New Facts Are Hard | The Bengal Bite 🐯

“I don’t know about that . . . that doesn’t feel right to me at all” was the best argument a CNBC host could muster at Ben Kovler, CEO of Green Thumb Industries, Inc. (GTI) during a recent interview at the claim that cannabis is actually an “exit” drug that reduces opioid deaths. 

Unfortunately, the entire conversation about cannabis and opioids, and doubts about cannabis being able to reduce opioid use, is obscured by another, terrible, underlying truth. Like a frog in water that is slowly being brought up to a boil, the entire debate often misses the reality of just how much opioid death rates have increased (see graph below) in the last few decades:

Cannabis can’t be held responsible for this acceleration (despite some people still trying), and the fact that it even has a chance of helping should be celebrated in public health policy circles. As recreational cannabis matures in certain states, more data is becoming available about cannabis’ positive effects - one study found that Colorado’s legalization of adult-use cannabis led to a 0.7 per month reduction in opioid-related deaths. That’s almost one human being saved per month.

Hedgeye, a financial research firm, took a look at the Kaiser Family Foundation opioid data and found largely the same thing - adult-use legalization had a negative effect on opioid deaths, and that the effect continued after legalization.

Source: Hedgeye

And, at the same time as cannabis seemed to be preventing opioid deaths, it was raising tax dollars that could be used to actually help those with opioid abuse issues.

So cannabis didn’t cause opioid deaths to skyrocket, seems to actually prevent those deaths, and helps raise money that has a chance of helping those with opioid issues in the process.

Ben’s response to the interviewer was a piece of understated gold: “New facts are hard.” But maybe they shouldn’t be.

This Week's Bite:

• The Big Apple (Pipe): The city that never sleeps might get a little help thanks to a recent deal struck between embattled Gov. Cuomo and the legislature. The bill permits delivery and consumption lounges, and also directs the majority of tax revenues towards drug treatment, prevention, education, and investments in communities disproportionately affected by the war on drugs. While sales for legal cannabis products are still more than a year away, medical patients in the state will be allowed to start home growing cannabis in 6 months. (New York Times)

• Not chill, Biden bros! After having announced that past usage of marijuana would not be a dealbreaker for employment, the Biden administration abruptly let go of five staffers. Over 30 Democrats sent a letter criticizing the Biden administration’s totally uncool actions. (Buzzfeed News | CBS News | Daily Beast)

• “Stimmies” for retail consumers and cannabis companies alike: With checks from the American Rescue Plan in consumers’ hands, the cannabis industry expects a bump in retail sales. In addition, the latest round of economic stimulus contains provisions that allow marijuana-related firms to access some limited government help in the form of tax credits. (Marijuana Business Daily) 

• Return to normalcy: The United States economy is starting to show signs that it is beginning to return to its pre-pandemic normal. 25% of Americans have received at least their first shot and now cannabis consumers are returning to their regular, evening shopping hours. (Marijuana Business Daily)

• DTC advertising in a federally illegal industry: Cannabis marketers have a tough job. Not only do they have to work within the budgetary constraints imposed by high Federal tax rates (due to 280E), they also do not have the same tools at their disposal to market to high conviction buyers as other industries. Online platforms and cannabis-specific applications are closing the gap by giving companies alternative ways to advertise online or directly to influencers, rather than having to go the traditional route of Facebook advertising. (Brian @ Jane | leaf.vip)