Blog Archives | Cannabis Means Business

NYC Couple on rooftop with cannabis plant

May 26, 2024October 17, 2024 By CWCBExpo

Rescheduling Leads The Way

Each month, Cannabis World Congress & Business Exposition (CWCBExpo) offers a convenient roundup of the biggest cannabis news stories and hemp headlines emerging across the nation. Get these updates in your inbox by subscribing to our email newsletter, or follow us on Instagram, LinkedIn, Facebook, or Twitter (now X) to get the most recent edition when it’s published.

The Justice Department’s recent announcement of the formal process to reclassify cannabis from Schedule 1 to Schedule III dominated cannabis headlines this month, and for good reason — it’s one of the most monumental shifts in federal policy toward cannabis in decades. Get the latest — and CWCBExpo’s take on rescheduling — in this blog.

Cannabis is officially being rescheduled

The Justice Department has officially announced the initiation of a formal rulemaking process to reschedule cannabis from a Schedule I to Schedule III drug under the Controlled Substances Act (CSA). This marks a pivotal shift in federal drug policy, as cannabis has remained classified as a Schedule I substance since the CSA was enacted in 1970. The decision follows President Joseph R. Biden, Jr.’s directive to the Attorney General and the Secretary of Health and Human Services (HHS) to conduct a comprehensive scientific review of cannabis’ current schedule status.

After receiving HHS’s recommendations last August, the Attorney General sought legal advice from the Justice Department’s Office of Legal Counsel (OLC) to inform the rulemaking process. As part of this process, the DOJ has submitted a notice of proposed rulemaking, inviting public input and engagement.

The public comment period has opened on the rule change and will remain open until July 22, 2024. You can submit your comments here.

While advocates like ourselves at CWCBExpo are grateful for the long-awaited progress, we recognize that there is still work to be done.

“Cannabis should never have been Schedule I. I’m thankful this long-awaited step toward justice is finally reality,” said CWCBExpo CEO Christine Ianuzzi.

The 2024 Farm Bill includes steps backward for hemp

The 2018 Farm Bill was a notable game-changer for many in the hemp and cannabinoid industries and in many ways enabled the multi-billion-dollar hemp CBD market crazy of the late 2010s and the early 2020s. The 2024 version of this legislation — a bill that’s renewed every few years — is now tackling the world of hemp-derived cannabinoids.

The U.S. House Committee on Agriculture voted in favor of an amendment to the 2024 Farm Bill that would ban intoxicating cannabinoids derived from hemp, like delta 8 THC, and synthesized cannabinoid products, like hemp-derived delta-9 THC products that have made their way onto smoke shop shelves and online sales of late. This change would alter the definition of hemp, splitting it into two categories: industrial hemp for making clothing, seeds for eating, and other non-cannabinoid purposes, and “hemp grown for cannabinoid extraction.” Currently, there is only one definition of hemp on the federal level: cannabis sativa plants containing no more than 0.3% THC.

The U.S. Hemp Roundtable, a national policy and advocacy organization, came out against the amendment, describing it as “deeply flawed and deeply objectionable.”

Aside from the uneasiness this amendment has sent through the hemp industry, the 2024 Farm Bill does include several other provisions that may be overall beneficial for the sector. For example, the bill includes provisions to help address regulatory barriers faced by certain hemp farmers while also revising restrictions on industry participation by individuals with prior drug felony convictions.

Daily cannabis consumption surpasses daily alcohol consumption for the first time

Research conducted on data from the National Survey on Drug Use and Health found that around 17.7 million Americans consume cannabis daily or near-daily, while more than three million fewer people consume alcohol at the same rate. In 1992, less than 1 million people said they were daily or near-daily cannabis consumers. It’s a significant shift shaped by more than a decade of legal adult-use cannabis and more than 25 years of medical cannabis programs in the United States.

69% of American voters support cannabis legalization

A recent Fox News poll revealed that nearly seven in 10 American voters, including a majority of Republicans, support the legalization of cannabis.

Released in the wake of Pres. Biden’s announcement regarding rescheduling, the survey underscores the widespread support for broader reform aimed at legalization altogether. Of the registered voters polled, a substantial 69 percent expressed their backing for legalization, with 45 percent indicating strong support for the reform. While Democrats exhibit higher support for the policy change, at 81 percent, the poll also highlights significant bipartisan backing, with 55 percent of GOP voters and 65 percent of independents endorsing legalization.

