The 10 Biggest Cannabis Industry News you Missed from April 2024.

 

Welcome to our monthly dive into the ever-evolving world of the cannabis industry. As a leading wholesaler providing top-notch products to smoke shops, we at BDD Wholesale understand the importance of staying ahead of market trends. In this blog post, we will explore the top 10 cannabis business news from April 2024, offering insights about trends for further analyses to help you stay informed and make strategic business decisions.

The cannabis sector is characterized by rapid changes and significant regulatory developments. For business owners and industry stakeholders, staying updated isn’t just beneficial—it’s crucial for maintaining a competitive edge. By analyzing the latest trends and news, you can better prepare for the opportunities and challenges that lie ahead. Let’s delve into the notable events of this past month that are shaping the landscape of the cannabis industry…So sit back, relax, and let us take you through the latest happenings!

 

1. DEA Moves To Reclassify Cannabis Under Schedule III in Historic Move, Report Indicates

According to a report from the Associated Press, the U.S. Drug Enforcement Administration (DEA) plans to reclassify cannabis as a Schedule III substance under the Biden administration. This significant shift acknowledges the medical benefits of cannabis at the federal level. It marks a historic change in policy, correcting the long-standing misclassification of the plant as a substance without accepted medical value. Read full story here

2. US liquor retail chain to deliver THC drinks nationwide for 4/20

U.S. liquor retail giant Total Wine & More is set to offer nationwide delivery of THC and CBD beverages from Texas-based Hill Beverage Co. The delivery of the Do It Fluid brand will kick off on April 20, also known as 4/20, which is celebrated as the unofficial marijuana holiday. Read full story here

3. New Mexico Retailers Set A New Marijuana Sales Record In March

March was a record-breaking month for New Mexico's legal marijuana market, with total sales climbing over $52.5 million! Recreational users led the charge, spending a whopping $39.4 million. Meanwhile, medical marijuana sales also made a strong showing with $13 million. What do you think contributed to this surge in sales? Read full story here

4. Illinois Lawmakers, Marijuana Trade Group Push to Ban Intoxicating Hemp Products

Illinois lawmakers, together with the Cannabis Business Association of Illinois, are advocating for a ban on intoxicating hemp products like delta-8 and delta-10. According to a report by the Chicago Tribune, the association, which represents major operators, is pushing to halt sales of these products until a committee can review and recommend further action. However, they're not looking to ban CBD products. What are your thoughts on this move? Should there be more regulation around these intoxicating hemp products? Read full story here

5. States With Legal Weed See Increase in College Applications

States that have legalized recreational marijuana are witnessing a surge in college applications, including from top-tier students. A study published in the peer-reviewed journal Contemporary Economic Policy late last year provides some insights. The research used a sophisticated model to examine how changes in local recreational marijuana policies influenced college applications. The findings? The three largest state public schools saw an average increase in applications of nearly 54%. Isn't that fascinating? What do you think might be driving this uptick in applications? Let's dive into the discussion! Read full story here

6. Colorado Senate Approves Legislation Banning Social Media Praise of Drugs

Colorado's Senate has passed a controversial bill, SB24-158, that could impact First Amendment rights by requiring social media platforms to censor content that positively discusses controlled substances, including legal psychedelics, certain hemp products, and over-the-counter cough syrups. The bill also includes stringent measures for internet age verification and mandates the removal of users who promote, sell, or advertise illicit substances. This comprehensive measure has sparked a significant debate over the balance between public safety and free speech.  Read full story here

7. Gen Z Consumes Less Alcohol, Prefers More Cannabis and Non-Alcoholic Beverages

Patrick Trout, a seasoned promoter with Las Vegas-based Pulsar Presents, has noted a significant cultural shift among Gen Z concert-goers, particularly in their drinking habits. In a recent interview with Las Vegas Weekly, Trout observed that since the end of the shutdown, there has been a noticeable decline in alcohol consumption at shows, with more attendees opting for non-alcoholic beverages. Concurrently, there's been an uptick in the desire to smoke. According to Trout, these trends signify a broader generational change in lifestyle and entertainment preferences.  Read full story here

      8. Iowa to Restrict Hemp-derived Cannabis Products

Big changes are on the way in Iowa’s cannabis scene. A new bill, soon to be signed by Governor Kim Reynolds, is set to shake things up by restricting hemp-derived cannabis products while significantly expanding the state's medical marijuana program. Dubbed House File 2605, this legislation will not only double the number of medical marijuana dispensary licenses but also introduce tighter regulations on hemp products. Soon, consumable hemp items will be limited to just 4 milligrams of THC per serving and 10 milligrams per package. Additionally, these products will need to carry warning labels and will only be sold to those aged 21 and up. On top of that, the bill sets forth new penalties for possession, sale, and manufacturing of hemp, marking a major step in the state’s approach to cannabis regulation. Read full story here

9. Brands And Advocacy Groups—From ACLU To KFC—Launch 4/20 Promotions To Mark The Marijuana Holiday

As cannabis continues to shed its taboo status, with almost half of the U.S. states now embracing adult-use legalization, companies both big and small are jumping on the bandwagon with enthusiasm. Even major brands like KFC and Jimmy Johns are getting in on the action, offering clever 4/20-themed promotions that playfully nod to the culture. It's clear that as cannabis becomes a part of mainstream society, the business world is keen to celebrate—and capitalize on—the greener side of things. Read full story here

10. U.K. Researchers Report Finding Xylazine in Illicit Weed Vapes

Researchers from King's College London have made a startling discovery that's causing quite a stir: the powerful sedative xylazine has been found in cannabis vapes and illicit pills meant to treat pain, insomnia, and anxiety. This poses a serious risk of overdose and other severe health issues for those using these tainted products. The presence of xylazine in such items has been on the rise since 2022, following the first reported overdose death linked to the drug in the U.K. This revelation brings up important questions about the safety of unregulated drugs and the risks consumers face. What do you think can be done to tackle this growing issue?  Read full story here

As we've seen, April was a month filled with significant developments that continue to shape the landscape of the cannabis industry. Staying informed is key to navigating this dynamic field successfully. We hope our roundup provides you with valuable insights to strategize and thrive in your business endeavors.

For those looking to capitalize on these trends, visit our website at BDD Wholesale to explore our extensive range of products and solutions tailored for smoke shops. Whether you're restocking or looking to introduce new product lines, BDD Wholesale is your go-to partner in ensuring your business stays competitive and well-equipped to meet market demands. Join us in leading the charge towards a progressive, profitable future in the cannabis industry.