New York has initiated a major expansion of its legal cannabis industry by opening applications for hundreds of new marijuana business licenses. This move follows a slow start, with only about two dozen retailers operating since adult-use sales began last December. The application period will run until December 4, and licenses are expected to be awarded early next year.
Governor Kathy Hochul announced this new application period while emphasizing her administration’s commitment to combating unlicensed marijuana businesses that have proliferated due to delays in the state’s legal rollout. The goal is to accelerate New York’s shift from the underground cannabis market to regulated retailers.
Governor Hochul anticipates a large number of license applicants, aiming for over 1,000 legal cannabis shops within the next year. Simultaneously, the Department of Small Business Services in New York City has launched an educational program for cannabis entrepreneurs, offering training and advice from industry leaders through the “FastTrac” program, with applications open until October 18.
Governor Hochul estimated that over 2,000 illegal marijuana stores currently operate in the state, with a significant concentration in New York City. Legal challenges and a slow regulatory process have contributed to this proliferation. However, the governor expressed optimism about overcoming these challenges and achieving a smoother process by the end of the year.
In addition to expanding licenses, New York is intensifying law enforcement efforts against illegal cannabis sellers. Governor Hochul and State Attorney General Letitia James stressed the importance of supporting small businesses and rectifying the harms caused by the “war on drugs.”
Regulatory authorities and lawmakers are actively seeking input to address challenges in the legal cannabis industry, with a focus on social equity and small business opportunities. While there have been some controversial regulatory changes, efforts are underway to expedite consumer access to legal cannabis and provide alternative markets for surplus products from growers.
New York’s efforts to expand its legal cannabis industry and combat the illegal market are progressing. The state aims to transition to a well-regulated industry while prioritizing social equity and small businesses. Challenges remain, and ongoing regulatory adjustments and public input will shape the future of New York’s cannabis industry.
As cannabis legalization continues to spread across the country, major corporations are increasingly taking notice and investing in the industry. In April of 2023, a major beverage company announced a $100 million investment in a cannabis-infused drink startup, signaling the growing trend of large corporations entering the cannabis space.
In a remarkable turn of events, Maryland’s cannabis market has continued its upward trajectory, with sales in September reaching a staggering $90.5 million, just shy of the previous month’s record-breaking $91.7 million, as reported by the state’s Cannabis Administration (MCA). Even more impressive is the fact that September’s daily sales averaged over $3 million, despite having one fewer day than August. A significant portion of these sales, amounting to $54.3 million or 60%, stemmed from adult-use transactions, marking a notable increase from August’s 57.8%.
Cannabis brands are currently at a crossroads, faced with a critical decision: whether to steer their product towards becoming a luxury consumable or an affordable agricultural commodity. While the trajectory of the cannabis market seems destined to evolve into a luxury goods industry, akin to wine and spirits, the foundations of such luxury brands in other markets were built over years of engagement between consumers, connoisseurs, and producers. To successfully market cannabis products as luxury items, a concerted effort towards well-defined, consumer-accessible branding is required.
In a more current assessment, recent research suggests that the public’s embrace of cannabis is steadily increasing, even as the illicit market maintains its presence. This study, conducted by New Frontier Data, a prominent cannabis consulting firm, involved surveys of nearly 4,400 cannabis consumers and 1,200 nonusers across the United States. The findings reveal a noteworthy surge in acceptance and consumption of cannabis over the past year.
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In a remarkable turn of events, Maryland’s cannabis market has continued its upward trajectory, with sales in September reaching a staggering $90.5 million, just shy of the previous month’s record-breaking $91.7 million, as reported by the state’s Cannabis Administration (MCA). Even more impressive is the fact that September’s daily sales averaged over $3 million, despite having one fewer day than August. A significant portion of these sales, amounting to $54.3 million or 60%, stemmed from adult-use transactions, marking a notable increase from August’s 57.8%.
The momentum generated by Maryland’s cannabis market can be traced back to July 1st when recreational cannabis became legally available in the state. Since then, Maryland residents have collectively spent over $511 million on cannabis products. What’s truly exciting is that the first half of the year primarily focused on medical-only sales, suggesting that the state’s robust monthly average of $90 million in the first three months following adult-use legalization hints at a potentially colossal $1.1-billion market projection for 2024. This positioning aligns Maryland with major national cannabis markets, setting the stage for remarkable growth in the coming years.
