New report shows several data points about CFOs, including their lack of confidence in the Biden administration.
Most financial leaders in cannabis don’t trust the Biden administration, new data suggests. On December 14, GreenGrowth CPAs announced the cannabis industry’s first 2021 Cannabis CFO Survey—a 22-page analysis containing business and market outlook data from over 75 cannabis industry CFOs, CEOs, founders, controllers and other financial roles in 20 markets across the United States.
The report showed a lack in confidence about commitment on federal cannabis reform from President Joe Biden’s administration, and it provided some fascinating details of how people in financial roles in the cannabis industry differ in opinion from members of other industry sectors.
Financial leaders were asked their perspective on the cannabis business environment, progress recovering from the COVID-19 pandemic and outlook on raising capital and assessing the potential impact of the Biden administration. “The answers were volunteered by financial leaders throughout the cannabis ecosystem,” GreenGrowth CPAs Chief Marketing Officer Kristofer Lenz told High Times. “We sent emails to our internal distribution list ([over 40,000] mix of clients, prospects and folks who signed up for our newsletter), posted on social media and conducted personal outreach to industry partners who also shared within their networks.”
Notably, over 62 percent of respondents doubt support from the Biden administration. Specifically, President Biden doesn’t have a great track record on cannabis like most other members of the Silent Generation. White House Press Secretary Jen Psaki reaffirmed last July that President Joe Biden opposes cannabis legalization—putting him at odds with top Democrats such as Senate Majority Leader Chuck Schumer and Senator Cory Booker.
