Reckonings are usual for Oregon’s Cannabis Industry. This time the attorney general Jeff Session's statement paved the path for a developing legalized marijuana industry, provoking a resounding negative reaction from Oregon's top elected retailers while sending shockwaves in the state's cannabis industry.

His decision to rescind the “Cole memo,” hit like a bomb, inciting confusion, anger and fear in the whole industry. These days, the problem in Oregon is that the business is not good because there are a lot of cannabis companies than the state’s consumer can support.

The industry leaders are in deep shock after the policy. The decision to take action against states with authorized cannabis stands in contrast to the supposition of a developing number of Americans who trust that marijuana should be legal and directed at the state level.

Sessions' decision puts state-legal businesses in huge jeopardy. Extensive scale growers, processors, merchants and wholesalers and even high-volume pot shops are currently in danger of being targeted just as they were drug kingpins.

On the Rescinding, NCIA’s Executive Director, Aaron Smith has issued the following statement:

The news is really exasperating, particularly in light of the fact that 73% of voters oppose federal interference with state cannabis laws. But, the canceling of this mamo does not really imply that any significant change in enforcement strategy is coming soon. This has been, and still will be, a matter of prosecutorial discretion. We in this way trust Department of Justice authorities, including U.S. Lawyers, will keep on upholding President Trump's campaign promise to not meddle with state cannabis programs, which have been overwhelmingly effective in undermining the criminal market.

In addition to securely controlling the sale and production of cannabis, state-based cannabis programs have made a huge number of occupations and produced more than a billion dollars in state and local tax revenue to date. Any significant change in government enforcement policy will bring about higher unemployment and will take funds away from education and other helpful projects. Those revenues will rather backpedal to drug cartels and other criminal actors.

Nitin Khanna on Jeff Rescinding the Cole Memo

"For Jeff Sessions, the battle on Drugs isn't yet finished. This policy change does not mean a wholesale disassembling of the markets that now exist in half of the US states. Presently, it is crucial that we keep on supporting our partners and the associations that are battling for a legitimate and regulated marijuana industry and also safe as well as lawful access to cannabis medicine," said the CEO of Cura Cannabis Nitin Khanna.

Manufactured in different forms and by various procedures, these cannabis concentrates are broadly utilized not only as a part of vaping but also in beverages, edibles and a consistently expanding cluster of products. And above all, this is an industry that Oregonians have chosen. Nitin Khanna ensured that he will do everything within his legal authority to protect the Oregon’s Cannabis Industry. He vowed to fight to ensure the industry would continue to flourish in the state.

More Industry Leaders Reaction:

It appears like Cannabis industry leaders, who since a long time ago expected prohibitive activity from Sessions, are set up for what's coming down the road.

Marco Hegyi, CEO of Growlife Inc, a nationally recognized cultivation brand, said he doesn't expect an effect on GrowLife's business. "The lawful rights allowed by the California government to its citizens are a political issue that is beyond our ability to control, but, we don't see it affecting GrowLife's business," he said. "GrowLife pitches 'picks and scoops' to cultivators and does not sell the cannabis plant. In this manner, it doesn't see a reason to have any more legal exposure than the electric organization, water utilities or offices supplier in giving its provisions to its clients."

Investor's trust in the cannabis business will be influenced by this, said Avis Bulbulyan, CEO of SIVA Enterprises. "All in all, the greatest effect and hit will be to investor's confidence. This will most likely slow down the cash that has been coming in, at least for the near future, but seeing how far the business has come, and understanding that it's profoundly far-fetched the business will be closed down, this could be an excellent opportunity for investors to truly get all the more value for their money. It will soon come down to risk tolerance levels.”

Sara Schmeer, supervisor at Oregon Valley Cannabis, a Portland dispensary: "A year ago we would purchase top-shelf for up to $3,200 pound. That is 32 percent THC. This year, I just purchased 32 percent for $1,400."

Brilliant Leaf's Simpson: "Recently there was high-level CBD flower, 13 percent CBD flower that would have been $2,000 a pound six to eight months back. Presently they needed $100 a pound for it."

Then there is this, from Preston Greene, general supervisor at Yerba Buena Farms, a Hillsboro producer that has an indoor office and greenhouses: “We had two grow opportunities presented to us at no cost" — in other words, take my farm, I'm outta here.

Industry pioneers are hoping to be back on track soon, but it's difficult to make certain expectations in the midst of such upheaval.

Published by Michal Federed