<p>联邦大麻法律经历了自尼克松时代以来最大的重置，这一政策改革被称为重新分类。</p>
<p>这一变化将大麻从《受控物质法》下的第一类药物调整为第三类药物。庆祝活动已经结束。但值得简要回顾一下，这对投资者来说是多么具有变革性的时刻，几位大麻公司首席执行官对此有话要说。</p>
<p>“美国大麻行业现在进入了我们认为 55 年来最重要的监管转折点，”<strong>Curaleaf (CURLF)</strong> 首席执行官 Boris Jordan 说。</p>
<p>“这是行业在联邦层面上取得的首个实质性改革，”<strong>Cresco Labs (CRLBF)</strong> 首席执行官 Charlie Bachtell 说。</p>
<p>除了重新分类所代表的对大麻的高层文化转变外，还有几个对投资者具有重要实际意义的关键影响。</p>
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<p>显而易见的一个影响是，大麻公司现金流的提升，这源于对 IRS 280E 规则的中和，该规则禁止将运营费用从第一类药物的销售收入中扣除。</p>
<p>以下是大麻公司首席执行官所说的其他对投资者的关键影响。</p>
<h3><strong>1. 大麻现在可能在联邦层面合法，尽管这里还有争议。</strong></h3>
<p>作为重新分类的一部分，该领域的公司必须从药物执法局（DEA）获得运营许可证。这似乎是对大麻公司存在的事实性法律承认，这可能会产生重大影响。“[重新分类] 命令规定我们可以为我们的医疗大麻业务获得 DEA 许可证，这将使我们的业务在《受控物质法》下完全合法，” Curaleaf 的 Jordan 认为。</p>
<h3><strong>2. 这一变化可能改善银行服务的获取。</strong></h3>
<p>Curaleaf 的 Jordan 预计重新分类将帮助大麻公司获得更大的银行服务访问。“我们和行业正在争相探索增加对银行、金融服务和信用卡使用的访问，以支持我们的医疗大麻业务，” 他说。</p>
<p>“正常化的银行关系，尤其是接受主要信用卡的能力，将消除销售点的摩擦，提高转化率，降低交易成本，并继续正常化消费者体验。这也将改善现金管理并扩大信用获取，代表着 Curaleaf 在盈利能力和可扩展性方面的又一个重要进步。”</p>
<p>Jordan 还预测，SAFE Banking 法案将重返参议院，并在年底前获得批准，该法案将确认大麻公司获得银行服务的权利。该法案在众议院已经获得多次批准。</p>
<h3><strong>3. 重新分类可能导致在更好的交易所上市。</strong></h3>
<p>“我相信，拥有联邦 DEA 许可证后，我们将成为一家联邦合法的企业，这应该会给交易所另一个纳入我们的理由，”<strong>Verano (VRNO)</strong> 首席执行官 George Archos 表示。</p>
<p>“在 [证券交易所] 章程中没有任何条款禁止我们上市，” Verano 首席投资官 Aaron Miles 赞同。“只是交易所选择不基于产品的联邦非法性。当你实际上开始在联邦层面获得更多的批准和接受时，你可以想象这将进一步加强我们的案例。更多信息敬请期待。”</p>
<h3><strong>4. 这一改革可能会吸引机构资金进入该领域。</strong></h3>
<p>并非所有首席执行官都认同医疗大麻的重新分类使植物 “在联邦层面合法” 的观点，因为娱乐用途的销售仍然在第一类药物中。“医疗大麻的重新分类并不是完全合法化，”<strong>Green Thumb Industries (GTBIF)</strong> 首席执行官 Ben Kovler 说。“这不是完全合法化。它可能是某些产品的合法化。”</p>
<p>尽管如此，他认为医疗大麻的重新分类可能足以吸引机构投资者。“这为新一轮投资者打开了一个新的世界。人们开始对研究这个领域感兴趣。这让它变得非常有趣。”</p>
<p><strong>但要警惕首席执行官的过度乐观。</strong></p>
<p>然而，首席执行官们似乎对娱乐用途大麻重新分类的前景过于乐观。他们的时间表过于短期。“我们希望其余的大麻在今年晚些时候重新分类，” Green Thumb 的 Kovler 说。“我想我们可以告诉你，到年底所有大麻都将重新分类。这感觉相当不错。”</p>
<p>“考虑到加快的时间表和已经审查的大量数据，我们对今年能够最终确定大麻重新分类持乐观态度，”<strong>Trulieve Cannabis (TCNNF)</strong> 首席执行官 Kim Rivers 说。</p>
<p>“当成人使用的流程结束时，我们预计在这个夏季晚些时候，这些好处也应该扩展到我们业务的成人使用部分，” Curaleaf 的 Jordan 说。</p>
<p>这里的问题是，这些时间表过于乐观。医疗用途的重新分类是通过利用国际法条款加速的，否则，像娱乐用途重新分类这样的重大联邦行政法律变更通常需要数年才能完成。</p>
<p>娱乐用途重新分类的另一个大问题是，行政部门并没有强烈支持这一点。虽然唐纳德·特朗普总统全力支持医疗用途，但他对娱乐用途持怀疑态度。DEA 一直以来反对大麻正常化。像 DEA 这样的组织的文化转变发生得很慢，甚至根本不会发生。由于 DEA 在娱乐用途重新分类中将发挥关键作用，其对大麻改革的固有抵制可能仍然是一个障碍。</p>
<p><strong>底线</strong>：对于投资者来说，医疗用途大麻重新分类的好处远远超出了 280E 现金流的提升。它还可能带来上市、机构投资者的兴趣和更多的银行服务。但作为投资者，你需要谨慎对待快速娱乐用途重新分类的论点。这不会迅速发生。</p>
<p>有关最近第一季度大麻公司财报电话会议中其他八个关键投资者见解的详细信息，请点击此处订阅 <em>Cabot Cannabis Investor</em> <em>.</em></p>
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CRLBF

