Debra BorchardtChief executive officers are typically reserved when it comes to earnings calls. Carefully crafted statements vetted by company lawyers make for safe and informative language that others parse for inner meanings. This season so far, cannabis CEOs have voiced displeasure and frustration along with hope that the Trump administration will accomplish what the Biden administration failed to do regarding federal legalization.
These quotes were taken from recent earnings call transcripts from the companies held in 2025.
WM Technology (NASDAQ: MAPS) or Weedmaps CEO Doug Francis:
“The regulatory uncertainty remains as states are increasingly introducing their own legislation that could alter the opportunity landscape overnight. Texas recently proposed regulation being a prime example.
But to be clear, without support from legislators and regulators around the globe, the cannabis industry will continue to struggle and most operators will be forced to the hemp and black markets to survive.
The rollout of cannabis has been an absolute failure by government bureaucrats killing their chance at creating a thriving industry of opportunities and job creation for all walks of life. Legislation and regulation of cannabis should focus on ensuring safety and maximizing access, and otherwise, the government needs to get out of the way and let the free market work. Instead of doing this, time and time again, we see the people in government who do not understand cannabis, strangle our industry, acting in their own interest but not in the best interest of the consumers or the industry. We need legislators and regulators to take a builder’s mindset towards the industry instead of acting like a demolition team, raising the structure that is barely more than a foundation.”
Cresco Labs (OTC: CRLBF) CEO Charlie Bachtell
“What I would say is that I still remain so confident in the story that cannabis has to tell. It’s such a common-sense story. You’re at the point where 40 out of 50 states have legalized cannabis for one reason or another. And we’re at the point where we’ve just been waiting for a common-sense audience to take a common-sense approach to it. And if I look at the lay of the land ahead of us, the obligation’s on us to make sure that we tell the cannabis story in a way that the current administration can hear it and see it for what it is, which is it just needs a common sense approach brought to it from a reform perspective.
I was down there earlier this year. You’ve seen the efforts from the industry and the leading participants to bring associations together to really mature in our approach to DC, to get the reform that the industry needs. So we’ll continue to do it and be optimistic about the outlook, but the obligation is on us to deliver.”
Verano (OTC: VRNOF) George Archos
“On the legislative front, we are actively monitoring developments and engaging at the Federal level as the new administration sets priorities and fills out key cabinet and senior staff positions. Given President Trump’s campaign promises, we are cautiously optimistic he will support rescheduling and banking reforms that align with this administration’s pro-business, state’s right agenda, which would finally allow America’s next great homegrown industry to reach its full potential. However, we never run the business based on legislative assumptions and remain confident in our ability to grow the company in the current environment.”
Trulieve (OTC: TCNNF) CEO Kim Rivers
“We believe the support of the majority of Floridians, including President Trump, sends a very strong signal that voters are ready for common sense cannabis reform. We remain optimistic that the Trump administration will work to address inequities for state legal operators, including access to banking, expanded research and normalized tax rates. American cannabis companies with hundreds of thousands of employees who serve millions of customers deserve to operate on a level playing field.
Repatriation of investments for U.S. companies to major exchanges would expand access to capital, allowing responsible state legal operators to further invest in serving customers and employees.
Tilray (NASDAQ: TLRY) CEO Irwin Simon
“My thing is the Trump organization will look at this here because of the dollars it will contribute..to bringing in more tax dollars and also eliminating from the illicit market and eliminating all the confusion, helping with [SAFE Bank].
When do I think it will happen? As I said before, I think it will happen during this administration, but I did say, it will happen during the Biden administration, too. But I think, this organization — this administration is much more business opportunistic and we’ll look at it with the right regulation and I think that’s what’s important here.”
TerrAscend (OTC: TSNDF) CEO Jason Wild
“Regarding regulatory reform, we are monitoring progress at both the federal and state levels. In December, oral arguments were held at the U.S. Court of Appeals for the First Circuit in the David Boies lawsuit against U.S. Attorney General Garland, which seeks equal treatment for legal state-regulated cannabis businesses. We look forward to sharing further updates as this case progresses.