But the story doesn’t end here; Maryland’s cannabis industry is on the cusp of even more significant expansion, according to insights from cannabis consulting firm Global Go. Currently, existing medical licensees are limited to operating four dispensaries each, catering to the adult-use market. However, a new licensing round is set to open on November 13, exclusively targeting social equity applicants. This development is expected to more than double the number of cannabis businesses operating in the state, with projections indicating over 175 licenses to be distributed among growers, processors, and dispensaries. The application phase for these coveted licenses will conclude on December 12, culminating in a region-based lottery scheduled for January 1, 2024.
For Cannapreneurs and cannabis enthusiasts in the Maryland area eager to dive into this burgeoning market, mark your calendars for October 10th. On this date, GCT’s partner, Global Cannabis Connect, will present the Maryland Edition, an exclusive happy hour networking event in Baltimore tailored specifically for cannabis entrepreneurs, enthusiasts, and professionals. This event promises valuable insights, connections, and opportunities in Maryland’s thriving cannabis landscape.
As cannabis legalization continues to spread across the country, major corporations are increasingly taking notice and investing in the industry. In April of 2023, a major beverage company announced a $100 million investment in a cannabis-infused drink startup, signaling the growing trend of large corporations entering the cannabis space.
Slowly but surely, state by state, the U.S. is continuing to embrace cannabis. With the increasing number of states legalizing or decriminalizing weed, the market for innovative cannabis products is growing rapidly. Need a great gift idea? Why not upgrade the experience for your cannabis-friendly friends with some high-tech gifts designed specifically for cannabis users? From consumption devices to storage containers, here are nine cutting-edge gift ideas from startups and established companies that are making a mark in this booming industry.
South Dakota’s foray into medical cannabis has far exceeded its initial projections, with the issuance of medical cannabis cards doubling the expected numbers. Since the program’s launch in 2021, the South Dakota Department of Health has issued approximately 11,500 medical cannabis cards, significantly surpassing the original projection of 6,000 cards to be issued by 2024.
The intersection of cannabis and sports has gained significant attention and scrutiny in recent years. Athletes across various disciplines are turning to cannabis for a range of reasons, including pain management, relaxation, and recovery. However, the relationship between cannabis and sports performance is a complex one, with both potential benefits and drawbacks that necessitate closer examination.
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In the idyllic landscape of Hawaii, where natural barriers isolate its islands, a pioneering trend is taking root. Several medical cannabis companies in the state are now engaged in wholesale distribution, facilitating the sale and delivery of marijuana products between islands. This groundbreaking development marks a significant milestone for the Hawaiian cannabis industry and is a rarity in the broader U.S. market.
Hopping from one island to another via plane, helicopter, or boat is a common practice for both residents and visitors in Hawaii, an archipelago spanning over 6,000 miles in the Pacific Ocean. Now, this well-established mode of transport is being leveraged by the state’s medical marijuana sector to expand their offerings to thousands of patients.
Despite the potential legal hurdles and a delicate regulatory environment surrounding inter-island product transportation, some industry players are quietly making strides in this new arena. Crossing federal waters during these journeys is no small feat, given that marijuana remains illegal under federal law. However, Hawaii’s lawmakers recently gave their approval, passing legislation in June that allows state-licensed cannabis companies to engage in wholesale marijuana sales to businesses situated on other islands. These regulations came into effect in August, opening up a new avenue for cannabis commerce.
This innovative inter-island cannabis trade is considered groundbreaking by many in the industry. In Hawaii’s fledgling medical cannabis market, it also addresses a persistent issue – chronic shortages of product inventory, a problem exacerbated by the state’s limited-license model, a reality that continues to linger six years after the initiation of medical marijuana sales.
The scarcity of products, driven by geographical limitations and operating within a highly regulated market, prompted the introduction of these new regulations. They enable state-licensed cannabis companies to supply wholesale flower and various products, such as vape cartridges and pens, to marijuana retailers located on different islands.