TCNNF

IIPR

GTBIF

VICE

纯美国大麻 ETF

另类收益 ETF -ETFMG

<p>最近，随着大麻从《受控物质法》第一类药物重新分类为第三类药物，美国大麻行业迎来了重大的监管变革。主要大麻公司的首席执行官们强调了这一变化对投资者的关键影响，包括改善现金流、获得更好的银行服务、潜在的上市机会以及机构投资者的兴趣增加。然而，对于休闲大麻重新分类的时间表过于乐观的担忧依然存在，因为对此类变更的支持仍然有限</p>

<p>Federal cannabis law just saw its biggest reset since the Nixon era, in a policy reform called rescheduling.</p>
<div class="lb-trans"><p>联邦大麻法律经历了自尼克松时代以来最大的重置，这一政策改革被称为重新分类。</p>
</div><p>The change moves cannabis to Schedule III from Schedule I under the Controlled Substances Act. The celebrations are over. But it’s worth briefly remembering what a game-changer this is for investors, in the words of a few cannabis company CEOs.</p>
<div class="lb-trans"><p>这一变化将大麻从《受控物质法》下的第一类药物调整为第三类药物。庆祝活动已经结束。但值得简要回顾一下，这对投资者来说是多么具有变革性的时刻，几位大麻公司首席执行官对此有话要说。</p>
</div><p>“The U.S. cannabis industry has now entered what we believe is the most important regulatory inflection point in 55 years,” says <strong>Curaleaf (CURLF)</strong> CEO Boris Jordan.</p>
<div class="lb-trans"><p>“美国大麻行业现在进入了我们认为 55 年来最重要的监管转折点，”<strong>Curaleaf (CURLF)</strong> 首席执行官 Boris Jordan 说。</p>
</div><p>“This is the first substantive reform that the industry’s achieved at a federal level, ever,” says <strong>Cresco Labs (CRLBF)</strong> CEO Charlie Bachtell.</p>
<div class="lb-trans"><p>“这是行业在联邦层面上取得的首个实质性改革，”<strong>Cresco Labs (CRLBF)</strong> 首席执行官 Charlie Bachtell 说。</p>
</div><p>Beyond the high-level cultural shift towards cannabis that rescheduling represents, there are several key practical implications for investors.</p>
<div class="lb-trans"><p>除了重新分类所代表的对大麻的高层文化转变外，还有几个对投资者具有重要实际意义的关键影响。</p>
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</div><p>The obvious one is the cannabis company cash flow boost that comes from the neutralization of IRS Rule 280E, which bans the deduction of operating expenses against revenue from the sale of Schedule I drugs.</p>
<div class="lb-trans"><p>显而易见的一个影响是，大麻公司现金流的提升，这源于对 IRS 280E 规则的中和，该规则禁止将运营费用从第一类药物的销售收入中扣除。</p>
</div><p>Here are the other key implications for investors, say cannabis company CEOs.</p>
<div class="lb-trans"><p>以下是大麻公司首席执行官所说的其他对投资者的关键影响。</p>
</div><h3><strong>1. Cannabis may now be federally legal, though there’s room for debate here.</strong></h3>
<div class="lb-trans"><h3><strong>1. 大麻现在可能在联邦层面合法，尽管这里还有争议。</strong></h3>
</div><p>As part of rescheduling, companies in the space have to get an operating license from the Drug Enforcement Administration (DEA). This seems like a de facto legal acknowledgment that cannabis companies exist, which may have big implications. “The [rescheduling] order provides that we can get DEA licenses for our medical cannabis businesses, which would make our business fully legal under the Controlled Substances Act,” believes Jordan, at Curaleaf.</p>
<div class="lb-trans"><p>作为重新分类的一部分，该领域的公司必须从药物执法局（DEA）获得运营许可证。这似乎是对大麻公司存在的事实性法律承认，这可能会产生重大影响。“[重新分类] 命令规定我们可以为我们的医疗大麻业务获得 DEA 许可证，这将使我们的业务在《受控物质法》下完全合法，” Curaleaf 的 Jordan 认为。</p>
</div><h3><strong>2. The change may improve access to banking services.</strong></h3>
<div class="lb-trans"><h3><strong>2. 这一变化可能改善银行服务的获取。</strong></h3>
</div><p>Jordan at Curaleaf expects rescheduling to help cannabis companies get greater access to banking services. “We and the industry are racing to explore increased access to banking, financial services, and credit card use for our medical cannabis business,” he says.</p>
