So This Noise At The Federal Level Makes Those Investors Question Their Strategy,” He Says.

1, as Sessions wants, New York’s highly regulated program is likely low on his priority list. “Jeff Sessions has a tremendous amount of low-hanging enforcement fruit that he needs to get to before he starts bothering those of us who operate in New York,” says Jeremy Unruh, general counsel for PharmaCannis, which owns four dispensaries statewide including one in the Bronx. There are easier targets like Washington, Alaska or Oregon — states that have much looser regulations on who can prescribe and who qualifies for medical marijuana. In New York, the problem posed by Sessions’s move is not legal, but financial. “The biggest effect that all of this noise has is on investment. That’s where the rubber really meets the road in the marijuana space,” says Unruh. “We can’t go to a bank and secure commercial loans or construction loans.” Unruh says right now investment in manufacturing and dispensing medical marijuana comes largely from rich individuals — but recently there’s been more money from venture capital hedge funds and other institutional money. “The institutional money is just beginning to creep into the cannabis space, slowly. So this noise at the federal level makes those investors question their strategy,” he says. That’s not good for New York’s program, which is already struggling. There are not enough doctors, Marijuana Stocks the product is expensive and firms say unnecessary regulations make it hard for them to grow their business.

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