Regulatory Landscape & Policy Changes - The cannabis industry has been actively lobbying Washington, potentially leading to more favorable policies [2] - The Trump administration expressed support for cannabis and reducing uncertainty in the sector [2] - Rescheduling cannabis from Schedule I to Schedule III would significantly alter the industry's tax structure [2][4] - The FDA has acknowledged the medicinal use of cannabis in a 28-page memo [3] Market Dynamics & Investment Opportunities - State-by-state, cannabis legalization is consistently progressing, with adult, medical, and recreational markets being approved [6] - The cannabis market is estimated to be an $80 billion market, including adult, medical, and illicit sales [8] - Top-line growth is evident, attracting consumers seeking exposure to this growth [8] - Investing in the cannabis sector now allows investors to be ahead of institutional capital [8] Challenges & Considerations - Confusion exists regarding the business outlook due to complex legal and regulatory frameworks at both state and federal levels [5] - Restrictions on sales types vary across states where cannabis products are available [5] - Hemp-derived THC legalization through the farm bill adds complexity for investors [7] - Investing in the sector can be complicated, requiring a deep understanding of the industry [8]