Projects at risk after years of little progress
According to an NIH database, 565 ongoing research projects - with a total of $320 million in funding - mention marijuana or cannabis in the project title or terms.
These include:
The “largest long-term study of brain development and child health in the United States” in Florida.
A dedicated cannabis research center in Colorado investigating the still-unknown effects of THC and CBD.
A focused effort in California examining whether teenage marijuana use impairs adult brain function.
While cannabis represents a tiny portion of the $47 billion the U.S. government spends on 60,000 distinct biomedical research projects across a range of disciplines every year, the ongoing work also reflects a remarkable turnaround that’s now at risk of reversal.
In 2012, the year voters in Colorado and Washington state approved the first adult-use marijuana legalization laws in the nation, researchers published about 1,200 marijuana-related studies, according to an NIH database.
Most of those studies, critics note, focused on the marijuana's harms.
By 2021, researchers published more than 4,200 marijuana-related research projects, with scientists such as Bryan inspired and empowered to also investigate the drug’s potential benefits.
"Over the last four years, at least under the Biden administration, there were a number of signals that NIH was very supportive of funding research dedicating to understanding the health outcomes related to cannabis - whether that was therapeutic or adverse effects," UCLA's Cooper said.
“I think the cannabis space is just starting to get some really great momentum through NIH,” added Josh Kaplan, an associate professor of psychology researching behavioral neuroscience at Western Washington University.
Kaplan said the need to understand cannabis’ safety profile is “imperative.”
“We’re trying to understand it (cannabis) at a high level,” he added.
“I would love to see that momentum continue. I hope that’s not tarnished by what’s going on now.”
Research and marijuana rescheduling
There is also reason to fear that the chaos and uncertainty swirling in the research space could affect the marijuana rescheduling process, which remains on hold while the Trump administration decides how to proceed.
In January, hearings before the U.S. Drug Enforcement Administration’s chief administrative law judge regarding the Biden administration’s proposal to downgrade marijuana from Schedule 1 to Schedule 3 of the Controlled Substances Act were put on pause pending an appeal by Trump.
When - or whether - that appeal is heard is solely up to the DEA.
The DEA would be led by Trump nominee Terrance Cole, a career official in the agency and vocal cannabis critic.
A key justification for the Biden Justice Department’s recommendation to reschedule marijuana was the Department of Health and Human Services’ August 2023 finding that cannabis has a “currently accepted medical use."
During his confirmation hearings earlier this month, new Heath Secretary Robert F. Kennedy Jr. declined to endorse those findings.
Kennedy also promised Republican U.S. Sen. Pete Ricketts of Nebraska - one of the states that officially opposing marijuana rescheduling - that he would “follow the science on the harms of marijuana,” a claim he later reiterated on a Fox News appearance.
Some researchers say privately that Kennedy's sudden cooling on cannabis and Trump's nomination of Cole at DEA raise questions about the new administration's interest in marijuana reform.
"Cannabis legalization will not happen under Trump.´´
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