Emily and Morgan Paxhia are the co-founders of Poseidon, one of the most experienced cannabis investment managers. They joined WTR’s head of cannabis, Jesse Redmond, to discuss the recent news that the DEA has agreed with the HHS’ recommendation to move cannabis from Schedule I to Schedule III.

The conversation covers implications for the industry, timeframes, and potential pitfalls and challenges. Emily and Morgan share their perspective on how Schedule III will also benefit ancillary businesses but is not meaningful for most Canadian operators. We also discuss the potential to move to higher exchanges, and Emily explains how a Garland Memo may help clarify how existing state programs may operate under Schedule III. The episode concludes with Morgan sharing how Poseidon invests in cannabis and if Schedule III shifts their investment philosophy.