WASHINGTON – The cannabis industry is dramatically scaling back its presence in Washington.
Curaleaf, one the largest cannabis companies in the world, spent nearly 40% less on lobbying in the first half of 2023 than it did at its peak in 2019. Others like Columbia Care and Pax Labs got rid of their entire lobbying teams. Of the four major cannabis industry coalitions that have been pushing for federal legalization of marijuana the longest, one has seen its revenue cut in half; two others appear to have folded completely. Together, their spending on advocacy has dipped by more than 50% since 2019, back when federal weed lobbying was at its height.
The pullback is the clearest signal of the turbulence facing the cannabis industry. Cannabis companies are losing money, even as marijuana’s acceptance is higher than ever before. The financial woes are, in large part, a consequence of cannabis remaining illegal at the federal level. As a result, cannabis companies are ineligible for tax breaks, and often cannot even access business loans or open bank accounts.
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