Ever since the adult-use cannabis are legalized, the U.S. cannabis industry has drastically evolved. A total of 11 states and the District of Columbia have legalized recreational use.
Colorado generated total revenues of USD 683.52 Million during its first year of legalization in 2014. The state has reported total marijuana sales of USD 1.31 Billion. Massachusetts, which is a much smaller marketplace, reported USD 138.9 Million in the six full months of operations.
The staggering revenue margins are a direct result of Colorado’s early adoption in comparison to Massachusetts’ more recent foray into the industry. To put Colorado’s cannabis market into perspective, there were 364 dispensaries in the city of Denver alone in 2018. Among the 364 dispensaries, 169 locations were recreational or “retail marijuana stores,” while 195 were medical dispensaries.
Overall, the number of dispensaries in Denver was more than triple all of the Starbucks and McDonald’s in the city, 111. Meanwhile, Massachusetts had 25 recreational dispensaries in operation as of August 2019.
As more people begin to explore the cannabis marketplace, the industry is positioned to experience substantial growth in the shortcoming future. The total sales of recreational cannabis are anticipated to account for USD 18.1 Billion to USD 22.0 Billion, while medical cannabis is expected to account for USD 6.9 Billion to USD 8.4 Billion.
The overall growth of recreational market sales signals that more states could be moving towards legalizing adult-use, while existing legal regions are seeing their consumer base continually grow.
The recreational market revenue is attributable to the number of dispensaries that are constantly emerging throughout the U.S. as well as e-commerce platforms. E-commerce platforms are becoming highly popular because consumers can simply receive their products at their door steps.
The e-commerce platforms create a speedier process by allowing consumers to shop at the convenience of their homes, digitally pay for the purchase, and then have them delivered. Meanwhile, online portals can receive consumer payments digitally, eliminating the need to pay upfront at the store.
Tim Sultan of the Arizona Dispensaries Association said that they would like to see a solution to cash management problem. He added, “There’s just too much cash in the industry because banks can’t do business with us. We have dispensary owners paying their employees with cash, paying their vendors, paying their electric bills, going to APS with thousands of dollars, paying their taxes with tens of thousands of dollars cash, and just feeling really nervous walking up there with a bag full of cash.”
iAnthus Capital Holdings, Inc. announced a total of nine dispensaries in Florida and its system-wide total to 27. Hadley Ford, Chief Executive Officer of iAnthus said, ” Florida has an exciting and rapidly growing market. We’ve opened six locations in eight weeks and will continue to expand both our dispensary footprint and our product offerings.”
Global Payout, Inc. announced yesterday that, “their Third Quarter Disclosure has been published on OTC Markets and shows a significant increase in revenue over Q2 of this year. Gross revenue nearly tripled and net revenue more than doubled over the previous quarter.” Global Payout, Inc. is a leading provider of comprehensive and customized prepaid payment solutions. The Company plans to focus the remainder of the year on continued efforts in banking, software developments, and system enhancements.
Children In Danger Of Cannabis Poisoning After Pot Legalization
Pot legalization and decriminalization are the new trends, but people have concerns about cannabis’s effects on children. Moreover, studies are indicating that cannabis use in adolescence can cause brain development abnormalities.
There has been a significant increase in children’s marijuana poisoning cases unintentionally. The acceleration in pot poisoning cases in Canada became evident after the pot legalization.
Research On Cannabis Poisoning In Kids
Research was conducted in the Hospital for Sick Children (SickKids) in Toronto. Dr. Yaron Finkelstein is the Staff Physician, Pediatric Emergency Medicine, Clinical Pharmacology, and Toxicology at SickKids. Finkelstein led the research.
According to the research, unintentional pot poisoning in children under 12 years old has increased four times. Moreover, in the first two years after legalization number of patients admitted into the intensive care unit due to severe marijuana poisoning increased three times.
The research also indicates that the overall number of patients admitted due to cannabis intoxication in the SickKids Emergency Department (ED) remained in the same pre- and post-legalization periods. The results of the research findings were published in the peer-reviewed journal Clinical Toxicology.
The researchers noted cannabis association for Emergency Department visits, intensive care unit admissions, and hospitalization at the Hospital for Sick Children. A comparison of these factors before the time of marijuana legalization and after the passing of the bill occurred as part of the study. Doing so helps in analyzing the impact of pot legalization.
