Staying up-to-date with the latest news and trends in the rapidly evolving cannabis industry can be challenging. In the past month, there have been some major developments that are sure to have a significant impact on the industry moving forward. From new legislation to exciting product launches, there's a lot to cover.
This blog post will dive into the most important news stories from the past month and explain what they mean for the cannabis industry.
If you have an interest in the cannabis industry, whether you are a retailer, consumer, or simply curious, then get comfortable and prepare to be informed about the most recent news. Here are the top ten cannabis industry news stories from May 2023.
1. Nevada Sports Regulators Send Proposal To Stop Penalizing Fighters Over Marijuana To The Governor
On Tuesday, the Nevada State Athletic Commission (NSAC) held a meeting to discuss a proposed change regarding cannabis use. The policy was informally implemented in 2021, and now the commission is considering codifying it. The members voted to start the administrative process of adopting the policy into their guidance, but it will first be sent to Gov. Joe Lombardo (R) for approval.
Full Story HERE
2. 7 Best Marijuana Stocks to Buy in 2023
For those interested in investing in cannabis stocks for the long haul, now may be a good time to consider buying. The market for these stocks has taken a significant dip recently, allowing investors to purchase them at a lower price and hold onto them until the industry's challenges subside. As of May 16, The New Cannabis Ventures Global Cannabis Stock Index has decreased by over 60% in the past year, while the broader market (S&P 500) has seen a gain of approximately 3%. Full Story HERE
3. From the Archives: The Power of 420 (2003)
The use of marijuana has unexpectedly become a symbolic representation of stoner identity and a means of connecting with a shared collective consciousness within marijuana culture.
Full Story HERE
4. Cannabis rebrands aim to differentiate retail, not alienate shoppers
Cannabis shops that are designed like the Apple Store are becoming less popular, while there is a trend toward creating a more familiar and comfortable atmosphere. To make shopping easier and faster, many companies in the cannabis industry are revamping their store interiors. They are using tablet ordering stations, digital menus and signs, and separate lines for customers who placed orders online. This is similar to what modern stores, restaurants, and grocery stores are doing.
Full Story HERE
5. Nevada Sports Regulators Move To Formally Stop Penalizing Fighters Over Marijuana
The Nevada State Athletic Commission is planning to modify their regulations to safeguard athletes from being punished for using or having marijuana in accordance with state law. The proposed alterations include adding new language on cannabis policy and will be subject to public comment during a hearing on April 24. This is part of a wider review that all state agencies must undergo under the governor's executive order. Full Story HERE
6. Marijuana advertisers face hurdles with Twitter’s newest ad policies
Although Twitter has relaxed its rules for cannabis advertising, marijuana businesses are still facing difficulties in utilizing the platform due to regulatory obstacles, Twitter's lack of knowledge about the industry, and high expenses. Full Story HERE
7. Vessel Vape Pen Battery Review: Stylish, Premium Vaporizers Made To Last
Upon perusing Vessel's website, it's apparent that their goal is to provide superior smoking experiences through craftsmanship. The brand aims to offer something exceptional and distinctive that sets them apart from other unimpressive vape pen manufacturers. Full Story HERE
8. THC Powder: Everything You Need To Know
Nowadays, there are various forms of cannabis available in the market, such as traditional buds, oils, concentrates, beverages, as well as lotions and creams. Recently, powdered THC, also referred to as powdered cannabis or marijuana, has been introduced. This product is made using the same technology as that of powdered sports drink mixes and powdered alcohol. Full Story HERE
9. Missouri is 3 months into recreational weed sales. How is it going so far?
Missouri has earned $350 million in sales within three months since allowing dispensaries to legally sell marijuana for both recreational and medicinal purposes. However, cannabis business owners claim that the sales could have been higher if cultivators and manufacturers operated at full capacity. Full Story HERE
10. Colorado’s cannabis industry has fallen on hard times. What does the future hold?
The marijuana market in Colorado is facing various challenges such as excessive supply, insufficient demand, reduced prices, lack of cannabis tourism, and more. The sales of both recreational and medicinal marijuana, which amounted to $226 million in 2020, are now declining rapidly. As a result, dispensaries are experiencing an economic downturn, and small businesses are struggling to survive. Full Story HERE
Thank you for taking the time to read this blog of the top 10 cannabis industry news stories from May. We hope that these stories have helped you stay informed and up-to-date on what's been happening in the cannabis industry. From THC Powder to the power of 420 and everything in between, we hope you have gained valuable insight into this ever-changing and constantly evolving industry. We wish you all the best in your business ventures and look forward to bringing you more news from the cannabis world.
As you continue to explore the world of cannabis, we invite you to check out www.bddwholesale.com for a wide range of high-quality smoke shop products. Whether you're in the market for trendy grinder, vapes, wraps, or dabs, we've got you covered with a variety of options to choose from. So why not take a look and see what catches your eye? Who knows, you might just find your store's new favorite product.
Thanks for reading fam! And we'll see you next month with more industry news!