In response, companies like Big Island Grown have embarked on this new venture. Big Island Grown, boasting a substantial 35,000-square-foot indoor cultivation operation on Hawaii Island, successfully completed the state’s first wholesale inter-island transaction on September 1 with Green Aloha dispensary on Kauai. Within just nine days, Big Island Grown’s flower supply at Green Aloha’s dispensaries in Kapaa and Koloa was completely sold out, leading to a remarkable 40% month-over-month boost in the retailer’s gross revenue, as per Big Island Grown CEO Jaclyn Moore.
Despite the significance of this development, the industry remains tight-lipped about the specifics of inter-island product transportation, citing the sensitive nature of the issue and worker safety concerns. However, various modes of transportation, including island-hopper planes and commercial flights, offer efficient travel between Hawaiian islands, often taking less than an hour. Private charter and commercial boats are also viable options for this purpose.
Although rare, similar initiatives have been observed in other U.S. states. For example, in Alaska, Weed Dudes has transported marijuana via commercial flights to its retail store on Baranof Island, and in Washington state, some retailers are located on islands such as San Juan Island and Orcas Island. However, the uncertainty related to possible federal enforcement remains a constant concern for those involved in such endeavors.
The unique challenges facing medical marijuana operators in Hawaii extend beyond regulatory constraints and an established illicit market. The high cost of doing business in a state where tourism and real estate dominate the local industries is one of the most significant obstacles. Local companies in all sectors grapple with high tariffs and logistical complexities due to the mandatory port entry for most products. Furthermore, Hawaii’s medical marijuana market is relatively underdeveloped, with gummies, brownies, and other edibles only recently gaining approval.
Patient registration numbers have remained stagnant due to an existing illicit market and collective cultivation practices. In response to this, lawmakers have been reluctant to bolster the medical marijuana industry or explore adult-use legalization. Recent natural disasters, such as the deadly Maui wildfires, have further complicated the industry’s prospects, leaving most medical marijuana businesses unprofitable or in debt.
Despite these challenges, the introduction of cannabis wholesale and distribution across waterways in Hawaii could set a precedent for other markets while expanding accessibility for patients on the islands.
Hawaii’s medical cannabis market, established in August 2017, has faced various challenges. With only eight licensed medical dispensaries scattered across four islands, patient registration numbers have remained relatively flat since at least January 2022, as per state data. The number of patients actively shopping at dispensaries is estimated to be around 10,000, significantly lower than the registered count. Many cardholders use their cards for added protection against enforcement, while others use them for personal cultivation or to establish their own distribution and retail networks outside the purview of regulations.
Hawaii’s cannabis regulations, like those in many other markets, pose challenges for local license holders. For instance, despite favorable growing conditions, cultivators are prohibited from growing marijuana outdoors. Furthermore, annual third-party forensic audits, accounting for every aspect of their business, are mandatory for cannabis companies in Hawaii, posing significant financial burdens.
Though efforts to legalize adult-use cannabis have faced setbacks in the past, there is renewed optimism for legalization in the 2024 legislative session. House Speaker Scott Saiki, who previously opposed legalization, has indicated a change of stance and plans to work on legalization and adult-use retail bill in the upcoming summer. With potential support from House leaders and Governor Josh Green, 2024 may be the year for cannabis legalization in Hawaii, paving the way for significant changes in the state’s cannabis industry.
As cannabis legalization continues to spread across the country, major corporations are increasingly taking notice and investing in the industry. In April of 2023, a major beverage company announced a $100 million investment in a cannabis-infused drink startup, signaling the growing trend of large corporations entering the cannabis space.
Slowly but surely, state by state, the U.S. is continuing to embrace cannabis. With the increasing number of states legalizing or decriminalizing weed, the market for innovative cannabis products is growing rapidly. Need a great gift idea? Why not upgrade the experience for your cannabis-friendly friends with some high-tech gifts designed specifically for cannabis users? From consumption devices to storage containers, here are nine cutting-edge gift ideas from startups and established companies that are making a mark in this booming industry.
The legalization of cannabis for medicinal and recreational use has opened up new opportunities for entrepreneurs and cultivators across the United States. One state that has experienced a significant shift in its cannabis industry is Arizona. With the passing of Proposition 207 in 2020, which legalized recreational marijuana, the demand for cannabis products has surged, leading to a flourishing market. This article delves into the world of cannabis growers in Arizona, exploring the cultivation process, economic impact, regulations, and the challenges and opportunities that arise in this dynamic industry.
