Uber CEO: Company Could Get Into ‘Cannabis Delivery’

Is Uber going to pot? The CEO of the ride-sharing company said Monday that his company could start delivering cannabis if the federal government cleared the way on regulation.

In an interview with CNBC, CEO Dara Khosrowshahi said, “When the road is clear for cannabis, when federal laws come into play, we’re absolutely going to take a look at it.”

In the meantime, the company is focused on its food and alcohol deliveries.

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Though numerous states have recently legalized recreational marijuana, with Governor Cuomo signing legislation giving cannabis the okay just two weeks ago, the substance is still classified as a Schedule I drug.

The classification has presented challenges in the industry as it tried to grow…since banks are unable to help businesses transact given the Federal violations the business represents.

Khosrowshahi said while he recognizes the opportunity the marijuana business represents but that for now, Uber will remain focused on the legal tasks at hand. “We see so much opportunity out there but we’re going to focus on the opportunity at hand.”

Shares of Uber traded up nearly 4% on Monday, at $59.91 a share. This, after the company posted gross record bookings in March. As states relaxed their Covid restrictions, Uber saw an increased uptick in bookings.

 

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