According to Dr. Yaron Finkelstein, cannabis intoxication is uncommon in adults. However, in kids marijuana intoxication can have lethal effects, including seizures, behavioral changes, and respiratory depression, and can even lead to coma. It can cause coordination issues and problems with balancing.
More About Child Poisoning After Cannabis Legalization
According to researchers, the elevation in cannabis intoxication cases occurs due to increased exposure to marijuana products. After legalization accessing pot, products have become easy for almost every individual. Children also feel attracted to marijuana products, and these items are popular in kids.
Usually, children consume pot in the form of edible products that cause poisoning in them. It is difficult for health care professionals to know about the amount children have consumed. It causes difficulty in anticipating the severity of intoxication and the extent to which pot ingestion can damage other body organs.
What Can Be Done To Avoid Pot Intoxication?
Dr. Yaron Finkelstein elaborating on the situation suggests people be careful of cultivating and consuming various pot products. Particularly, if there are children in your house. Weed users must keep pot products out of the reach of children in a safe place.
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The research team and other experts at SickKids believe that creating awareness among individuals about pot products is essential. People must learn about the potentially harmful effects of cannabis on children. Doing so can help to avoid intoxication cases and pot-associated unintentional poisoning incidents.
Creating awareness among individuals will encourage pot users to store cannabis recreational and medical products in a secure place away from kids. If a person keeps edible marijuana products at home, it is best to keep them far from other edibles. Children can mistake edible weed products for simple sugars, gummies, and candy.
Dr. Yaran Finkelstein is a professor at the Departments of Pediatrics and Pharmacology and Toxicology at the University of Toronto. According to Finkelstein, during the coronavirus pandemic situation, people are forced to stay at home. The majority of people consume pot products in their homes with their families.
It is high time to educate marijuana users to keep pot products away from other foods and drinks to prevent unintentional cannabis intoxication in children. Also, store your pot products in a tightly closed container, in a safe and secure place away from other edible products.
Green Signal For Recreational Cannabis In Central Avenue
Recreational cannabis and medical marijuana are legal in Albuquerque city. The city council is preparing drafts and making decisions to implement marijuana legalization and decriminalization bills.
Various suggestions are given during a discussion session. Some of these are accepted by the Albuquerque council, while others are not. The decision regarding the development of new recreational cannabis stores, allowing marijuana involving business actions and other matters occurred in the City Council on Thursday.
Albuquerque Approach Towards Recreational Cannabis
On Thursday, Albuquerque City Council rejected a series of proposals that would have resulted in restricting the recreational cannabis industry. Moreover, these proposals could limit the business hours of marijuana involving activities.
According to the proposal, marijuana shops on most of Central Avenue and other main streets can only operate for specific hours. However, as the Council rejects these proposals, people can open recreational cannabis shops and do business as any other shop does.
The administration of Mayor Tim Keller proposes that each recreational cannabis retailer or marijuana dispensary shall be at a 1000 feet away from one another. Adult retailers and adult entertainment shall also be at a distance of 1000 feet from each other.
The proposal was part of the annual zoning code update. However, the Albuquerque City Council refuses to implement this proposal. Allowing people to open recreational cannabis wherever they desire legally.
Moreover, the ban suggested by Cynthia Borrego was declined. Thus, people can open cannabis shops or medical dispensaries within 300 feet of a religious institution.
Certain Obligations And Limitations
The City Council devoted six hours to discussing how to implement recreational cannabis laws and pass development ordinance about the subject. According to approved regulations, there must be 600 feet between marijuana retailers. If operators get approval for conditional use after the public process, then distance maintenance is not an issue.
In order to promote equity, the microbusiness of recreational cannabis and medical pot products are to follow different rules than mega businesses. Microbusinesses can get sponsors and locations with more customer access. This way micro-businesses will have an equal chance of making progress equally as already established cannabis business dealers.
The council approved recreational cannabis-involved regulations as part of the IDO’s updated bill. The IDO bill has other non-marijuana ordinances. As per the new version of the IDO bill, the number of liquor and nicotine shops has reduced.
Amendments and changes regarding recreational cannabis got the approval of the City Council via 6-3 voting. Other ordinances passed by the City Council include allowing medical marijuana providers to continue medical pot involving activities in their licensed locations. Moreover, they can expand their business by beginning recreational marijuana involving activities.