Cannabis wholesale prices are dropping

Wholesale cannabis prices are declining in some state-regulated markets, according to data shared by LeafLink and Cannabis Benchmarks. Overall, average wholesale flower prices dropped by 8.1% in 2023; by comparison, prices decreased by nearly 42% in 2022. Only three state markets experienced wholesale cannabis flower price increases: Alaska (7%), Missouri (20%), and Oregon (6%).

In 2023, according to LeafLink’s Wholesale Cannabis Pricing Guide:

Average cartridge prices per gram decreased by 11.8%, from $20.42 to $18.02.
Average concentrates prices decreased by 11.5%, from $12.52 to $11.08.
Average edibles and ingestibles prices decreased by 4.8% over the course of the year, and prices for pre-rolls decreased by just 0.12%, a leveling off from the 12% average price decrease in 2022.

Make plans for cannabis’s growth at CWCBExpo

What do all these changes on the national level mean for your business? Come find out at CWCBExpo 2024. From exhibitors that’ll grow your business to making meaningful connections, start setting the groundwork for your next growth stage. Register now!

March 27, 2024October 30, 2024 By CWCBExpo

New Jersey’s Cannabis Lounges: What To Expect

It’s official: Cannabis consumption lounges are coming to New Jersey, giving consumers a place to come together and enjoy sociable sessions in a public setting. The lounges, unanimously approved by the NJ Cannabis Regulatory Commission (CRC) in January, offer new opportunities to Garden State cannabis businesses and consumers alike. Here’s what you need to know about consumption lounges in NJ and what to expect in the coming months.

What are the rules for NJ consumption lounges?

The NJ CRC’s approval of cannabis consumption lounge rules came nearly a year after their introduction. Among the regulations governing these licensed “social use” locations are the following:

Consumption lounges must be attached to licensed retail locations.
Consumption lounges are open to adults ages 21 years and older, and photo identification is required for entry.
Cannabis businesses are limited to one social use license, regardless of the number of dispensaries they operate.
Social use licensing fees are $1,000 for microbusinesses and $5,000 for standard businesses.
Consumption lounges must install heating, ventilation, and air conditioning systems that prevent smoke and vapor from affecting neighbors.
Consumption lounges cannot sell tobacco, food, or alcohol, but guests may bring their own food or have it delivered (provided local governments allow it).
Businesses must not sell cannabis products to guests who show visible signs of intoxication, similar to requirements for bartenders.
Consumption lounges must be at least partially enclosed by barriers to prevent view from the public.
Medical cannabis patients may bring their own cannabis products to consumption lounges.
Guests may not leave with unconsumed, opened packages of cannabis products — much like restaurant guests may not leave with opened alcoholic beverages.

These rules have been published in the New Jersey Register, effectively codifying them as written and paving the way for applications and licensing to begin.

What do consumption lounges mean for NJ cannabis businesses?

Licensed cannabis retailers can pursue a social use license to open consumption lounges on the same site as their retail location, offering more opportunities to attract customers and sell products. For cannabis dispensaries looking to stand out from the crowd and offer something unique to attract more customers (and keep them on site longer), consumption lounges could be a big opportunity.

According to NJ CRC Chief Counsel Christopher Riggs, an application process will begin soon. However, the state government’s website currently makes no mention of the social use license or where to apply. Commissioner Charles Barker added that the application process would include an “exclusive period for social equity, diversely-owned businesses,” which he said is a “critical component to establishing equity and leveling the playing field.”

Members of the NJ CRC suggested the addition of consumption lounges to the state’s growing cannabis industry would bolster tax revenues through additional sales and excise taxes on products sold, as well as the licensing fees and annual renewal fees businesses would pay to operate these lounges.

However, some retailers have pushed back against the regulations as currently written, suggesting the restrictions would make it difficult to turn a profit by hosting a social use space. Concerns include the restrictions on selling non-cannabis products, like food and beverages, and the availability of space at existing dispensary locations.

“From an operator’s perspective it’s hard to make money on that and to create that amazing environment,” Jonathan Bednarsh, co-founder of RIPT Dispensary, told PIX 11 when the NJ CRC first approved the rules. “Operators are going to struggle to have the space, or create a space if they can’t monetize the space.”

