The Associated Press Quotes Flow Kana on U.S. DOJ’s Cannabis Action
Statements from Michael Steinmetz, CEO of Flow Kana, were featured in an article from the Associated Press regarding the state of the cannabis industry after the U.S. Department of Justice’s Attorney General Jeff Sessions’ issued a memo signaling to tougher federal pot enforcement.
Sessions’ decided to rescind the Cole memorandum, an Obama-Era guidance document on marijuana enforcement and return to the rule of law. This weakened protection from federal prosecution regarding marijuana activities and as a result, investors confidence in the market declined, causing marijuana-related stocks to plummet.
Despite the drop in the market, marijuana operators such as Michael Steinmetz and Steve DeAngelo, owner of Harborside dispensary in Oakland, stated that they plan to make no changes and will keep operating business as usual. Steinmetz shared his perspective based on his experience of a cannabis purveyor, stating, “For this industry and for this community, we are really based on resilience, going against the tide. This is no different. From my perspective, things don’t change.”