<div class="lb-trans"><p>Curaleaf 的 Jordan 预计重新分类将帮助大麻公司获得更大的银行服务访问。“我们和行业正在争相探索增加对银行、金融服务和信用卡使用的访问，以支持我们的医疗大麻业务，” 他说。</p>
</div><p>“Normalized banking relationships, critically the ability to accept major credit cards, would remove friction at the point of sale, improve conversion, lower transaction costs, and continue the normalization of the consumer experience. It would also improve cash management and expand access to credit, representing another meaningful step change in profitability and scalability for Curaleaf.”</p>
<div class="lb-trans"><p>“正常化的银行关系，尤其是接受主要信用卡的能力，将消除销售点的摩擦，提高转化率，降低交易成本，并继续正常化消费者体验。这也将改善现金管理并扩大信用获取，代表着 Curaleaf 在盈利能力和可扩展性方面的又一个重要进步。”</p>
</div><p>Jordan also predicts SAFE Banking legislation, which would codify cannabis company access to banking, will make a comeback in the Senate and get approval there by year end. It has been approved several times in the House.</p>
<div class="lb-trans"><p>Jordan 还预测，SAFE Banking 法案将重返参议院，并在年底前获得批准，该法案将确认大麻公司获得银行服务的权利。该法案在众议院已经获得多次批准。</p>
</div><h3><strong>3. Rescheduling could lead to uplisting on better exchanges.</strong></h3>
<div class="lb-trans"><h3><strong>3. 重新分类可能导致在更好的交易所上市。</strong></h3>
</div><p>“I believe that with a federal DEA license, we become a federally legal business, which should give another nod to the exchanges to be able to include us,” opined <strong>Verano (VRNO)</strong> CEO George Archos.</p>
<div class="lb-trans"><p>“我相信，拥有联邦 DEA 许可证后，我们将成为一家联邦合法的企业，这应该会给交易所另一个纳入我们的理由，”<strong>Verano (VRNO)</strong> 首席执行官 George Archos 表示。</p>
</div><p>“There’s nothing in the [stock exchange] bylaws that preclude us from being listed, agrees Verano chief investment officer Aaron Miles. “It’s just the exchanges are choosing not to based on the federal illegality of the product. When you actually start to get more approval and more acceptance at the federal level, you can imagine that it’ll just further strengthen our case. More to come on that.”</p>
<div class="lb-trans"><p>“在 [证券交易所] 章程中没有任何条款禁止我们上市，” Verano 首席投资官 Aaron Miles 赞同。“只是交易所选择不基于产品的联邦非法性。当你实际上开始在联邦层面获得更多的批准和接受时，你可以想象这将进一步加强我们的案例。更多信息敬请期待。”</p>
</div><h3><strong>4. The reform could bring institutional money into the sector.</strong></h3>
<div class="lb-trans"><h3><strong>4. 这一改革可能会吸引机构资金进入该领域。</strong></h3>
</div><p>Not all CEOs are on board with the notion that rescheduling of medical cannabis makes the plant “federally legal,” since recreational-use sales remain in Schedule I. “Rescheduling of medical cannabis is not full legalization,” says <strong>Green Thumb Industries (GTBIF)</strong> CEO Ben Kovler. “It’s not full legalization. It might be legalization of some of the product.”</p>
<div class="lb-trans"><p>并非所有首席执行官都认同医疗大麻的重新分类使植物 “在联邦层面合法” 的观点，因为娱乐用途的销售仍然在第一类药物中。“医疗大麻的重新分类并不是完全合法化，”<strong>Green Thumb Industries (GTBIF)</strong> 首席执行官 Ben Kovler 说。“这不是完全合法化。它可能是某些产品的合法化。”</p>
</div><p>Nevertheless, he thinks rescheduling of medical cannabis may be enough to attract institutional investors. “This opens up a new world of investors to come examine the space. People are getting interested in studying the space. That makes it very interesting.”</p>
<div class="lb-trans"><p>尽管如此，他认为医疗大麻的重新分类可能足以吸引机构投资者。“这为新一轮投资者打开了一个新的世界。人们开始对研究这个领域感兴趣。这让它变得非常有趣。”</p>
