The 10 Biggest Cannabis Industry News you Missed Last Month. March 2024 Ed.

Welcome to another edition of the Cannabis Industry News Blog!

Hey! Welcome back to our monthly newsletter! We’re excited to bring you all the latest updates and news from the ever-evolving cannabis industry. In this edition, we’ll be covering some of the most recent developments in the world of cannabis, including legislative changes, market trends, and new products.

In the whirlwind of day-to-day life, it's easy to miss out on the rapid changes and exciting advancements happening in the cannabis industry. That's why we've put together a concise top 10 summary of the most crucial news from the past month. This overview will keep you informed on legislative reforms, breakthrough research, burgeoning market trends, and the debut of innovative products or edibles that are shaping consumer preferences.

So sit back, relax, and let us take you through the latest happenings in the world of cannabis and smoke shops!

 

1. Lawmakers call for legislation giving NYC power to close illegal smoke shops.

Calls to tackle illegal smoke shops in New York City are growing. In Pelham Bay, locals chatting with CBS New York shared a common concern. "They're just everywhere, and sadly, it seems like the kids aren’t being considered," one person remarked. Legislators are highlighting the SMOKEOUT Act as a solution, enabling local authorities to shut down unlicensed cannabis shops and even seize properties used for illegal sales. Full Story HERE

 

2. Intoxicating hemp-derived cannabinoids must be halted. State AGs tell Congress.

Congress needs to take action to address the nationwide "health and safety crisis" brought about by the expanding intoxicating hemp-derived cannabinoids industry. This is what a bipartisan group of 20 state attorneys general kindly suggested in a letter to the House and Senate agriculture committee leaders.

The state attorneys general, a mix of 10 Democrats and 10 Republicans, are urging Congress to clear up the confusion caused by the 2018 Farm Bill. This confusion has led to a boom in intoxicating hemp products nationwide and has made it tough for states and local communities to handle the health and safety issues that have followed. Full Story HERE

 

3. Republican Senators Say Cannabis Rescheduling Violates International Treaties.

Senator Mitt Romney from Utah, along with two of his Republican partners, have reached out to the Drug Enforcement Administration with a friendly letter, kindly asking the agency to reconsider a proposal to change how marijuana is classified under federal drug laws. Right now, cannabis finds itself in the Schedule I category of the federal Controlled Substances Act (CSA), which is meant for drugs that are said to have no accepted medical use and a high chance of misuse. Full Story HERE

 

4. CBD Has Potential To Manage Symptoms Of Alcohol Use Disorder, New Scientific Review Finds.

Exciting research from the University of Sydney reveals CBD's potential in battling alcohol use disorder (AUD)! This groundbreaking review dives into how CBD could help manage AUD symptoms by tweaking the brain's addiction networks. Could this be the breakthrough we've been waiting for? Full Story HERE

 

5. Arizona sales of unlicensed delta-8 is illegal, state attorney general says.

Did you hear? Arizona's attorney general just said that gas stations and smoke shops selling delta-8 and other hemp-derived THC stuff without a proper marijuana business license are actually breaking the law. In a legal opinion that dropped on Monday, Kris Mayes mentioned that while technically marijuana shops could sell these hemp products, she's not really for it due to health and safety worries. Full Story HERE

 

6. 2024 U.S. Cannabis Sales Projected To Exceed $31 Billion

Exciting news from the cannabis business! Sales of regulated marijuana in the United States are set to soar past $31 billion this year, according to a fresh forecast from Whitney Economics, a firm known for its expertise in cannabis and hemp business consulting, data, and economic research. They’re predicting that the combined sales of medical marijuana and adult-use cannabis will hit a whopping $31.4 billion in 2024. That’s a cool increase of $2.6 billion from 2023, marking a solid growth rate of 9.14% year over year. How amazing is that? Full Story HERE

 

7. Hemp Fiber Market to Hit Over $50B by 2028, Report Indicates

The market for hemp-derived fiber is booming like never before! The Business Research Company, which is this awesome global market research and consulting firm that operates worldwide, just updated its reports with the latest 2024 data on hemp fiber and even gave us a sneak peek into what to expect up to 2033. And let us tell you, the future looks bright! Full Story HERE

 

8. Marijuana Rolling Paper Company Seeks Content Creator To ‘Get Paid To Smoke Weed’ For $70,420 Salary

Calling all cannabis enthusiasts! Imagine landing the “ultimate stoner dream job” where you get paid to smoke weed. That’s exactly what Custom Cones USA is offering! They’ve just launched a campaign to find a creative content creator for their new brand, DaySavers, known for top-notch rolling papers. This isn’t your typical 9-5; it’s a full-time gig as a social media creator and event marketer with a cool salary of $70,420. Plus, enjoy perks like testing the latest cannabis products and traveling to marijuana events—all expenses paid! Ready to live the dream? Full Story HERE

 

9. How close is DEA to making a decision on rescheduling marijuana?

The timeline for the DEA's decision to update marijuana's status is still up in the air, even with all the political buzz and industry eagerness. President Biden giving marijuana reform a shoutout during the State of the Union Address was a pretty big deal, signaling that review processes are ongoing and hinting at the push for some action soon. Everyone's on the edge of their seats waiting for the DEA to maybe move marijuana from Schedule 1 to Schedule 3 under the Controlled Substances Act. Stakeholders are crossing their fingers for some good news in the not-too-distant future, but there's no solid timeline just yet. Full Story HERE

 

10. Florida Senate Passes Bill To Restrict Hemp Products And Ban Delta-8 THC

Hey, did you hear? The Florida Senate just unanimously passed a bill on Thursday to regulate hemp products in the state, and it looks like the House is going to follow suit. But folks in the hemp industry? They're pretty worried this could hit them hard, messing with their livelihoods. The bill (SB 1698) is going to set limits on how much THC can be in hemp products sold in Florida's smoke shops. THC is what makes cannabis give you that "high" feeling. Full Story HERE

 And there you have it once more! More exciting news and updates from the cannabis community. With continuous research and developments in the industry, it's clear that the future is bright for CBD, hemp, and marijuana products. Stay tuned for more groundbreaking news!

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