Under the Adult Use of Marijuana Act, the cannabis excise tax in California is currently set at 15% of gross receipts from licensed retail cannabis sales. In addition to this state-level tax, many local governments impose their own additional taxes on cannabis, with some jurisdictions, including Los Angeles, charging as high as 10%.
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In a significant stride towards enhancing access to medical cannabis information and services, YesCannabis has proudly launched the TexMed App. Designed with the Texas community in mind, this groundbreaking application is poised to become the go-to resource for anyone seeking information, education, and support within the Texas Medical Cannabis Market.
Introduction
As the medical cannabis landscape evolves across the United States, Texas is making strides of its own in facilitating access to this alternative form of medicine. At the forefront of this movement is Yes Cannabis, a leading name in the cannabis industry. Their latest offering, the TexMed App, is set to revolutionize how the Texas community engages with the medical cannabis market.
The TexMed App Features
Physicians List
One of the standout features of the TexMed App is its comprehensive list of certified physicians specializing in medical cannabis. Finding a qualified healthcare professional who understands the intricacies of medical cannabis has never been easier. The app connects patients with knowledgeable doctors who can provide expert guidance and recommendations tailored to their unique medical needs.
The Physicians List feature allows users to easily search for certified physicians in their area.
Step 1. Click Physician List on the tab or click the Image with Physician word on it.
Step 2. Use the search option for a specific doctor you want to search or scroll down to browse the list of doctors available. You can switch pages by scrolling down and clicking on the next button.
Step 3. Within each Doctor listed is a full page of information, including the name, specialty, address, phone number, and links to public reviews such as WebMD and US News.
Research Form
The Research Form feature provides a user-friendly interface for users to submit information to continually refine the market research in Texas related to medical cannabis and its compassionate use program.
The TexMed App and its Market Research function simplify the process of obtaining user-friendly feedback on the existing knowledge of the Texas Compassionate Use Program.
User submissions are intended to continually improve the offering and enable operators as well as policymakers more aware of the program and its latest status, all within a few taps on their mobile devices in a short 5-minute survey format.
Don’t forget to hit ‘Submit’ at the bottom of the page.
Market Data
The Market Data feature offers regularly updated insights on market access such as physician counts, patient counts, and other relevant market trends.
Staying informed about the ever-evolving medical cannabis market in Texas is crucial for both patients and industry stakeholders. The TexMed App ensures that users have access to regularly updated market data, including the total number of patients, physicians, licenses issued, and the total population of Texas. This feature empowers users to make informed decisions about their medical cannabis journey, taking into account the current patient base, availability of healthcare professionals, the overall licenses issued, and the scale of the market concerning the total population of Texas.
Simply click the Market Data on the tab and the dashboard will be shown.
Education
The Education section provides articles, videos, FAQs, and expert insights on medical cannabis.
Education is at the heart of responsible and safe medical cannabis use. YesCannabis understands this, and the TexMed App is packed with educational resources, including information on various medical conditions that are allowed by the compassionate use program, product education on the varieties of products offered or available, and a comprehensive glossary of industry jargon. Users can access these valuable resources to learn about medical cannabis, understand its applications for specific conditions, and familiarize themselves with important terminology and product details.
A big part of safe access for us is educating medical patients to know what they’re using, to easily discuss their needs with doctors, and identify the right products through licensed operators.
Step 1. Click Education on the tab or scroll down and click the Image with Education on it
Step 2. Scroll down and browse over to conditions, product education, or glossary.
Condition
This section provides information about various medical conditions that can be treated or managed with medical cannabis. It offers insights into how medical cannabis can potentially benefit individuals with specific health issues, helping users make informed decisions about their treatment options.
You can click See All or drag the scroll bar at the bottom.
When clicking on a specific condition, in this case, Epilepsy, there is a brief description of the condition, the estimated population in the US with the condition, as well as resource pages from government agencies and WebMD on the specific condition
Product Education
Within this feature, you can explore detailed information about different medical cannabis products available in the market. The product section covers aspects such as product types, descriptions, regularly used consumption methods in other markets, dosages, and regularly occurring effects that are potential. These data points are made accessible for each individual product. This product education was inspired to empower users to understand the products being prescribed to them based on their individual needs and preferences as well as understand other methods to better have a dialogue with physicians and operators.
