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Inside the dealmaking that pushed Trump to reclassify pot, expand access
CNBC· 2025-12-19 22:20
Core Insights - President Donald Trump's executive order eases federal restrictions on marijuana and initiates a Medicare pilot program for CBD, marking a significant shift in cannabis policy driven by industry lobbying and political donations [2][3] Group 1: Policy Shift - The executive order is seen as a victory for the cannabis industry, reframing marijuana as a pro-business policy rather than a social issue, despite historical GOP opposition [3] - Key figures in this policy shift include Howard Kessler, Kim Rivers, and Tony Fabrizio, who played crucial roles in advocating for the reclassification of marijuana [5][10] Group 2: Industry Influence - Howard Kessler, a billionaire and medical cannabis advocate, has been influential in promoting the medical benefits of cannabis, particularly for seniors, and has a long-standing relationship with Trump [6][7] - Kim Rivers, CEO of Trulieve, has established connections with the Trump administration and emphasized the need for safe and regulated cannabis products [10][11] - Trulieve has financially supported Trump's political campaigns, contributing $750,000 to his inauguration committee and $250,000 to his super PAC, while also spending over $100 million on a failed Florida ballot initiative for recreational cannabis [14] Group 3: Polling and Public Support - Tony Fabrizio, Trump's pollster, provided data showing broad voter support for loosening cannabis restrictions, particularly among young voters aged 18 to 34, with support at approximately 80% [15][16] - The cannabis industry is viewed as having the potential to revolutionize various sectors, similar to the historical impact of Standard Oil in the petrochemical industry [18]