Other cannabis reform trends to watch in New Jersey

The Garden State is in for a big year when it comes to growing its cannabis industry and enacting reform policies. There are more than a dozen bills in the state legislature that could have a significant impact on New Jersey’s cannabis businesses and consumers, including:

Home grow rules: Senate Bill 1985 would legalize the cultivation of up to six cannabis plants for personal consumption and up to 10 plants for medical consumption for adults ages 21 years and older. A similar bill in the state Assembly (A414) would allow the cultivation of up to six cannabis plants, while S1393 and companion bill A846 would authorize the cultivation of medical cannabis.

Interstate commerce: A bill in the Senate, S2286, would authorize the governor to approve interstate commercial activity in certain instances. Interstate commerce is generally the domain of the federal government, which considers cannabis an illegal Schedule I drug under the U.S. Controlled Substances Act.
Financial institution protections: Assembly bill A901 would offer protections to financial institutions and insurance companies working with cannabis businesses, preventing them from being penalized by state regulators for working with the industry. Similar bills in both chambers, S1955 and A453, would focus on establishing further protections for insurers working with cannabis businesses. A Senate bill, S1126, would establish a state bank dedicated to handling cannabis funds.
Employer and employee protections: Competing bills would extend protections to employees who use cannabis or empower employers to prohibit cannabis consumption by certain employees. A2719 would prevent employers from penalizing employees who test positive for cannabis metabolites, but S677 would allow employers to prohibit cannabis in some circumstances. A2798 would permit law enforcement agencies to prohibit consumption by officers.
Medical cannabis taxation: Assembly bill A1105 would exempt medical cannabis products from sales and excise taxes, bringing down costs for medical cannabis patients.

Keep an eye on these bills and other reform efforts as 2024 progresses to see how New Jersey’s cannabis industry may evolve. As the young industry grows and changes, those who are most adaptable to evolving regulations will stand the best chance of success in the future.

Stay informed with CWCBExpo

To stay in the loop on all things cannabis in New York, New Jersey, and beyond, keep an eye on CWCBExpo’s monthly news roundups, blog, and social media channels. And if you want to connect with cannabis industry leaders and experts from around the nation, sign up to attend or exhibit at this year’s CWCBExpo at the Javits Convention Center in New York City on June 5 and 6, 2024. You’re sure to come away with new insights, an expanded network, and exciting stories about one of the fastest-growing industries in the country.

March 5, 2024October 30, 2024 By CWCBExpo

10 Cannabis Tech Tools Shaping the Industry

From artificial intelligence (AI) tools to sophisticated supply chain management systems, the cannabis industry relies on some advanced technology to keep growing. Here’s a look at some of the technological systems shaping the cannabis industry, how they’re used, and the trends they’re driving as legal cannabis businesses expand nationwide.

1. Seed-to-sale tracking and compliance systems

One tech platform every cannabis operator is familiar with is the seed-to-sale tracking system, which handles the complex task of monitoring the entire plant-touching supply chain for quality assurance and regulatory compliance. Seed-to-sale tracking systems catalog every cannabis product back to the source, from breeding to cultivation to manufacturing to the dispensary.

Popular seed to sale tracking systems include names like Metrc, Distru, GrowFlow, and Canix, though some states require the use of particular platforms. In New York, operators can use any software they want; the Office of Cannabis Management (OCM) uses BioTrack THC. Generally, these systems rely on Radio Frequency Identification (RFID) technology and software to track the flow of seeds, plants, flower, and manufactured products through the cannabis supply chain.

2. AI budtenders

As the foremost touchpoint between customer and brand, budtenders shape consumer experience and influence brand loyalty to a significant degree. Some dispensaries are capitalizing on the rise of AI to improve the budtender-customer interaction, delivering accurate information in an easily understandable way.

A leading name in this new space is Pluggi, a platform that integrates with ecommerce platforms and offers customers the same type of personalized service they’ve come to expect from your human budtenders on-site. Pluggi relies on customers’ answers to questions to generate relevant product recommendations. Pluggi also delivers data-driven reports that can help you better understand shopper preferences, giving you all the information you need to enhance your marketing and customer service.

