Rescheduling is “not a Panacea to all the problems of the industry” and would not make the issue of oversaturation and lack of investor capital go away, Frank Segall, co-chair of cannabis practice at Blank Rome, told the crowd gathered at the Benzinga Cannabis Capital Conference in Chicago on Tuesday. He was part of the panel, “Consolidation Trends in the Wake of Cannabis Rescheduling: Identifying Winners and Losers.”

While it would impact positively the balance sheets of many operators by eradicating restrictions of Section 280E of the Internal Revenue Code and attracting some capital, the shift of cannabis to Schedule III would not result in big players like Wells Fargo crossing over to the marijuana industry, Segall said.

“Legalization is what they’re mandating for them to cross over,” he added.

Segall, alongside three other experts, joined the panel moderated by Scott Greiper, founder and president at Viridian Capital Advisors, to discuss broader market consolidation trends following cannabis’s shift to Schedule III.

Alongside Segall, Pablo Zuanic, managing partner at Zuanic & Associates LLC; Barbara Webb, tax partner at MGO and Laura Bianchi, co-founder of Bianchi & Brandt discussed which types of companies are positioned to thrive and which are not, as well as how investors can identify solid bets in the new regulatory landscape while avoiding pitfalls in a competitive market.

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Bianchi & Brandt offers a full suite of legal and strategic services tailored to the unique needs of complex industries, including cannabis and psychedelics, with a level of trust and expertise that is unmatched. With a deep bench of business law and regulatory specialists, the firm takes a holistic approach to client support across all operations. Bianchi & Brandt has served as a strategic partner to their clients and assisted not only with legal matters, but also risk management, compliance, M&A, and other business challenges. For over a decade, the firm has pursued its goal to help companies maximize results from founding through each new phase of growth. The Bianchi & Brandt team pride themselves on their long commitment to the industry and the deep client relationships forged by the firm’s founding partners. Learn more: bianchibrandt.com

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