The 10 Biggest Cannabis Industry News you missed Last Month. January 2024.

Welcome to another edition of the Cannabis Industry News Blog!

Hey there, cannabis enthusiasts! Welcome to our first blog of the year!

As the industry keeps budding with opportunities, navigating the vast green sea of updates can be as complex as choosing the perfect strain. Not to worry—we've weeded out the fluff to deliver the most blazing stories that rolled out in January. Whether you're a professional business owner or a newcomer eager to plant your roots, stay tuned for the high points of this month's cannabis narrative—a treasure trove of insights sprouted just for you!
So, buckle up! Remember, they’re not just news; they're the pulse of our thriving community, setting the rhythm for an epic 2024. And remember, while we're reminiscing the past, we're also gearing up for a year of incredible innovations and experiences in the cannabis world. Stay tuned because the best is yet to come! So, let's dive into the top cannabis news of January 2024.

 

Maryland recreational marijuana sales soar, but medical transactions stagnate.

Since its launch in July 2023, the recreational marijuana market in Maryland has been growing month-over-month, reaching a total of $331.8 million in sales by the end of 2023. That's an average of approximately $55.3 million in recreational sales per month in the six months since the program started. It's worth noting that these gains have impacted the state's medical marijuana program. Full Story HERE

Dogs Given CBD See ‘Significant Reductions’ In Stress And Anxiety Related To Riding In Cars, Study Finds.

Did you know that dogs who get their daily dose of CBD experience "significant reductions" in stress and anxiety when traveling by car? A recent study conducted by researchers at the Waltham Petcare Science Institute in the United Kingdom looked into this. They compared the behavioral and physiological stress response of dogs who received THC-free cannabis with a placebo group before, during, and after car rides. Pretty fascinating, right? Full Story HERE
 

Tennessee Hemp Businesses Say New Rules Threaten Industry.

Hemp business owners in Tennessee are deeply concerned about the proposed rules, as they believe it could significantly impact the viability and growth of their businesses. These regulations, if implemented, might impose burdensome restrictions that could hinder the industry's progress and limit its potential. According to media reports, hemp growers and retailers in the state are not taking this lightly. They are actively planning to challenge these regulations through legal means, leveraging their collective strength and determination to protect their industry and ensure its long-term success. By advocating for fair and reasonable regulations, they aim to foster a thriving and sustainable hemp business ecosystem in Tennessee. Full Story HERE
 

CDC Finds Youth Marijuana Use Fell In Washington State’s Largest County After Adult-Use Legalization.

Hey, check this out! A recent federal study by the Centers for Disease Control and Prevention (CDC) found that marijuana use among teens in Washington State's most populous county actually declined after cannabis was legalized for adults. Isn't that interesting? The study shows that the current and frequent use of marijuana among youth in grades 8, 10, and 12 significantly decreased between 2008 and 2021. According to the CDC's latest Morbidity and Mortality Weekly Report, the use of marijuana among teens in King County has dropped since adult-use cannabis was legalized by initiative in November 2012. Pretty interesting, right? Full Story HERE
 

Michigan Adult-Use, Medical Cannabis Sales Reach $3.06 Billion in 2023.

Hey, check out this new data from the Cannabis Regulatory Agency (CRA) in Michigan! They just revealed that the state raked in over $3.06 billion in adult-use sales last year. Can you believe it? That's a whopping 30% growth compared to the previous year's $2.3 billion. According to Crain's Detroit, that means each person spent around $305 on cannabis products in Michigan, while in California it was about $150 per capita (with an estimated $5.9 billion in sales for 2023) and roughly $290 in Colorado. Crazy, right?Full Story HERE

Adult-use marijuana sales growth in 2023 varied by market age.

Most regulated adult-use marijuana markets have reported sales numbers through November. In 2023, the year-over-year growth rates varied depending on the market age. New markets in Arizona, Illinois, and Maine continued to grow, though at a slower pace compared to 2022. On the other hand, established markets like Colorado and Nevada didn't see as much decline as they did in 2022. It's encouraging to see the slowing of year-over-year sales declines in mature markets, especially considering that many older cannabis markets experienced significant contraction in recent years. Full Story HERE
 

Scientists Discover The Exact Reason Marijuana Causes The ‘Munchies’ In New Federally Funded Study.

Guess what? Scientists have just discovered exactly why we get the munchies after using marijuana! In a federally funded study, researchers at Washington State University spilled the beans in the journal Scientific Reports. They found that cannabis lights up a specific cluster of neurons in the brain's hypothalamus region, triggering our appetite. We've all known about the munchies, but this animal research opens up exciting possibilities for developing new treatments for conditions like anorexia and obesity. What do you think? Full Story HERE
 

Colleges In States That Legalize Marijuana See Spike In Applications From Higher Achieving Students, Study Finds.

Colleges in states where recreational marijuana became legal in the past decade experienced a significant but short-term surge in applications from top-notch students. They also received more applications overall. Our team recently published a study in the peer-reviewed journal Contemporary Economic Policy, and here's what we found: When a state legalized recreational marijuana, the number of applications for its colleges grew by around 5.5 percent more than colleges in states that didn't legalize. So, it seems like colleges in legal-marijuana states got a temporary boost in applications. Full Story HERE
 

New Report Projects Global Recreational Cannabis Market To Nearly Double by 2027.

Hey, check this out! According to a recent report, sales of adult-use cannabis are set to almost double in the next few years, reaching a whopping $50 billion by 2027. Can you believe it? The report, released just last week, predicts that global annual sales of recreational cannabis will reach around $49.7 billion by 2027, almost double the current $24.9 billion. It's all thanks to the ongoing policy reform in the United States and Europe, driving the growth in recreational cannabis sales. Exciting times ahead! Full Story HERE

Study Finds Most Cancer Survivors Who Used Marijuana Reported ‘Great Degree Of Symptomatic Improvement’.

A recent study on 1,886 cancer survivors revealed something interesting. Turns out, nearly half of them have either currently or previously used cannabis. And you know what? Most of those who used marijuana after their diagnoses said it was to manage symptoms like sleep disturbances and pain. Can you believe it? Around a fifth of cancer survivors even use cannabis for symptomatic relief while undergoing active cancer treatment. Isn't that something? Full Story HERE

And there you have it again! Embrace the opportunity to make the most of it by expanding your market with these new trends. Remember to subscribe to our newsletters and explore www.bddwholesale.com, where you'll find an extensive collection of top-notch smoke shop products and exciting new weekly arrivals. Stay tuned to how the industry continues increasing this 2024, fam! We'll serve even more mind-blowing industry news to keep you on the edge of your seat! See you soon the next month!