3. Extraction equipment

Extraction technology is not new; it’s been used in the food and beverage industry and the petrochemical industry for quite some time. However, their use in cannabis is relatively new, dating back to the 1970s with the advent of Butane Hash Oil (BHO). Today, extraction tech is widely applied in the cannabis industry and includes both solvent-based and solventless extraction equipment. It also includes devices like rosin presses, which are used to refine bubble hash into a thick oil known as rosin.

Companies like Delta Separations, Precision Extraction, and Root Sciences produce extraction equipment from closed loop extraction systems to individual elements like short path distillation equipment or falling film evaporators. This machinery is essential to the cannabis extraction process, which is used in the production of concentrates as well as infused edibles, topicals, and other types of cannabis products. There are also simpler pieces of equipment from companies like Bubble Magic, which sells ice water extraction machines that don’t require as much engineering expertise to operate.

4. Menu providers

The menu is the dispensary’s focus, whether customers place pickup orders online or do in-store shopping. Ecommerce software companies have emerged to support dispensaries who want to offer their customers a familiar and convenient way to shop for cannabis, even if customers can’t have products shipped to their door. These services offer digital dispensary menus that integrate with other key software needed to manage a dispensary’s operations. They’re focused on providing a high level of ease of use for both customer and dispensary staff, queuing up orders so they can be filled quickly, accurately, and efficiently.

5. Personal consumption devices

The way we consume cannabis is also changing thanks to technological innovation. Among the more high-tech of these innovations are portable vaporizers, electronic dab pens and dabbing devices, and desktop vaporizers. These items eliminate the need for pipes and paper and use apps and other electronic means to create a truly customized consumption experience.

Puffco is one such innovator in the personal consumption space. The company, which engineers its products in Brooklyn, is known for the Puffco Peak, an electronic dab rig that became seriously popular by making dabbing easy and accessible to every consumer. The company also offers accessories like the Hot Knife, an electronic dab tool that makes loading dab rigs an easier experience.

6. Cannabis security software

Security is critical in cannabis. Whether you’re a cultivator with a sizable grow, a manufacturing operation producing seriously valuable extracts, or a dispensary with inventory and cash on hand, cannabis businesses are prime targets for burglary. In addition, state regulations usually include strict security requirements for cannabis facilities. That’s where cannabis security software comes in, helping operators manage their facilities and demonstrate full compliance with their state’s requirements.

7. Curing and drying equipment

After harvesting, cannabis needs to be cured and dried to preserve it and prevent contamination while it awaits transportation and purchase. Historically, this process could take weeks or even months to complete, but thanks to technology developed specifically for cannabis cultivators that timeline can be significantly sped up. This gets products out the door faster.

Companies like Cryo Cure, Cannatrol, and Happy Hydro have all developed equipment and processes that support more efficient and higher quality drying and curing. Cryo Cure, for example, offers machinery that preserves cannabinoids and terpenes while quickly bringing flower to its optimal moisture content levels in under 24 hours. Happy Hydro offers more conventional accessories like hanging dry racks and storage containers that support and improve the conventional drying and curing process.

8. Decarboxylation equipment

When using cannabis as an ingredient to create edibles or topicals, it first needs to go through a process known as “decarboxylation.” Put simply, this involves heating cannabis flower at low temperatures for a long time. Decarboxylation is the conversion of cannabinoid acids, like THCA or CBDA, into their more familiar activated forms, like THC and CBD. When cannabis is smoked or vaped, this happens before inhalation. But for ingestion, decarboxylation needs to be done first.

Cannabis manufacturing equipment providers sell industrial-sized ovens built for this task. Often called “decarbing ovens,” they come with settings designed specifically for cannabis. There are also many at-home gadgets, like the Ardent and the Levo, that simplify at-home decarboxylation

9. Retail management platforms

When you run a retail business, you need a point-of-sale system for tracking dispensary sales and managing transactions. You also need an inventory management system that can track your current stock, monitor how quickly SKUs are selling, and enable you to order more proactively so you never run out of your most popular products. You’ll also want to be able to review data about your sales and your customers so you can improve your decision making when it comes to things like marketing, inventory, and customer service. Cannabis retail management platforms have brought all these functions into one useful system that keeps dispensaries organized and efficient.

