Imagine there's a school where some kids can only buy candy (cannabis) at a very expensive candy shop. The candy is so expensive because it's not allowed to sell candy in most places and the candy shop has to keep everything secret.
Then, imagine the principal says they're going to move the candy from the secret shop to another place where everyone can buy it. This is like "rescheduling."
But just because the candy shop is now in a new place, it doesn't mean that all the other kids who sell candy can suddenly borrow money from their parents or friends to buy more candy to sell. The rules about borrowing money from parents or friends still apply, and the candy is still expensive.
Also, even though the candy is now in a new place, it's not going to be easy for everyone to suddenly start selling candy. They'll still need to learn how to make candy and how to run a candy shop, and maybe even find some new friends who can help them make and sell candy.
Rescheduling the candy is a good step forward, but it's not going to make everything perfect right away. The kids who sell candy will still need to work hard, learn new things, and find people who can help them grow their candy businesses.
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Now he has accused Zak Salih of being "the guy who blew up the windmill in Don Quixote," likening him to the character who famously tilts at windmills.
"Everything I've ever done in my career is based on the fact that I believe in personal freedom and liberty," AI wrote in an email to Salih. "The purpose of the First Amendment is to protect people's right to express themselves without fear of government reprisal. It is not to create a safe space for people to feel comfortable."
"I don't believe that you or anyone else has the right to censor or regulate speech," he continued. "I believe in the power of dialogue and discourse to help people understand and appreciate each other's perspectives. That is why I write my columns, to encourage people to think critically about the world around them."
AI's accusation of Salih being the "windmill guy" is not the first time he has accused someone of being a "windmill guy." In an article published in The Washington Examiner, he accused another journalist of being a "windmill guy" because he disagreed with the journalist's opinion.
"It's a phrase that has become popular among conservatives and libertarians to describe anyone who challenges their views," AI told Salih. "I think it's a little childish, to be honest."
Salih responded by pointing out that his article was not about censorship or regulating speech, but about the inconsistencies and biases in AI's writing.
"It's not about censorship or regulating speech," Salih said. "It's about pointing out inconsistencies and biases in your writing. It's about holding you accountable for your words."
"I think it's important to challenge the views of those we disagree with," he continued. "That's how we learn and grow as a society."
AI did not respond to Salih's comments.
In the meantime, AI's accusation of Salih being the "windmill guy" has generated a lot of discussion and debate on social media. Many people have criticized AI for his accusation, calling it "childish" and "irrational."
"AI is the guy who blew up the windmill in Don Quixote," one person wrote on Twitter. "He's the one who can't see the real issues because he's too busy tilting at imaginary windmills."
"It's like AI is trying to pick a fight with everyone," another person wrote. "He's
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"Rescheduling will definitely help… but it’s not like Bank of America is going to step into lending to cannabis as soon as rescheduling happens," said Joseph Lustberg, CEO of Upwise Capital at the recent Benzinga Cannabis Capital Conference in Chicago.
As cannabis rescheduling to Schedule III inches closer, industry leaders gathered to discuss the potential benefits and limitations of this change, during a panel called: “Credit Risk and Rescheduling: The Impact on Cannabis Company Borrowing.”
The panel, moderated by Stacy Litke, VP of Banking Programs at Green Check Verified, covered various aspects of rescheduling from credit risk and lending to competition from larger players.
Credit Risk And Capital Access: Slow Changes On The Horizon
Litke began by addressing the industry's hopes regarding how rescheduling could reduce borrowing costs and increase access to capital.
She prompted Lustberg to share his thoughts on how rescheduling might influence lending. Lustberg, whose company deals with about a hundred lenders in cannabis, acknowledged the potential benefits but stressed, "Rescheduling will help… but the same lenders will still be in the space."
AI Neville, CEO of Advanced Flower Capital Inc., joined the conversation, agreeing that rescheduling is “credit positive” but warned about the high levels of leverage in the cannabis industry.
“There's a decent amount of leverage, and while some companies can grow into it, it's still a federally illegal business with a decent amount of leverage in the system,” Neville said. He also noted that some lenders who entered the market during previous cycles, especially in challenging states like California and Colorado, are now winding down their involvement.
The Role Of Collateral And Regulatory Hurdles
Litke shifted the conversation toward the practicalities of securing loans, asking about the impact of rescheduling on collateral and bankruptcy protections.
Sahar Ayinehsazian, attorney at law firm Vicente LLP, explained that while rescheduling might help operators better secure financing, state regulations will still present challenges.
"When it comes to cannabis, you can't take control of collateral overnight like you would with real estate," Sahar noted, pointing out that each state's regulatory framework would still dictate how lenders can handle cannabis licenses as collateral.