</div><p><strong>But beware of excessive CEO exuberance.</strong></p>
<div class="lb-trans"><p><strong>但要警惕首席执行官的过度乐观。</strong></p>
</div><p>CEOs, however, appear overly optimistic on the prospects for recreational-use cannabis rescheduling. Their timelines are way too short. “We are hopeful the rest of cannabis will be rescheduled later this year,” says Green Thumb’s Kovler. “I think we can tell you at the end of the year all cannabis gets rescheduled. That feels pretty good.”</p>
<div class="lb-trans"><p>然而，首席执行官们似乎对娱乐用途大麻重新分类的前景过于乐观。他们的时间表过于短期。“我们希望其余的大麻在今年晚些时候重新分类，” Green Thumb 的 Kovler 说。“我想我们可以告诉你，到年底所有大麻都将重新分类。这感觉相当不错。”</p>
</div><p>“Given the expedited timeline and significant body of data that has already been examined, we are optimistic that marijuana rescheduling can be finalized this year,” says <strong>Trulieve Cannabis (TCNNF)</strong> CEO Kim Rivers.</p>
<div class="lb-trans"><p>“考虑到加快的时间表和已经审查的大量数据，我们对今年能够最终确定大麻重新分类持乐观态度，”<strong>Trulieve Cannabis (TCNNF)</strong> 首席执行官 Kim Rivers 说。</p>
</div><p>“When the adult use process concludes, which we expect later this summer, these benefits should extend across the adult use portion of our business as well,” says Jordan at Curaleaf.</p>
<div class="lb-trans"><p>“当成人使用的流程结束时，我们预计在这个夏季晚些时候，这些好处也应该扩展到我们业务的成人使用部分，” Curaleaf 的 Jordan 说。</p>
</div><p>The problem here is that these timelines are way too optimistic. The rescheduling of medical use was accelerated by the use of international law provisions to speed up the process. Otherwise, major federal administrative law changes like rec-use rescheduling typically take years to play out.</p>
<div class="lb-trans"><p>这里的问题是，这些时间表过于乐观。医疗用途的重新分类是通过利用国际法条款加速的，否则，像娱乐用途重新分类这样的重大联邦行政法律变更通常需要数年才能完成。</p>
</div><p>The other big problem for rec-use rescheduling is that there’s no groundswell of support for it in administration. While President Donald Trump is all in on medical use, he’s skeptical about rec-use. The DEA has a long history of opposing cannabis normalization. Cultural shifts at large organizations like the DEA happen slowly, if at all. Since the DEA will play a key role in rec-use rescheduling, its inherent resistance to cannabis reform may remain an obstacle.</p>
<div class="lb-trans"><p>娱乐用途重新分类的另一个大问题是，行政部门并没有强烈支持这一点。虽然唐纳德·特朗普总统全力支持医疗用途，但他对娱乐用途持怀疑态度。DEA 一直以来反对大麻正常化。像 DEA 这样的组织的文化转变发生得很慢，甚至根本不会发生。由于 DEA 在娱乐用途重新分类中将发挥关键作用，其对大麻改革的固有抵制可能仍然是一个障碍。</p>
</div><p><strong>The bottom line</strong>: For investors, the benefits of rescheduling medical-use cannabis go way beyond the 280E cash flow boost. It may also bring uplisting, institutional investor interest, and more banking services. But as an investor, you need to be careful about buying into to the rapid rec-use rescheduling thesis. It is not going to happen quickly.</p>
<div class="lb-trans"><p><strong>底线</strong>：对于投资者来说，医疗用途大麻重新分类的好处远远超出了 280E 现金流的提升。它还可能带来上市、机构投资者的兴趣和更多的银行服务。但作为投资者，你需要谨慎对待快速娱乐用途重新分类的论点。这不会迅速发生。</p>
</div><p>For details on eight other key investor insights from the recent first-quarter cannabis company earnings calls, click here to subscribe to <em>Cabot Cannabis Investor</em> <em>.</em></p>
<div class="lb-trans"><p>有关最近第一季度大麻公司财报电话会议中其他八个关键投资者见解的详细信息，请点击此处订阅 <em>Cabot Cannabis Investor</em> <em>.</em></p>
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这就是 “重新安排” 对投资者的真正含义