Flowhub is a major retail management platform serving cannabis dispensaries with its software called Maui. This software allows dispensaries to accept payments for cannabis transactions and offers useful tools like customer loyalty programs and online order management. It also offers built-in compliance tools, so dispensaries can track their compliance and demonstrate it to regulators. Sales reports, custom user dashboards, and all the data flowing through the system is available on mobile devices as well, so company leadership can make informed decisions anytime, anywhere. These platforms also play an important role when it comes to cybersecurity in cannabis, safeguarding sensitive customer data from cyberattacks.

10. Nanoemulsion technologies

When making infused products like edibles and cannabis beverages, it’s important to ensure consumers have consistent, reliable experiences with dosages they can depend on. That means each product needs to not only contain the same amounts of cannabinoids in the same proportions as the last, but each part of each product needs to be homogenous and contain the same amount as well. Otherwise, each bite could be different, and consumers won’t be able to expect a consistent experience. That’s where nanoemulsions come in, and it’s thanks to emulsification technology that manufacturers can create them.

SōRSE Technology, for example, uses a water-soluble emulsification process that works with any oil-based ingredient to create emulsion formulations for cannabis brands. Their services promise product stability that provides for accurate, consistent dosing in cannabis products and homogeneity in each product, so customers can trust the labeling every time. Technology and innovative processes like these enable cannabis businesses to create repeatable, branded products that consumers can count on for a consistent experience no matter where they buy them.

Emerging tech propels the cannabis industry forward

The cannabis industry is an innovative and rapidly evolving space, often out of necessity thanks to decades of prohibition and the emergence of state-by-state supply chains with their own sets of rules and regulations. As cannabis businesses grow and face new challenges, technology companies come to the fore to help them get more done and keep on expanding. To meet some of the leaders in cannabis tech and the businesses successfully using their tools and platforms, join us for the next Cannabis World Congress & Business Expo (CWBCExpo) June 5 – 6 at the Javits Convention Center in New York City

Womxn Luncheon Montage, February 17, 2024

February 29, 2024October 17, 2024 By CWCBExpo

Licensing in NY, Cannabis in Germany, plus Womxn Luncheon with CWCBExpo

Introducing CWCBExpo’s New Podcast

Highest: In the Room

Highest: In the Room
A podcast series that discusses the business of cannabis in a LIT way

Reporting from the weed capital of the world, KymB interviews the power players in the wild industry of cannabis.

In Episode #1, KymB gets the “blunt” facts from the Beard Bros, Bill and Jeff Levers, on cannabis restrictions on Instagram and why cannabis media is an integral part of business.*

*Contains explicit language.

Read the press release.

New York State News

Judge Rules for NYS in Lawsuit

NYS has gotten over another hurdle in court. On February 2, Judge Nardacci ruled against plaintiffs citing unfair issuance of licenses that was based on the social equity criterion laid out in the Marijuana Regulation and Taxation Act passed on March 31, 2021. Previous lawsuits claiming similar complaints were settled. The result of the latest ruling by Judge Narducci is a good sign that NYS is continuing to move the industry forward.

Learn more here in the article from Politico.

Plan to Shut Down Illicit Cannabis Operations

In our January 2024 Newsletter, we noted that Governor Kathy Hochul is committed to shutting down illicit cannabis shops across New York State. The movement to get this done has taken off in recent weeks with several local lawmakers at the NY Assembly and Senate levels supporting legislation and funding targeted at the closing of illegal shops and providing more authority to NYC Mayor Adams and the NYPD to get the job done.

Queens Assemblywoman Jenifer Rajkumar has aggressively been pushing her proposal to shutter illegal cannabis operations across the city, while Queens Senate member Leroy Comrie has pushed to get the law into the budget. It is called the Smoke Out Law.

Click here to tune into the Spectrum NY1 news clip and article to learn more about the proposed bill to shut down the illicit market.

Dispensary Openings

The Adult-Use dispensary openings continue across NYS and NYC. Here are 18 of the most recent openings.

For a complete listing of the legal dispensaries in NYS that have opened so far, click here.