Remarks Of Councilors On Limitations
According to many councillors, it is not appropriate to impose limitations on business hours. Moreover, it is not acceptable to ask recreational cannabis retailer’s to not open any shop in major places, including Central Avenue, San Pedro, Fourth Street, Bridge, and Broadway.
Councillor Pat Davis suggested that it is not sensible to put limitations on legal business or ask not to operate on Central. Thus, the council refuses to accept the proposal of limiting business hours and not allowing commercial activities in famous places.
Councillor Trudy Jones welcomes business owners to do recreational cannabis involving activities and assure to solve their problems. Official members of the administration of Keller said that timely discussion of cannabis implementation saves the city from possible unwanted struggles.
Mike Puelle suggests in a written statement to take prompt action and design implementation rules. Councillors Sena, Klarissa Pena and Borrego were not in favour of the updated IDO ordinances. According to Sena, the city council rushes to decide on recreational cannabis. She also shared concerns about big business taking over the market even before small business individuals can get market entry. According to Sena, it would have been better to make the right decision than to be sorry later.
U.S. States Most Likely To Legalize Cannabis Recreational Use
Cannabis legalization and decriminalization are subject of discussion in most states of the United States of America. Many states have approved bills regarding marijuana after thorough discussion. Lawmakers are making efforts to legalize and decriminalize marijuana on the federal level.
Progress towards approval of cannabis on the federal and state levels varies. Some states, after certain modifications, have approved the bills. However, others have not approved the use of marijuana for recreational use.
Later this week, it is expected that Governor Ralph Northam will sign a cannabis legalization bill for Virginia. Once the signatures are done, Virginia will become the 16th state to legalize marijuana for recreational or adult use. However, the law will not come into action until 2024.
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Matters Under Progress Regarding Cannabis Legalization
Currently, at least 12 state lawmakers have put forward legalization bills and decriminalization bills regarding cannabis. Last year, at a time of year, an almost equal number of states have been discussing marijuana legalization bills. However, only five states legalize adult use of weed. Moreover, one or two states rejected recreational use right away.
The situation has changed to a great extent. About three-quarters of U.S. states have legalized marijuana for adult use. Moreover, fifteen states permit the use of cannabis for recreational use.
The states most-likely to least-likely legalize marijuana are New Mexico, New York, Connecticut, Minnesota, Florida, Pennsylvania, Hawaii, and Maryland.
New Mexico and New York Most Likely To Legalize Cannabis
The Democrat-controlled House and Senate of New Mexico are discussing five bills regarding cannabis. Moreover, the authorities have to choose the bills for approval from the five-bills before 20th March 2021. Four of the bills give rules and regulations regarding the framework of a new program for cannabis. Moreover, another bill sponsored by Republicans aims at the illicit market.
Lawmakers in New Mexico are discussing all five bills and will be formulating a new bill with all agreeable instructions. Moreover, the amendments will yield the formulation of better legislation. According to Lujan Grisham, the legalization of recreational use of cannabis will result in tens of thousands of jobs and hundreds of millions in new revenue for the state.
It is not clear whether Governor Michelle Lujan Grisham will approve a bill limiting cultivators and dispensaries or consider a more open market approach like Oregon and Colorado.
Furthermore, New York lawmakers have been making efforts to legalize cannabis. However, previously due to lack of votes in favor of the bills, marijuana legalization does not occur. If the situation has changed, Senator Pete Harckham suggests approving legalization bills would be better for the state as the state would generate tax revenue and job opportunities. Moreover, according to the new cannabis-bill, minorities will have equity and will not suffer. Advocates have high hopes that the cannabis legalizing bill approval will occur by 1st April 2021. Moreover, upon approval, the bill will be in action by 1st July 2021.
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Connecticut And Minnesota Bills
Lawmakers aim to legalize the recreational use of cannabis and design a system that prioritizes public health, safety, and social justice. Moreover, lawmakers highlight that if the state continues the non-legalizing-strategies, there is a high risk that the underground market will earn more profits. Furthermore, legalizing marijuana for recreational use will generate more tax revenue for the state.
The LCO 3311 allows possession of 1.5 ounces of marijuana by individuals above 21 years. Moreover, bill HB 6377 will permit Native American tribes to get involved in the business of the cannabis industry.
Minnesota Senator Majority Leader Paul Gazelka has opposed legalization. If the Senate rejects the HF600 bill, then adult-use will be on the 2022 ballot paper as a statewide initiative. Individuals in Minnesota favor the legalization of cannabis for recreational and medical use.
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