The world around marijuana is evolving month by month, and yes! We are talking about laws, consumers, insights, and amazing 420 events. If you're not keeping up with the latest news, you're going to miss out on a lot of important information. Here are the 10 biggest news stories from September/October 2022.
1.- Marijuana companies lay off hundreds, retrench amid economic woes
Many people believe that the marijuana industry is similar to other legal companies where demand increased for a period of time, but now they are having difficulties sustaining sales. For example, when gyms initially closed because of COVID-19, Peloton saw their bike sales increase; however, this year, 4,000 jobs have been cut. Additionally, Shopify - an e-commerce site - has also seen a drop in business and 1,000 layoffs since the pandemic started. Full Story HERE
2.- Apple Lets Users Search For Marijuana And Pharmaceutical Interactions In the Latest iPhone Health Update The cannabis legalization movement has evolved over the years, gradually changing Apple's policies in line with the normalization of cannabis. The most recent example is Apple's Health app for iOS 16. Users may search for "potential interactions between medications on your list" by telling the Health app if they use alcohol, marijuana, or cigarettes. Full Story HERE
3.- German cannabis imports growing as Canada’s leading share wanes
The data paints a picture of a continuously growing medical market, albeit at a less breakneck pace than some analysts had predicted during the cannabis stock mania of 2018-20. Canada's position as the country's leading supplier has been eroding as competition for the coveted, if still tiny, German market heats up. Full Story HERE
4.-Two GOP Congress members criticize FDA for its lack of CBD oversight According to Florida Gov. Two Republican members of Congress have asked the FDA for answers on CBD and other hemp-derived products' regulations. In two letters to FDA Commissioner Robert Califf, U.S. Reps. Morgan Griffith of Virginia and Brett Guthrie of Kentucky express their concerns about several FDA regulatory procedures and demand action. Full Story HERE
5.- Connecticut Launches Education Campaign to Promote Responsible Weed Use
Last year, when Lamont signed a bill into law, the state legalized recreational marijuana use for adults. Now that it is legal, people aged 21 and older can possess small amounts of marijuana without consequences. However, before customers buy weed recreationally,.state officials want to ensure they know all there is to know about legalization. Consequently, sales might not start until late 2020. Full Story HERE
6.- Local Marijuana Business Bans Are Helping Illicit Markets Thrive In Legal States, Report Finds One of the main advantages of marijuana legalization is that it can assist to lessen the illicit market by providing adults with legal access to stores where products are tested and IDs are verified. Not every state, however, has had the same experience in living up to that promise, according to a new research. Full Story HERE
7.- Florida issues first medical marijuana license to a Black farmer The license was mandated by a 2017 legislation and is connected to the "Pigford" class action lawsuit, which discovered that state officials had discriminated against Black farmers. The state received a dozen applications for the license, including from Black farmers backed by investors with significant financial resources. Full Story HERE
8.- Expanding the Brand: Why Cannabis Loves Merch
Cannabis companies are moving their attention away from just selling marijuana and toward improving the customer experience beyond simply their smoke. If you're (trying to stay) active on Instagram, you've probably noticed that virtually every cannabis brand, strain, and term has its own merchandise business around it. While this may appear strange or tacky to people outside of the culture, wearing the appropriate apparel is now as much a sign of awareness as it is power within the community, and we all know how kids go crazy for clout. Full Story HERE
9.- Despite The Munchies, Marijuana Legalization Is Tied To Lower Obesity Rates, Stereotype-Busting Study Finds The Journal of Health Economics recently published a study that is fighting cannabis preconceptions, with researchers determining that adult-use legalization is linked to reduced obesity levels despite the fact that cannabis is a well-known appetite stimulant. From 2002 to 2018, researchers assessed obesity statistics in Washington State, one of the first states to legalize recreational marijuana. Full Story HERE
10.- Mississippi reaps millions in medical marijuana fees before sales begin
So far, the Mississippi government has garnered millions of dollars in revenue from medical marijuana businesses, and yet MMJ sales have not even started. According to The Center Square (a multistate government news site), through September 19th, the state had collected around $5.8 million total in licensing and application fees from dispensaries, cultivators, transporters, processors, and laboratories across Mississippi. Full Story HERE
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 products available, ranging from water pipes and rolling tools to 710 gear and more!
Thanks for reading, and we'll see you next month with more industry news. Make sure to check out www.bddwholesale.com for the best selection of smokeshop supplies.