Trulieve CEO Rivers: ‘Cannabis Is A Human Issue,’ No Longer Partisan

On the heels of five states passing cannabis legalization measures, coupled with the incoming Biden presidency, some industry bigwigs are pondering how these major developments will affect business. Kim Rivers, CEO of Trulieve, Florida’s largest medical cannabis company, feels it may be too early to make predictions, particularly because the composition in the Senate is still undetermined. However, she is hopeful that the industry is moving closer toward policy and taxation reform as well as greater equity in minority representation.

This interview has been edited for conciseness and clarity.

Iris Dorbian: What message can industry professionals glean from the election results?

Kim Rivers: Every single state that had a cannabis measure passed overwhelmingly regardless if it was a red or blue state. Cannabis is no longer a partisan issue—it’s a human issue. I’m hoping that message was received and will result in policy action in D.C.

Dorbian: What about some of the bills that have been floating around in Congress like the SAFE Banking Act, which would prevent federal banking regulators from sanctioning banks for working with legal cannabis businesses, and the MORE Act, which decriminalizes marijuana?

Rivers: The SAFE Banking Act is poised for passage. We’ve seen it close to the finish line a few times. When you think about it, this is an industry that has the opportunity to contribute real dollars to the economy. The SAFE Banking Act is a positive step in that direction. It would allow us to get business loans at reasonable rates.

It’s a tale of a bifurcated reality. Here we are, hiring people during this COVID pandemic, creating jobs, injecting cash into the economy but I can’t bank at a traditional bank and have no access to reasonable terms of capital.

Dorbian: Does your company work with a bank or a related financial institution?

Rivers: We can only work with state-chartered banks in the markets we’re in because as soon as we go into federally charted banks that trips up their compliance.

Dorbian: With the impending change in the White House and the election results that add to the number of states that currently have legal and medical markets, are we getting closer toward federal legalization?

Rivers: Alcohol was repealed over time. I think we’re in a similar situation.

Dorbian: Do you see the tax situation being alleviated in the near future?

Rivers: We may see a generalized tax or fee. I’m kind of thinking about alcohol and how that rolled out. We have a checkerboard of regulations state from state. But each one of these programs is nuanced and very specific. This was not different from the way we saw alcohol evolve. I think it’s going to be a different conversation to what extent leadership is willing to lean in that change.

Dorbian: Aside from federal legalization, what else would you like to see this new presidential administration do regarding the legal cannabis industry?

Rivers: I would hope they would elevate the conversation and that cannabis policy and reform become a regular discussion point. For so many years, we’ve heard about the stigma around cannabis. I do think it’s important for the leader to change that narrative and for the U.S. to be the leaders in research. Imagine what we can do if those handcuffs were taken off.

We can’t ignore the facts that we are encouraging true and equitable participation in this industry for folks who are targeted by our cannabis laws. But the only way is not to just make sure they can get licensing but to make sure they have access to capital. They can make sure to direct the Small Business Administration to open loans to minorities and being able to play the same game the way any other U.S. business can compete in in this country.