If the cannabis industry wants to survive intact, it needs to come together, democratize and hang on to its collective hat because it could be bumpy a ride, Todd Harrison, founding partner and CIO at the cannabinoid-focused investment firm CB1 Capital told Benzinga CEO and founder Jason Raznick on The Raz Report.

“It’s been 925 days and what’s happening now is that you’ve got a war of attrition,” Harrison said, referring to cannabis companies who’ve honestly tried but can’t seem to get off the ground in the face of persistent obstacles such as an unfair tax structure known as 280E, which translates, essentially, to a 70% tax rate that does allow cannabis companies to do basic business deductions. This has been exacerbated by having no access to banking and credit.

“They’ve done everything they can to try to hold this industry down,” said Harrison. “It’s been the worst of all worlds for cannabis companies.”

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