Adam King - On Cannabis Industry In California

EP007 EXCERPT: Adam King - On Cannabis Industry In California

Adam King, Roger Stone and Jason Beck speak on legislation of the cannabis industry in California.

00:00:00:09 - 00:00:31:12

Adam King

In California before legalization, our GDP was $30 billion in cannabis and now the numbers at the reporting of $5 billion. L.A. lost over 20,000 jobs to legalization. Now leave it to California politicians to figure out how legalization means more prohibition without criminality. But if we're talking about securing our position as America, the leading, dominating force in cannabis globally, we have to make sure that our politicians stay out of the way.

00:00:31:13 - 00:00:54:03

Adam King

We don't have another California. We don't have another Oregon, another Colorado, another New York. God forbid. And you hit it on the head right there, Jason. And that's really what I wanted to segway. And then what Roger was talking about in his article that he wrote about the need for this schedule izing it. Because if there's if it's schedule ized, there's no regulation.

00:00:54:06 - 00:00:56:08

Adam King

We want no regulation on the cannabis. Well.

00:00:56:22 - 00:01:31:05

Jason Beck

There would still be some some regulation. But the problem is, is that any form of rescheduling would put us directly in the hands of oversight under the FDA. And the FDA regulates everything by the molecule, not by the actual substance. And so, therefore, every single product that is on a shelf, in a dispensary in any state across the entire country would be deemed an illicit product with any form of rescheduling, because the FDA currently holds drug preclusion on THC for Marinol and CBD for EPIDIOLEX.

00:01:31:09 - 00:01:43:14

Jason Beck

And therefore, you also have the food, drugs and Cosmetic Act and therefore every single product on the shelf would be deemed an illicit product if there was any form of rescheduling done from anywhere from two to any other number that you want to imagine.

00:01:44:19 - 00:01:46:22

Adam King

Wow. Roger, do you want to comment on that?

00:01:47:04 - 00:02:14:06

Roger Stone

Yeah. Look, I totally agree with Jason. He's absolutely right. I think, in all honesty, there's a lot to criticize and a lot to praise, but there's also a lot to criticize in the Trump presidency. Matt Gaetz and I argue exactly what Jason is saying with the President in the closing days of that administration, we had a unique opportunity whereby the stroke of a pen, he could have scheduled this entirely, didn't need the Congress.

00:02:14:13 - 00:02:37:21

Roger Stone

I mean, Barack Obama had both houses. Theoretically, he should have done it. Could have done it. Didn't do it. The idea, by the way, that this is was the obstacle that we reached. We said, oh, well, the evangelicals want approval. I polled the most conservative voters in the country. Cannabis is an idea whose time is.

Adam King

In California before legalization, our GDP was $30 billion in cannabis and now the numbers at the reporting of $5 billion. L.A. lost over 20,000 jobs to legalization. Now leave it to California politicians to figure out how legalization means more prohibition without criminality. But if we're talking about securing our position as America, the leading, dominating force in cannabis globally, we have to make sure that our politicians stay out of the way.

00:00:31:13 - 00:00:54:03

Adam King

We don't have another California. We don't have another Oregon, another Colorado, another New York. God forbid. And you hit it on the head right there, Jason. And that's really what I wanted to segway. And then what Roger was talking about in his article that he wrote about the need for this schedule izing it. Because if there's if it's schedule ized, there's no regulation.

00:00:54:06 - 00:00:56:08

Adam King

We want no regulation on the cannabis. Well.

00:00:56:22 - 00:01:31:05

Jason Beck

There would still be some some regulation. But the problem is, is that any form of rescheduling would put us directly in the hands of oversight under the FDA. And the FDA regulates everything by the molecule, not by the actual substance. And so, therefore, every single product that is on a shelf, in a dispensary in any state across the entire country would be deemed an illicit product with any form of rescheduling, because the FDA currently holds drug preclusion on THC for Marinol and CBD for EPIDIOLEX.

00:01:31:09 - 00:01:43:14

Jason Beck

And therefore, you also have the food, drugs and Cosmetic Act and therefore every single product on the shelf would be deemed an illicit product if there was any form of rescheduling done from anywhere from two to any other number that you want to imagine.

00:01:44:19 - 00:01:46:22

Adam King

Wow. Roger, do you want to comment on that?

00:01:47:04 - 00:02:14:06

Roger Stone

Yeah. Look, I totally agree with Jason. He's absolutely right. I think, in all honesty, there's a lot to criticize and a lot to praise, but there's also a lot to criticize in the Trump presidency. Matt Gaetz and I argue exactly what Jason is saying with the President in the closing days of that administration, we had a unique opportunity whereby the stroke of a pen, he could have scheduled this entirely, didn't need the Congress.

00:02:14:13 - 00:02:37:21

Roger Stone

I mean, Barack Obama had both houses. Theoretically, he should have done it. Could have done it. Didn't do it. The idea, by the way, that this is was the obstacle that we reached. We said, oh, well, the evangelicals want approval. I polled the most conservative voters in the country. Cannabis is an idea whose time is.