The rollout of marijuana legalization in Illinois has been well covered by the press for the first few weeks of 2020, primarily due to the long lines and sky-high sales numbers the state has seen. While the early days of legalization in Illinois has had its challenges, particularly product shortages and high tax rates, the nearly $20 million of adult-use cannabis sold by Illinois dispensaries in the first 12 days of the program should be viewed as a success.
This early triumph of legalization in Illinois stands in stark contrast to another state that has been implementing a legal cannabis market for over three years, with a very similar set of policy goals and objectives, the Commonwealth of Massachusetts.
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The new years is off to a fast start with lots of exciting initiatives on the horizon for the medical and adult use cannabis markets in the U.S. Here are 5 trends to watch for in the cannabis industry in 2020.
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Capitol Confidential from the good folks at Leafly – a pop-up column tracking dozens of cannabis bills and initiatives across the nation.
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As marijuana companies seek more and different ways to make their products stand out on store shelves, they’re starting to turn to pop-up displays and events inside retail locations.
Setting up a temporary sales outlet – known as a pop-up – inside a cannabis store allows cannabis producers, vape makers, edibles manufacturers and other marijuana product suppliers to have direct contact with consumers.
Pop-ups also can assist companies in presenting new items and serving up in-store specials.
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According to a recent study, sales of recreational marijuana reached $7.3 billion in 2019, and are expected to reach $66.3 billion worldwide by 2025. With more and more states legalizing the use of medicinal and recreational cannabis, the market is exploding and turning to cutting-edge technologies to optimize everything, from crop management to distribution.
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Since its mainstream introduction a couple of years ago, CBD has become one of the biggest disruptors in the beauty industry. The compound has been embraced by consumers of all kinds, causing beauty companies to look for original ways to make their mark on the blooming business. A new study predicts that by 2024, the CBD industry will be worth over 950$ billion.
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Cannabis executives, professionals and financiers can expect 2020 – and the rest of the new decade – to have at least as much impact on their businesses as any year in the past 10.
New legal recreational and medical cannabis states have come online – or are poised to – in Illinois and Michigan as well as unexpected markets such as Missouri and Arkansas.
And then there’s the real prospect in 2020 that voters and/or lawmakers in Northeast states such as New Jersey, New York, Pennsylvania and Rhode Island will approve recreational markets.
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Does Your Cannabis Business Qualify For Trademark Protection? The Answer Is Most Certainly “Yes!”
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Eaze’s 2019 State of Cannabis Report saw an increase of Gen Z and Baby Boomer customers on the platform in addition to a decrease in vape sales, likely due to the vaping-associated pulmonary illness that emerged last year.
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Cannabis sales have increased substantially in the last few years, but so has the competition with more growers, retailers and other entrepreneurs vying for a stake in the “green rush.” At the same time, an oversupply of marijuana and the cost of operating in this highly regulated industry are taking their toll.
Click the link in bio to read industry executive predictions for top trends for 2020.
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