Legacy Dispensary

COLONIE | 1839 Central Avenue, Colonie, NY
Website: www.legacy-dispensary.com

High Stone
STATEN ISLAND | This is a temporary delivery only location.No in-person or pre-order sales are allowed at this location.
Website: www.highstone.nyc

Royale Flower
ALBANY | 350 Northern Blvd, Albany, NY
Website: www.royaleflower.com

Brownies
COLONIE | 1686 Central Avenue, Albany NY
Website: www.browniesbrand.com

Northern Lights NY
MENANDS | 90 Broadway, Spc 8, Menands, NY
Website: www.nldispo.com/

Buddega NYC
WHITE PLAINS | This is a temporary delivery only location. No in-person or pre-order sales are allowed at this location.
Website: www.cannabisrealmny.com

The Grass Hole Cannabis
PLATTSBURGH | 779 State Route 3, Plattsburgh, NY
Website: www.thegrasshole.com

Cannavita
ASTORIA | 30-30 Steinway Street, Astoria, NY
Website: www.cannavita.us

Etain
WHITE PLAINS | 75 Mamaroneck Avenue, White Plains, NY
Website: www.etainhealth.com

The Emerald
BUSHWICK | 85 Suydam St, Bushwick, NY
Website: www.theemeralddispensary.com

NYCBUD
LONG ISLAND | 44-45 Vernon Blvd, Long Island, NY
Website: www.nycbud.com

Puffalo Dreams
BUFFALO | 900 Niagara Falls Blvd, Buffalo, NY [Corrected Address]
Website: www.puffalodreams.com

New Metro
BAYSIDE | 221-50 Horace Harding Expy, Oakland Gardens, NY
Website: www.newmetro.club

Public Flower
BUFFALO | 232 Allen Street, Buffalo, NY

Elevate
MOUNT VERNON |127 S Terrace Ave Mt. Vernon, NY
Website: www.elevatecannabisny.com/

Exit 31 Exotic
UTICA | 255 Genesee Street, Utica, NY
Website: www.uticacannabisco.com

Tiki Leaves
CONEY ISLAND | 1511 Neptune Ave., Brooklyn, NY

Silk Road NYC
QUEENS | 166-30 Jamaica Ave, Jamaica, NY
Website: www.silkroadnyc.com/

Licensing News

Some good news for NYS revenues: NYS’s total adult-use cannabis sales are climbing toward $200MM since MRTA was passed. As of this month, total adult-use sales reached $183MM, as reported by the Office of Cannabis Management and Governor Hochul.

Also this month, the NYS Office of Cannabis Management (OCM):

Issued over 100 licenses in mid-February including 38 new Retail Dispensary Licenses, and 26 Micro-business Licenses.
Approved Home Grow Cultivation Regulations
Opened a new application window for more type 3 processor applications and to allow conditional cultivators and processors to continue transition to non-conditional licenses

New Jersey News

New Jersey Closes in on $1B in Total Cannabis Revenue

The New Jersey Cannabis Regulatory Commission (NJCRC) reported on February 15 that there were 102 medical and adult-use dispensaries across the state. In addition, total sales for medicinal and adult-use cannabis sales were closing in at $1B combined. These milestones are very good news.

Pennsylvania News

Governor Josh Shapiro Wants to Legalize Adult-Use Cannabis

Will Pennsylvania legalize adult-use cannabis anytime soon? Governor Ron Shapiro is supporting it and presented some key points during his February budget presentation as part of his efforts to legalize adult-use in PA. In his presentation he cited estimated cannabis revenues, social equity, and expungement of minor cannabis offenses and arrests. Not all groups in PA are supportive of the Governor’s efforts.

Learn more from CBS News

Majority of U.S. Voters Favor Legalization

U.S. Voters Want Legalization

We highlighted in our January newsletter that the issue of de-scheduling vs. rescheduling cannabis as a Schedule 1 drug was heating up. A poll found that the call to de-schedule cannabis is overwhelmingly supported by both Democrat and Republican voters. The results of a poll featured in NORML.org, compiled by The Tarrance Group, showed that well over 50% of respondents want to see full legalization in all 50 states.

Very interesting aspects of this poll can be found on NORMLorg.

