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.
Update: Cannabis Stocks Reaching New Heights
The cannabis market is moving higher and higher day by day as stocks reach new highest levels this March. In January, the stock prices immensely increased. Moreover, marijuana sales increase and decrease depending upon the government policies and individuals that are actively part of the marijuana industry.
In Mexico on Thursday, stock prices shot higher, reported Investors. A day earlier, lawmakers proposed a bill to legalize and decriminalize cannabis for recreational use. A subsidiary of British American Tobacco is planning to take the big-stakes Canadian pot producer Organigram.
The bill for the legalization of cannabis receives 316-129 votes in the Chamber of Deputies. The Chamber of Deputies is the lower house of Mexico. According to various media reports, the marijuana legalization bill is expected to clear the Senate and become law soon.
The legalization of cannabis for recreational use will enable adults to buy and use marijuana freely. Moreover, the bill’s approval will result in permitting individuals to grow a handful of marijuana plants.
Furthermore, another change likely to occur with the approval of the legislation is that the law would create a licensing system. This licensing system is for businesses and farmers, and it will enable them to produce and sell marijuana products legally.
After gaining momentum for U.S. cannabis legalization, stocks of weed have been ramping high. There is uncertainty whether international commerce laws will allow cross-border sales or not. Furthermore, it is not clear how many challenges cannabis producers will face upon entering a new pot industry in another country.
Possibilities are that new weed producers will face challenges in building infrastructure for growing and selling marijuana in a new market and nation. Other countries are also legalizing cannabis use for recreational purposes. However, some nations or communities do not agree to legalize international pot activities.
Cannabis Stocks Rise Percentage And Deal
The stock price of various companies increased, including a 7.4% rise in the stocks of Canopy Growth, 17% in Tilray, 12% gain by Aphria, and 7.7% Cronos Group. Moreover, Tilray and Aphria have a plan of merging for good.
Marijuana stocks for over-the-counter products also increased. Curaleaf OTC dipped 0.1%, Cresco Labs OTC gains 4.4%, Acreage Holdings (OTC: ACRHF) rose 0.8%.
A deal between the Organigram and a subsidiary of British American Tobacco occurred. As per the deal, a subsidiary of British American Tobacco will invest worth $175 million.
Furthermore, under the contract, the two companies will establish a Center of Excellence in Organigram indoor facility in New Brunswick, Canada. The Center of Excellence will focus on developing cannabis products.
However, cannabis products will contain more CBD. The focused substance of the marijuana products will be CBD, which is present in the weed plant as a non-psychoactive compound.
A deal between Altria and Cronos Group occurred in 2018. According to experts, the results of this contract are yet slow to analyze progress rate and materialize.
Do Other Nations Legalize Marijuana Use?
Cannabis is legal for recreational use in Canada and Uruguay. However, the market for marijuana products present in Mexico is the biggest to date. Mexico has a population of 130 million. The highest number of possible consumers are available in Mexico.
Many states have already legalized cannabis for recreational use. Moreover, Virginia became the 16th state to legalize weed for adult-use. However, sales of pot products will begin in 2024.
Colombia legalized medical marijuana several years ago to keep farmers out of illegal activities. Other states are also discussing legalizing cannabis activities. Therefore, controlling non-legal activities is possible. Furthermore, it will generate revenue for the state, and small farmers will benefit from the bill.
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.
Cannabis Offers Relief To Patients Of Incurable Disease, It Seems
It’s still surprising, after so much research that’s been poured into cannabis and its properties, how versatile a single plant can be. It still is mind blowing that one plant can be so useful despite the fact that plants provide a plethora of chemicals. Like, if bananas were able to help elderly people suffering from arthritis and fight cancer, we would have a banana plant in every home.
We often gloss over the utility of cannabis and it’s myriad applications in medicine. Too commonly, scientists brush aside cannabis due to social stigmas and biases. And where the eggheads fail us, the next best step in the scientific method is to find anecdotal evidence and test it. To do that, we study how Multiple Sclerosis (very frequently abbreviated to MS) patients react to marijuana.
What are the hallmarks of Multiple Sclerosis?
Multiple Sclerosis is a condition where scar tissue covers small parts of the brain. As anyone who’s ever ridden a bike can attest, scar tissue is not like normal tissue. It’s much less elastic, rougher, and most importantly, it is composed of the cells that don’t work like those they replace. So if your kidney gets damaged and scars over, the tissue that forms can’t work like your normal kidney cells. In other words, scars mean a loss in functionality.
Skinning your knee while riding a scooter is one thing. Scars on the brain can lead to severe losses in function all over the body. Multiple Sclerosis means that small parts of your brain get rendered useless or operating at low capacity. It’s a severe condition without much in the way of treatment, and no cures. We still don’t know enough about the chemistry of the brain to even attempt repair at the cellular level.
How can cannabis help?
Because parts of your brain are working incorrectly, Multiple Sclerosis or MS has a wide range of symptoms. The symptoms can vary from fatigue, muscular spasms all the way to visual impairment, depending on the extent of brain damage. Obviously this disease is extremely serious and can be potentially disabling.
Cannabis can seriously help with some of these symptoms, according to several patients of MS. They report differing results, but a few things were common to all. These include relieving particularly intense muscular pains to helping spastic issues be more manageable. In several cases, it can help a person suffering from MS by even as much as giving them a good night’s sleep. Cannabis is capable of reducing pain in even more widespread scenarios. In fact, one study found links between cannabis use and pain relief for MS patients. And that scientific basis affirms what we already know about cannabis. At worst, it won’t make the disease any different, but it can in most cases make things significantly better for all.
It’s important to not take cannabis lightly
It is imperative to consult your physician before trying cannabis. In many states, buying cannabis requires a medical card, as in Missouri. Even so, despite the fact that it isn’t hard to find cannabis distributors, we recommend talking about it with your doctor first. While the drug cannot affect how the disease works, it is possible that it could bring undesired side effects. Not to mention how it might interact with other medicines we take as well. In any case, take a doctor’s word over ours.
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