Amid recession and social unrest, the cannabis industry sees its moment.
Actions by states to reduce criminal penalties for marijuana use and possession are fueling momentum for the broader movement to legalize cannabis and have it serve as an economic engine for cash-strapped coffers, industry members and policy experts say.
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Tune into the Granjapreneur podcast for a conversation about cannabis software, where many technology companies in the space have gone wrong, the importance of information security in the digital age.
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More states are allowing the sale of hemp-derived CBD products at marijuana stores, setting up a competitive marketplace between growers and producers of both plants that could dent the bottom line of some MJ companies.
Previously, states that have banned CBD in stores – including Colorado – allowed the chemical compound only if it was sourced from a cannabis plant with a THC concentration higher than 0.3%.
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More than 2½ months into the coronavirus pandemic, cannabis sales in five of the nations’ largest recreational markets are a mixed bag.
But sharp sales increases in Oregon and Washington state – two mature adult-use markets driven by demand from in-state residents rather than tourists – suggest that marijuana consumption is rising during the COVID-19 crisis, indicating that the cannabis industry at-large is likely well positioned to weather a prolonged period of economic instability.
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Despite its numerous growing pains over the past year and change, marijuana remains one of the fastest expanding industries on the planet. After logging $10.9 billion in legal worldwide sales in 2018, Wall Street has global pot sales hitting anywhere from $50 billion to $200 billion by 2030.
Although cannabis is a global growth story, there’s no question that the U.S. is at the center of this expansion. The United States is already responsible for the lion’s share of legal weed sales, in spite of the fact that marijuana remains a Schedule I (i.e., illicit) substance at the federal level. Even with presidential candidates Joe Biden (D) and Donald Trump (R) unlikely to alter this classification, that’s not going to stop legalization momentum at the state level.
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Oakland, California-based marijuana retailer Harborside is returning to court again to argue that Section 280E of the federal tax code is unconstitutional – and this time, the company is employing a new legal team and a slightly different approach.
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Previous data showed a weed sales bump coincided with the coronavirus pandemic unfolding in late March, as cannabis users stockpiled products in fear of dispensaries closing. More recent data elicits a new trend — using stimulus checks to celebrate 4/20.
Cannabis intelligence firms have reported an unusual boost in sales for April 15, the first day U.S. citizens could receive stimulus checks, accounting for normal spending increases around 4/20.
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With businesses around the country shuttered and millions of Americans out of work because of the coronavirus pandemic, the U.S. is facing its gravest economic crisis since the Great Depression.
Below are 10 tips cannabis businesses should follow when facing an economic downturn.
This list is not necessarily unique to cannabis businesses.
But in an industry that’s already subject to greater federal, state and local scrutiny, these concepts can serve as a guide for those seeking to relieve their financial stress.
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Eight Cannabis Leaders Discuss Emerging Trends In The Industry Going Forward: 2020.
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The U.S. House of Representatives late Friday passed a $3 trillion coronavirus stimulus bill that includes a provision that would allow banks to serve state-legal marijuana businesses without fear of punishment.
The bill passed along partisan lines by a 208-199 margin, and now heads to the Senate where it faces fierce Republican resistance.
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