2023 Cannabis Industry Predictions

Cannabis Industry Predictions

2023 Cannabis Industry Predictions

Between a host of new cannabis industry inventions, the first-ever federally approved cannabis reforms bill. President Biden’s landmark step of pardoning all federal cannabis possession charges, and calling on governors around the U.S. To follow suit in 2022 was an important year for cannabis reforms and the growth of the cannabis industry.

Cannabis Industry Predictions

But despite these exciting successes and developments. The industry is ready to have an even more incredible year in 2023. So we asked a wide group of cannabis experts, entrepreneurs, and other professionals to weigh in with their predictions for the industry next year. This is the first instalment of our 2023 Cannabis Industry Predictions series. Scroll down for the reactions and predictions we received from cannabis retail, marketing and branding, CPG, and education specialists.

See the full article on Ganjapreneur here!

Legalization cannabis industry win in Michigan, Rhode Island, Wisconsin

Legalization cannabis industry

Legalization of  cannabis industry wins in Michigan.

Cannabis-related voter questions that appeared on local ballots fared well on Election Day.

Voters in two states decisively approved allowing the cannabis industry in their communities Tuesday, while voters in another declared their support for adult-use marijuana legalization.

Legalization cannabis industry

See the full story here

#legalization#cannabislegalization#cannabisbusiness#cannabisindustry#rhodeislandcannabis#michigancannabis#wisconsincannabis

Debt financing eclipses equity in US marijuana cultivation and retail funding

Debt financing eclipses equity in US marijuana cultivation and retail funding:

Capital raises in the U.S. marijuana cultivation and industry are down nearly 65% this year versus 2021. But lower stock prices and more creditworthy cannabis companies. This means debt financing is now the preferred method to raise funds for the first time in years.

marijuana cultivation

See the full story here

Several state marijuana legalization initiatives could make fall ballot

Voters will decide whether to legalize commercial sales of adult-use marijuana in as many as five states. During the November midterm elections, medical cannabis could get on the ballot in Nebraska.

See the full story from MJBiz Daily here.

To see how Dynamic Alternative Finance can help you get into this exciting business contact us!

#legalization#cannabislegalization#cannabisbusines#cannabismoney#cannabisfunding

Cannabis Legislation Update

This week, Politico published an article that looks at cannabis legislation efforts across multiple states in the US. Thus far, 19 states have embraced full-scale cannabis Legislation with enacted recreational cannabis laws. While another 19 states have moved forward with medical cannabis platforms. With most state legislative sessions coming to a close this week, November’s ballot initiatives remain the key vehicle to push cannabis reform in potentially transitioning states. Below we highlight reform efforts undertaken in states through 2022:

  • In January, the state passed medical marijuana reform after seeing efforts fail during the 2020 referendum. The state is now amidst its application process for patients and businesses, with sales potentially starting later this year.
  • Rhode Island. This past May, Rhode Island became the 19th state (and only state in 2022) to pass adult-use referendums through its legislature. As structured, the bill allows for 33 dispensaries in six regions, with sales expected to kick-off on December 1st.
  • Maryland voters are set to vote on a ballot initiative calling for adult-use reform in the state later this year. The measure would require the legislature to pass a framework for the proposed recreational market, likely resulting in first sales in 2024, if enacted.

Cannabis Legislation

  • South Dakota

  • In 2020, South Dakota voters approved legislation to enact both medical and recreational markets through the state ballot measures. However, the state supreme court later struck down the referendum as unconstitutional, leaving South Dakota residents with only a formalized medical cannabis market.
  • Following up on this, South Dakota residents have re-submitted an initiative to certify adult-use cannabis in the state. Cannabis legislation with a proposed program that allows up to 1 ounce of possession and the ability to grow up to three plants if no dispensaries reside in their county/city.
  • Licensed operators in the Arkansas medical cannabis program submitted. A ballot initiative that will see state residents vote on adult-use reform as part of the November Ballot initiatives. The proposed cannabis legislation would allow Arkansas’s existing medical shops to add recreational sales at their stores on March 8, 2023, and the option to open another recreational-only location. Further, a lottery would be held to allocate another 40 additional retail licenses to serve adult-use customers.
  • After efforts to push adult-use legalization through the state legislature failed earlier this year. An effort has been made to put adult-use legalization on the November ballot. Signatures were submitted this past May. However, it remains unclear if the initiative will pass the state’s requirement to collect signatures. From all six of the state’s congressional districts.
  • State voters will likely see adult-use legalization as a question on the state ballot later this year. After advocates submitted twice the required number of signatures for consideration last month.
  • North Dakota

  •  After adult-use cannabis legislation failed to pass the state senate in 2021, last month saw advocates submit ~25,700 signatures. (~10,000 signatures above the required amount) to place the initiative on the November ballot.
  • Nebraska remains one of three states without any form of medical cannabis access in the US today. Earlier this year, advocates submitted ~90,000 signatures to have the initiative placed on the November ballot. However, disputes are currently ongoing regarding the state’s geographic requirements (which call for at least 5% of voters in at least 38 of the state’s 93 counties).

#legalization#cannabislegalization#cannabis#cannabisfinancing#cannabisfunding#cannabisloans#decriminalization

US House passes marijuana research bill Senate expected to follow suit

US House passes marijuana research bill Senate expected to follow suit:

The U.S. House of Representatives passed a revised bipartisan bill that would make it easier for researchers to study marijuana.

The marijuana research bill passed Tuesday by a resounding vote of 325-95.

marijuana research bill

See the full story here.

#legalization#cannabisbusiness#cannabisfunding#cannabisfinancing#cannabislegalization

Cannabis Administration and Opportunity Act

The Cannabis Administration and Opportunity Act, sponsored by Senate Majority Leader Chuck Schumer, would decriminalise marijuana at the federal level and provide states the freedom to enact their own marijuana regulations without fear of interference from Washington.

 

Cannabis Administration

 

Senate leaders are introducing sweeping legislation Thursday meant to lift federal prohibitions. On marijuana more than 50 years after Congress made the drug illegal.

Read the full story here.