Glossary
The glossary is a comprehensive resource that defines and explains important terms and concepts related to medical cannabis. It’s a valuable tool for users to familiarize themselves with terminology and jargon in a complicated industry. The comprehensive list consists of hundreds of terms that are used in the medical cannabis industry, ensuring patients, caregivers, doctors, operators, politicians, or the general curious mind can navigate discussions and information effectively.
These educational components collectively provide users with a well-rounded understanding of medical cannabis, its applications, and the terminology associated with it.
Moreover, the TexMed App’s educational features consist of Leaf411 hotline, an innovative service that allows any user or curious patient to schedule a call with a nurse for personalized guidance and information. Through this hotline medical cannabis-educated, licensed nurses offer guidance to patients on dosing, use, or general conditions, for low to no cost. This unique offering ensures that users can receive expert advice tailored to their specific needs, further enhancing their understanding of medical cannabis and its potential benefits.
You can either call directly via a phone hotline or book a video call appointment directly with a Nurse.
TexMed App sets a goal to benefit the Texas Community as it relates to
Enhancing Access to Physicians
For patients seeking medical cannabis treatment, finding the right healthcare provider is paramount. The TexMed App bridges the gap by facilitating easy connections with certified physicians. This feature ensures that patients can access the care they need promptly.
Empowering The Curious with Dignified Information
Knowledge helps, especially when it comes to medical decisions. With the TexMed App’s research form and educational resources, patients can arm themselves with the information necessary to make informed choices about their healthcare journey.
Supporting Industry Growth
The TexMed App isn’t just for patients; it also supports the growth of the medical cannabis industry in Texas. Businesses can benefit from the app’s market data, enabling them to make data-driven decisions and thrive in this emerging market.
Promoting Responsible Use
YesCannabis is committed to promoting responsible and safe medical cannabis use. Through the TexMed App’s educational resources and guidance, users are empowered to use medical cannabis responsibly, ensuring their health and well-being remain a top priority.
User Experience and Accessibility
Beyond its robust features, the TexMed App boasts a user-friendly interface that caters to individuals with varying levels of tech expertise or conditions. Whether you’re tech-savvy or just starting your digital journey, the app is designed to provide a seamless and accessible experience for all.
How to Get TexMed App
Ready to explore the TexMed App and unlock its wealth of features? You simply access the app today from your desktop or mobile phone by going to TexMedCannabis.com or simply search for “TexMed App” and start your journey towards a more informed and empowered medical cannabis experience.
The launch of the TexMed App by YesCannabis marks a significant milestone in the Texas Medical Cannabis Market. It’s a testament to the dedication of YesCannabis in providing valuable resources and support to the Texas community.Whether you’re a patient, healthcare provider, or industry enthusiast, the TexMed App is your gateway to a more informed, connected, and responsible medical cannabis journey.
Join us in spreading the word about the TexMed App. Share this article with your friends, family, and colleagues, and let’s ensure that everyone in the Texas community can benefit from this groundbreaking resource. We also invite you to share your experiences and feedback with us as you explore the TexMed App – your input matters!
As cannabis legalization continues to spread across the country, major corporations are increasingly taking notice and investing in the industry. In April of 2023, a major beverage company announced a $100 million investment in a cannabis-infused drink startup, signaling the growing trend of large corporations entering the cannabis space.
Vermont’s cannabis marketplace is celebrating its first year of operation, and the results are nothing short of impressive. With projections indicating retail sales for the current fiscal year reaching over $100 million, the state has reaped more than $20 million in additional revenue. This milestone underscores the success of Vermont’s foray into regulated cannabis sales.
The intersection of cannabis and sports has gained significant attention and scrutiny in recent years. Athletes across various disciplines are turning to cannabis for a range of reasons, including pain management, relaxation, and recovery. However, the relationship between cannabis and sports performance is a complex one, with both potential benefits and drawbacks that necessitate closer examination.
In a more current assessment, recent research suggests that the public’s embrace of cannabis is steadily increasing, even as the illicit market maintains its presence. This study, conducted by New Frontier Data, a prominent cannabis consulting firm, involved surveys of nearly 4,400 cannabis consumers and 1,200 nonusers across the United States. The findings reveal a noteworthy surge in acceptance and consumption of cannabis over the past year.
