When Will Marijuana Be Rescheduled? This Cannabis Veteran Says Industry Is ‘Getting Close’

Rescheduling “didn’t happen yet…we’re waiting on it, hopefully any day or any week. But we are certainly getting close.”

That’s according to Jason Wild, the executive chairman of cannabis multistate operator TerrAscend Corp. (CSE: TER) (OTCQX: TRSSF). Wild shared some insightful advice on doing business in cannabis these days during a live, on-stage conversation with Tim Seymour, the founder and chief investment officer of Seymour Asset Management, in New Jersey last week.

The duo discussed cannabis rescheduling and other industry issues at the New Jersey Market Spotlight in Jersey City on Feb. 10.

“I think we’re all a little snake-bitten,” Wild said, referencing failed banking legislation and delays in the rescheduling review process.

Yet Wild remains optimistic, pointing out that two transformative changes in the cannabis market should lead to a change in the legal status of the plant on the federal level.

What Federal Reform Could Unlock

U.S. exchange listings could lower the cost of capital and attract more institutional investors, while broader credit-card access could boost sales and reduce the operational risks of handling large amounts of cash, Wild said.

That said, once federal listing barriers are off, CPG firms would be able to take direct stakes in U.S. cannabis operators while remaining listed on U.S. exchanges.

“I think until we have a U.S. listing, you’re not going to see many deals between CPG companies and U.S. operators,” Wild said.

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Competing And Thriving In New Jersey

The conversation then shifted to New Jersey, where TerrAscend has made a substantial impact, being one of the top operators in the state. TerrAscend supplies wholesale products to nearly every dispensary while operating its own retail locations as well, Wild said, adding the competition strengthens operators.

Having vast experience running a successful business in the cannabis industry, Wild said the key to long-term success is paying attention to product quality and consumer focus.

“It all comes down to… are you making the products that consumers want?” he said. “If you’re always putting the customer first… You should have a pretty good chance of competing.”

Wild sees New Jersey as a structured, cooperative market for disciplined operators to thrive.

He said the New Jersey cannabis industry will see continued competition going forward, a trend Wild welcomes.

“We want to be held to a high standard,” he said. “Cannabis consumers are too discerning and are too smart,” he added. “If you try passing off product that is not at a high standard… You have a way of very quickly losing your customers.”