As the cannabis industry continues to grow and evolve, keeping up with all the latest news and trends can be tough. In the past month, there have been some major developments that are sure to have a significant impact on the industry moving forward. From new legislation to exciting product launches, there's a lot to cover. This blog post will dive into the most important news stories from the past month and break down what they mean for the cannabis industry. So, whether you're a retailer, consumer, or just someone interested in the industry, sit back, relax, and get ready to learn about the latest happenings in the world of cannabis. Let’s look at the ten biggest cannabis industry news of April 2023.
1.- Louisiana lawmakers kill adult-use marijuana legalization efforts
An attempt to legalize marijuana possession for individuals aged 21 and above and create a retail market for adult use was rejected by the Republican-controlled House in Louisiana. Full Story HERE
2.- The cannabis industry will add $100 billion to the US economy in 2023, MJBiz Factbook projects
TheJBiz Factbook analysis has projected that marijuana sales in the U.S. will have a total economic impact of over $100 billion by 2023, which is a 12% increase from the previous year. Furthermore, states such as New York, Maryland, Missouri, and Kentucky are expected to introduce new recreational and medical markets which will add an additional $160 billion to the U.S economy in 2027. Full Story HERE
3.- From the Archives: The Power of 420 (2003)
The use of marijuana has unexpectedly become a symbolic representation of stoner identity and a means of connecting with a shared collective consciousness within marijuana culture. Full Story HERE
4.-Cannabis brands, products steeped in nostalgia aim to attract generational consumers
Cannabis companies across the nation are embracing nostalgia to promote their products and create brands based on our cherished memories and familiar music from our formative years. Reviving these nostalgic feelings aims to bring people into a state of good times, fun experiences, and warm recollections. Full Story HERE
5.- Nevada Sports Regulators Move To Formally Stop Penalizing Fighters Over Marijuana
The Nevada State Athletic Commission is planning to modify their regulations to safeguard athletes from being punished for using or having marijuana in accordance with state law. The proposed alterations include adding new language on cannabis policy and will be subject to public comment during a hearing on April 24. This is part of a wider review that all state agencies must undergo under the governor's executive order. Full Story HERE
6.- House Lawmakers Introduce Bipartisan Cannabis Business Tax Relief Bill
This week, Representative Earl Blumenauer from Oregon presented a bill called the Small Business Tax Equity Act in the U.S House of Representatives. If passed, the bill would enable regulated cannabis companies to enjoy tax deductions that other businesses in different industries have. The bill has bipartisan backing from Representatives Barbara Lee (Democrat) of California, as well as Nancy Mace and David Joyce (both Republicans) from South Carolina and Ohio respectively.Full Story HERE
7.- Total monthly marijuana sales in Rhode Island reach $8.7 million
According to the latest data from the Rhode Island Department of Business Regulation, marijuana retailers in Rhode Island made a total of $8.7 million in sales between February 23 and March 23. This is a 17.4% increase from the previous month's sales for both adult-use and medical cannabis products in the state.
Full Story HERE
8.- Snoop Dogg Applauds NBA For New Marijuana Policy, Saying Players Should Have Opioid Alternative
Snoop Dogg has praised the NBA for considering removing cannabis from its list of banned substances for players. He expressed his support for this policy change during an interview on EPSN's "Stephen A's World". He highlighted the potential health benefits of cannabis, particularly in reducing the use of opioids, pills, and injections. Full Story HERE
9.- Louisiana regulators allowing illegal hemp products on market, audit shows.
A recent audit found that the Louisiana health department has allowed more than 200 hemp products to be sold and marketed, even though they violate state law. In Louisiana, the maximum amount of THC allowed per serving of hemp products is 8 milligrams, and the total concentration must not exceed 1% THC. Vaporizer pens and other inhalable products are not permitted. The audit found that as of March, 36 of the 2,564 registered hemp products sold in Louisiana were vape pens, which are not allowed.Full Story HERE
10.- Wiz Khalifa Urges People To Smoke Marijuana At Pennsylvania Governor’s Inauguration Party—Even Though It’s Not Legal There
On Tuesday, the Delaware Senate opted to legalize cannabis for adults and create an organized marketplace by passing both House Bill 1 and House Bill 2. Receiving a 16-4 vote turnout in favor of recreational marijuana use, while 15 senators voted yes to HB2, which implements regulations on adult-use cannabis. If enacted into law, this will make Delaware state number 22 among those who have legalized recreational marijuana across America! Full Story HERE
Thank you for reading our rundown of the top 10 cannabis industry news stories from the past month. We hope this has provided you with valuable insights into the latest developments and trends in the industry. As you continue to explore the world of cannabis, we invite you to check out www.bddwholesale.com for a wide range of high-quality smoke shop products. Whether you're in the market for trendy grinder, vapes, wraps, or dabs, we've got you covered with a variety of options to choose from. So why not take a look and see what catches your eye? Who knows? You might just find your store's new favorite product.
Thanks for reading fam! And we'll see you next month with more industry news!