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Stay in touch! YES Cannabis provides innovative solutions and strategies that create sustainable and enduring value for the companies we create, invest, and operate. By subscribing to our newsletter, you'll be the first to know about new developments in the industry and gain valuable insights to help you navigate this rapidly evolving space. Don't miss out on this opportunity to stay informed and connected – sign up today!
In a groundbreaking move, the Senate Banking Committee has approved the Secure and Fair Enforcement Regulation (SAFER) Banking Act, which seeks to bridge the gap between financial institutions and cannabis companies. This legislation, designed to end the cash-only transactions plaguing the industry, is now headed to the Senate floor after years of committee revisions and discussions.
The growing cannabis market in the United States has faced uncertainty due to federal legal ambiguity, forcing cannabis businesses to rely on cash transactions, posing significant risks. While the legislative journey ahead remains challenging, the bipartisan committee support signifies a pivotal moment for the cannabis industry.
Senator Jeff Merkley, one of the bill’s sponsors, provided insights into the bill’s significance:
“Over the past eight years, the rise of medicinal and recreational cannabis programs in numerous states has increased awareness of the challenges posed by a cash-based industry. The bill aims to address these issues, including the risk associated with cash transactions and the inconvenience faced by businesses when banks sever relationships due to cannabis involvement.”
The potential for banks to provide services to a billion-dollar industry in states like Oregon is substantial. However, this bill primarily seeks to aid small businesses struggling with banking access rather than benefiting large banks.
While the bill addresses banking issues, it’s important to note that it is separate from other cannabis-related reforms, such as tax changes or drug rescheduling. It aims to tackle banking challenges without being directly tied to other issues.
A crucial aspect of the bill emphasizes that regulators should not instruct banks to close accounts based on moral judgments. Section 10 underscores that regulators should not act as moral police.
Additionally, the bill addresses restorative justice, acknowledging the disproportionate impact of cannabis-related prosecutions on communities of color. It calls for equity and diversity assessments within the cannabis industry, data collection for specific business demographics, recognition of cannabis income for federally backed mortgages, and allowing certain financial institutions to serve cannabis dispensaries and subcontractors.
The Senate Banking Committee’s approval of the SAFER Banking Act is a significant milestone for the cannabis industry. While challenges lie ahead in Congress, bipartisan support and growing awareness suggest positive change is on the horizon. This bill could revolutionize the industry, improve financial security, and promote justice for communities unfairly affected by cannabis-related prosecutions.
As cannabis legalization continues to spread across the country, major corporations are increasingly taking notice and investing in the industry. In April of 2023, a major beverage company announced a $100 million investment in a cannabis-infused drink startup, signaling the growing trend of large corporations entering the cannabis space.
In a significant and up-to-date policy shift, the NCAA (National Collegiate Athletic Association) medical committee has recommended that college athletes should no longer face penalties for using cannabis. This progressive stance reflects the evolving landscape of cannabis regulations across the United States. The committee has firmly asserted that drug testing efforts should be redirected towards detecting performance-enhancing substances, leaving cannabis use without punitive measures. This recommendation comes after the committee conducted a thorough review of existing policies and solicited input from member organizations. It anticipates that the final decision on this matter will be made in the fall, following consultations and legislative processes within each of the NCAA’s governing bodies.
Cannabis, renowned for its medicinal benefits, is now being held to higher standards similar to other medicinal products. As the demand for cannabis continues to grow, regulations and standards are being developed by international organizations to ensure the safety and potency of cannabis products. Cannabis testing labs play a crucial role in this process, aiming to verify the safety of products for human consumption and provide consumers with information about their potency. This article explores the significance of cannabis testing, the substances tested for it, and the importance of understanding potency.
California’s marijuana industry continues to dominate as the world’s largest cannabis market, despite facing financial and tax challenges. According to the recently published MJBiz Factbook, the state is estimated to generate nearly $5.9 billion in legal recreational and medical marijuana sales in 2023. To put this into perspective, the revenue from marijuana sales in California could support the economy of a small island nation.
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In a recent update to its global cannabis market forecast, BDSA, headquartered in Colorado, has revised its sales projections. The new estimate anticipates that the industry will reach $55 billion in sales by 2027, representing substantial growth from the $32 billion recorded in 2022.