Ukraine Legalizes Medical Cannabis

Ukraine’s President Zelensky Signs Medical Cannabis into Law

On February 15, President Volodymyr Zelensky signed the December 21, 2023 bill that was approved by Ukraine’s Parliament. This new law will provide access for medical patients seeking treatment for a variety of conditions including PTSD. The war has created the need for medical cannabis to help treat the traumas of the war suffered by soldiers and citizens. Patients will need a prescription from a doctor to get the medical cannabis and to legally buy it. Recreational cannabis remains illegal. The new law takes effect in July 2024.

Learn more here from the Kyiv Independent.

Germany Legalizes Adult-Use

Germany Legalizes Adult-use Cannabis

As of February 23, Germany became the third European country to legalize recreational use cannabis for anyone aged 18 or above.

Read about it here from CNN.

Community News

Building Community Through Recognizing WOMXN Entrepreneurs

On Saturday February 17, CWCBExpo was honored to be the Nourishment Sponsor for the WOMXN Brunch. The brunch was expertly produced and organized by Solonje Burnett and Kymberly Byrnes (KymB). Solonje Burnett is Weed Auntie and Co-founder and Chief Culture & Community Officer of Erven. Kymberly Byrnes is Co-Founder and Chief Marketing Officer of TribeTokes, and Host of “The Highest in the Room” podcast.

The luncheon took place in Williamsburg Brooklyn at the Moxie Hotel and was sold out. CWCBExpo was in attendance and is sharing some photos below. Thank you Solonje and KymB for making such a memorable afternoon.

Womxn Luncheon, February 17, 2024. Clockwise from the top left, Solonje Burnett, Weed Auntie, Co-founder and Chief Culture & Community Officer of Erven, with Christine Ianuzzi, CEO, CWCBExpo; Kymberly Byrnes (KymB), Co-Founder and Chief Marketing Officer of TribeTokes; Women in attendance; “Local Roots” food table, the woman-owned small business which prepared the healthy, fresh and delicious lunch that was served at the event.

Check out the CWCBExpo BLOG

CWCBExpo blogs contain relevant, timely information.

Recent subjects include cannabis testing laboratories, packaging, facility security, and legalization and regulatory updates.

Visit the CWCBExpo blog for valuable guides and posts.

This is the event you need to attend.

June 5 – 6, 2024
Javits Convention Center, NYC

February 28, 2024October 22, 2024 By CWCBExpo

Law Enforcement Groups Push for Rescheduling & More

February held some big headlines for the cannabis industry, including groundbreaking research into cannabinoids and terpenes, Vice President Kamala Harris meeting with pardon recipients, and law enforcement leaders advocating for cannabis rescheduling. Join us as we dive into the latest cannabis news nationwide and how it’s impacting the industry and consumers everywhere.

Law enforcement group pushes for cannabis rescheduling

A coalition of police chiefs and prosecutors, represented by the Law Enforcement Leaders to Reduce Crime & Incarceration (LEL), has called upon the Biden administration to reclassify cannabis under federal law. Led by prominent figures such as U.S. Drug Enforcement Administrator (DEA) Anne Milgram, the organization advocates for rescheduling cannabis to Schedule III.

In a letter addressed to the administration, the coalition underscored the benefits of rescheduling, including the prioritization of limited public safety resources. “We believe that reclassification under schedule III would be an important step to help both federal and state law enforcement better prioritize limited public safety resources,” the LEL wrote in the letter. “Moreover, rescheduling would also allow legal markets to compete on a level playing field, potentially leading to greater reinvestments in critical programs that can bolster public safety.”

The call from LEL comes as the DEA is mulling a proposal from the U.S. Department of Health and Human Services to reschedule cannabis as a Schedule III controlled substance. Rescheduling cannabis to Schedule III would represent a landmark step towards comprehensive federal cannabis reform.

The letter from LEL is the latest in mounting pressure for regulators to consider cannabis reform. Last month, Congressional Democrats sent a letter to the DEA requesting cannabis be descheduled entirely, eliminating its status as a controlled substance altogether.

New study assesses cannabis compounds and the entourage effects

A recent study published in the journal Molecules delved into the intricate interactions between cannabinoids, terpenes, and other chemical compounds found in cannabis, shedding light on the so-called “entourage effect”, which describes the collaborative dynamics of these components and their combined effects.

The study, published in January 2024, confirmed the concept of the entourage effect, which has often been controversial among researchers. The study emphasized that it’s not merely THC and CBD, but the complex interplay of molecules, that shape our individual cannabis experience.

