Welcome to the March 2023 Cannabis Industry Roundup! This blog post is designed to inform business owners about the most relevant news in the cannabis industry, so If you're not keeping up with the latest news, you're going to miss out on a lot of important information. Here you’ll find a comprehensive summary of what happened during this past month that could affect your business. Let’s look at the 10 biggest cannabis industry news of March 2023.
1.- Synthetic cannabinoids further rift between marijuana and hemp industries
The U.S. Drug Enforcement Administration’s recent classification of a synthetic cannabinoid as Schedule 1 has sparked further frustration between the licensed cannabis industry and its largely unregulated counterpart, which - due to an influx of CBD and Delta-lineage products following the passage of 2018 Farm Bill - is now worth billions.
Full Story HERE (https://mjbizdaily.com/synthetic-cannabinoids-further-rift-between-marijuana-and-hemp-industries/)
2.- NBA Will Let Players Invest In Marijuana Industry And Promote Cannabis Brands Under New Union Deal, According To Report
The National Basketball Association is not only reportedly removing cannabis from its list of prohibited substances, but could allow players to invest in and promote marijuana companies. This detail was revealed through the recently concluded proposed seven-year collective bargaining agreement, which would also eliminate drug testing for cannabis use. Shams Charania of The Athletic and Stadium first reported this policy on investing in cannabis businesses.
Full Story HERE (https://www.marijuanamoment.net/nba-will-let-players-invest-in-marijuana-industry-and-promote-cannabis-brands-under-new-union-deal-according-to-report/)
3.- Legal Weed Sales Projected To Grow 14% in 2023
According to a fresh analysis by BDSA, Colorado-based cannabis industry market analysts, legal marijuana sales in the United States are anticipated to rise by 14% come 2023. The global regulated cannabis marketplace is expected to see an impressive 4.8% growth with spending of $32 billion in 2022 alone! Furthermore, the worldwide legal cannabis sector is projected for a remarkable 13.2% compound annual rate through 2027 and will reach a total size of almost $60 billion by then!
Full Story HERE (https://hightimes.com/business/legal-weed-sales-projected-to-grow-14-in-2023/)
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 (https://mjbizdaily.com/cannabis-brands-products-steeped-in-nostalgia-aim-to-attract-generational-consumers/)
5.- Major Alcohol Industry Association Calls For Federal Marijuana Legalization, Recommending Regulatory Framework
On Wednesday, an esteemed alcohol industry association publicly appealed to Congress for the legalization of marijuana at a federal level. The letter sent called on lawmakers to appropriately regulate adult-use cannabis in order to ensure safe access and public health measures are kept intact.
Full Story HERE (https://www.marijuanamoment.net/major-alcohol-industry-association-calls-for-federal-marijuana-legalization-recommending-regulatory-framework/)
6.- Kentucky governor signs law establishing delta-8 guidelines
Kentucky's Republican-led House and Senate recently passed a bill that was signed into law by the state governor, establishing regulations for delta-8 products. The legislation prohibits individuals under the age of 21 from possessing or purchasing these items and requires retailers to keep them behind a counter at all times. With this new framework, residents can feel safer knowing that Delta-8 products are properly labeled and tested before being sold to consumers.
Full Story HERE (https://mjbizdaily.com/kentucky-governor-signs-law-establishing-delta-8-guidelines/)
7.- Mississippi Farmers Pivot From Hemp to Pot
The Daily Leader of Brookhaven, Mississippi, has recently featured a story highlighting the family that brought medical cannabis to Lincoln County––one of the many counties that initially opted out of the newly enshrined state law. Last year marked a historic milestone in Mississippi with its legalization of medical marijuana treatment after months of legislative debate, yet local governments were allowed to opt out from it if they chose. What one determined family can do is remarkable when their passion and purpose align!
Full Story HERE (https://hightimes.com/news/mississippi-farmers-pivot-from-hemp-to-pot/)
8.- Former Top Minnesota Lawmaker Launches Cannabis-Infused Drink Company
After playing an integral part in legalizing the ingestion of THC edibles, former House Majority Leader Ryan Winkler is beginning his own company that produces THC-infused drinks. Crooked Beverage Company will be available to retail shoppers within several months and offers a range of flavorful beverages containing low doses of THC, which was approved by the Legislature last year. The law went into effect without much public attention on July 1st.
Full Story HERE (https://www.marijuanamoment.net/former-top-minnesota-lawmaker-launches-cannabis-infused-drink-company/)
9.- Hawaii Cannabis Bill Fails, Ending Legalization Hopes for 2023
Unfortunately, Hawaii will have to postpone its plans to legalize marijuana for at least one more year. Initially, the state Senate voted in favor of passing a bill that would legalize adult-use cannabis and create an organized recreational marijuana market; however, due to failing to meet the key legislative deadline before reaching the House of Representatives, it is unlikely this proposal will come into fruition until 2023.
Full Story HERE (https://hightimes.com/news/hawaii-cannabis-bill-fails-ending-legalization-hopes-for-2023/)
10.- Delaware Senate Approves Cannabis Legalization Bills
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 (https://hightimes.com/news/delaware-senate-approves-cannabis-legalization-bills/)
Here are the top cannabis industry news stories from last month, and don't forget to explore our wholesale website BDDWholesale.com while you're at it! We have a variety of new products available. Remember to stay tuned with our latest arrivals and trends to set the market on fire!
Thanks for reading, and we'll see you next month with more industry news.
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