However, this forecast represents a notable decrease compared to BDSA’s earlier projection earlier in the year, which had predicted global marijuana sales to approach $60 billion by 2027. BDSA executives attributed this adjustment to Germany’s decision to deviate from its initial plan for a comprehensive recreational market, instead opting for a more restricted pilot program.
BDSA clarified this shift, stating, “The primary factor in the reduction of BDSA’s forecast for 2027 was the removal of the assumption for a full commercial adult launch in Germany, which had been assumed to begin in 2024 and forecast to reach nearly $3.6 billion in 2023.”
Furthermore, BDSA’s updated forecast also incorporates lower-than-anticipated U.S. cannabis sales in the coming four years, now projected to reach $43 billion by 2027, down from the previous estimate of approximately $45 billion. This adjustment is attributed to a reassessment of various constituent markets and channels, based on 2023 sales data, as well as “slower adult-use growth expectations in more mature markets, with some contribution from weakness in formerly robust medical markets.”
When questioned about the specific challenges faced in California, BDSA pointed to “high taxes, operational costs, and other issues” as factors creating a challenging environment for legal cannabis businesses. Consequently, some businesses have exited the California market over the past year.
One encouraging aspect highlighted by BDSA is the diminishing illicit cannabis spending and the concurrent growth of legal spending in almost all modeled markets. This has been a persistent challenge for California and several other U.S. cannabis markets.
According to the report, the U.S. is still expected to dominate the state-sanctioned marijuana sales market, with the rest of the world projected to contribute just $11.6 billion in 2027, constituting about one-fifth of the total legal cannabis commerce.
BDSA predicts that the primary driver of growth in U.S. marijuana sales over the next four years will be emerging markets, particularly on the East Coast and in the Midwest. Specific markets such as New York, New Jersey, Maryland, Michigan, and Missouri are identified as having substantial growth potential. CEO Roy Bingham of BDSA highlighted the expected $2.5 billion markets for both New York and New Jersey and described Michigan as an “outlier” likely to achieve $3.8 billion in sales by 2027.
However, the forecast also indicates challenges for mature markets like California and Colorado, with stagnating or declining sales. BDSA anticipates modest growth in California by 2025, with sales projected to surpass $5.2 billion in 2027. In Colorado, sales are stabilizing, expected to reach $1.6 billion this year following a decline in 2022, and then experiencing minimal growth to $1.7 billion by 2027.
North of the border, Canada’s legal cannabis sales are forecasted to rise by 9% this year, reaching $4.6 billion, with the potential to reach $5.3 billion within four years.
Regarding the rest of the world, BDSA’s projections suggest that international sales, excluding Canada, will amount to about $2.4 billion in 2023, surging to $6.3 billion by 2027. Notable international markets apart from Canada include Mexico, expected to achieve $1.5 billion in sales by 2027, and Germany, which is in the process of implementing an adult-use cannabis pilot program.
As cannabis legalization continues to spread across the country, major corporations are increasingly taking notice and investing in the industry. In April of 2023, a major beverage company announced a $100 million investment in a cannabis-infused drink startup, signaling the growing trend of large corporations entering the cannabis space.
The U.S. cannabis industry is finally experiencing some much-needed tax relief as an increasing number of states pass laws to exempt businesses from Section 280E of the federal tax code. With 20 states having implemented these exemptions, cannabis operators are beginning to see a glimmer of hope amidst the burdensome tax landscape.
Cannabis, a versatile plant with a long history of human cultivation, has been making headlines in recent years. While it’s commonly associated with recreational use and medicinal properties, one intriguing aspect is its natural growth in certain regions of the United States. This article delves into the science behind the cannabis plant and why specific regions are more hospitable to its growth. It also explores the implications of natural cannabis growth on the current markets, encompassing economic opportunities, genetic diversity, regulatory challenges, and environmental impact.
The Department of Cannabis Control (DCC) has recently announced an exciting development in California, focused on expanding access to licensed cannabis retail. A total of 18 local jurisdictions have been selected to receive funding through a pioneering program that aims to facilitate the establishment of cannabis retail licensing pathways. This funding will not only enhance consumer access to cannabis products but also provide crucial support to equity operators, promoting a more equitable and inclusive legal cannabis market.
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