Business giants, Kevin Murphy and Doug Maine, talk the benefits of investing in the cannabis industry. // Photo courtesy of Matthew Hughs
Hofstra University hosted cannabis business giants for a discussion of the cannabis industry on Wednesday, March 4. CEO Kevin Murphy and CFO Doug Maine of Acreage Holdings discussed the logistics of investing in the cannabis industry and the opportunities available.
Acreage Holdings controls the cultivation, processing and dispensation of their products. The goal of Acreage is to provide predictable, safe and dose-able products. “We want to take a compassionate view toward the space [Acreage Holdings],” Murphy said. “We really want people to find the help they need if they need it.”
Murphy stated that he wants to “remove the stigma,” labeling cannabis as an “exit drug” and not a “gateway drug.”
Murphy and Maine conversed about cannabis in the present day. Currently, there are 33 states and 48 countries, including the United States, with legalized medical marijuana. Eleven states have legalized marijuana recreationally for people over the age of 21. Murphy said that New York state is working toward passing legislation for legalized marijuana.
Maine and Murphy discussed the Marijuana Opportunity Reinvestment and Expungement (MORE) Act, which is the most comprehensive marijuana bill ever introduced to Congress. If passed, this bill would legalize marijuana and decriminalize its existing charges, according to Murphy and Maine. Additionally, the MORE Act would provide tax relief and funding to small cannabis businesses. The bill is waiting to be heard in 2020 by the Senate.
Only 25% of all cannabis sales in the U.S. are through multi-state-operated businesses or licensed growers. The other 75% of sales are through black market vendors, which are unlicensed, unsupervised and likely cut corners to maximize profit. Legalization would protect consumers from this disparity and the recent vape crisis, according to Murphy.
If marijuana were to be fully legalized in the U.S., the cannabis industry would be worth an estimated $70 billion, Murphy said.
“If marijuana is legalized, those who have been incarcerated for possession should be exonerated,” said Irini Tsounakas, a junior English and fine arts double major. She said she believes in safe and legal consumption rather than black-marketed products.
“Legalization is near and on the horizon,” said John Lainis, a senior finance major. “Because of that [legalization], there will be numerous amounts of jobs.”
Murphy and Maine relayed the health benefits of marijuana. “No one has ever clinically overdosed on marijuana,” Maine said.
Medical marijuana is used to treat nausea, lack of appetite, pain and inflammation and epileptic seizures, Murphy said. It can also be used to help some addicts shift away from using harder drugs.
“We’ve had veterans who are suffering from PTSD who can’t live normal lives,” Murphy said. “We have to just stop incarcerating people for something that has been around for thousands of years.”
Updated Aug. 8, 2020