“In cannabis science, cannabinoids, terpenes, and flavonoids have often been overlooked, with much of the literature focusing predominantly on the major cannabinoids THC and CBD,” reports the team behind the new study. “However, emerging evidence suggests that these constituents, particularly cannabinoids and terpenes, play a substantial role in interacting and collaborating. This interplay gives rise to the diverse effects, benefits, and side effects observed among different cannabis strains, which can vary in the ratios of these components.”

The research represents a step forward in our understanding of cannabis and how it works. While much research is still needed, advancing our understanding of the entourage effect brings us a step closer to maximizing the therapeutic potential of the plant.

Kamala Harris reaches out to cannabis pardon recipients

Vice President Kamala Harris’s office has been actively engaging with those who have received pardons for cannabis possession under President Biden’s clemency proclamations, aiming to ensure a smooth process and broader discussion into cannabis policy reform.

Chris Goldstein, a prominent activist recently pardoned for a 2014 possession case, revealed that the vice president’s office contacted him and subsequently met with three staffers to discuss his certification experience, as well as cannabis reform proposals such as descheduling and expungement.

Goldstein commended the office for their attentiveness and keen interest in understanding the nuances of cannabis policy reform. He raised the point that the pardons people received over possession did not clear their records, which still need to be expunged. He also noted that the office “absolutely heard that” and understood the “nuance” of the policy issue.

“I want to give them credit for this, because they were reaching out to pretty much anybody who they could who had gotten a pardon recently through the Department of Justice and trying to communicate with people about the pardons and make sure the process was going well,” he told Marijuana Moment. “It seemed like they were really invested in making sure that people had an easy process in getting the pardons and that it was easy to apply, it was a short waiting period, all those things.”

Poll find 17% of American adults consume cannabis

According to a new Gallup poll, approximately 17% of American adults reported consuming cannabis, remaining relatively stable compared to the previous year’s 16% but significantly increased from just 11% in 2015.

“Age is a significant driver of the likelihood of smoking marijuana. About a quarter of young adults, those aged 18 to 34, say they smoke marijuana (26%), but reported use falls to 18% among adults aged 35 to 54 and is even lower, 11%, among adults aged 55 and older,” reads the Gallup analysis.

Other standouts from the responses included:

Men (19%) are more likely than women (14%) to consume cannabis.
College graduates (9%) are about half as likely as those without a college degree (21%) to consume cannabis.
Democrats (22%) are more likely than Republicans (12%) to report consuming cannabis, with independents’ (17%) falling between them.

Exploring the future of cannabis with CWCBExpo

As we wrap up February, one thing is clear: the future of cannabis is dynamic and full of promise. Looking ahead, we remain committed to collaboration, innovation, and advocacy as we shape a bright future for the cannabis industry. Stay up to date with our monthly news updates, or join us in person at CWCBExpo this June to network with industry leaders and learn from cannabis experts.

Conditional Licensing and Cannabis Retail in NYS, CWCBExpo Seminar, June 1 2023

February 23, 2024October 17, 2024 By CWCBExpo

February 2024 Regional News Update: Milestones, Projections, and Partnerships

As February unfolds, the Northeast cannabis industry surges ahead. The landscape continues to shift in New York, with more than 100 new licenses marking a significant stride toward expanding the state’s market. Next door, New Jersey is expected to eclipse $1 billion in sales this year, breaking new ground for the Garden State’s cannabis industry. Meanwhile, in Pennsylvania, Gov. Josh Shapiro (D) has called for legalization, igniting conversations about the state’s potential entry into the adult-use market. Join us as we navigate through the latest milestones, regulatory advancements, and innovative proposals throughout the region.

New York CCB approves over 100 new licenses

The New York State Cannabis Control Board (CCB) made a milestone decision to approve 109 new licenses in the state. Notably, these are the first non-conditional licenses the state will issue, departing from the previous criteria under the Conditional Adult-Use Retail Dispensary (CAURD) program, which prioritized justice-involved individuals. Among these licenses, 38 are allocated for new retail dispensary ventures, while an additional 26 are designated for microbusiness operations, which vertically integrated cultivation, processing, distribution, and retail operations under one license.

“Adult-use cannabis is a growing industry in New York that will help local economies across the state,” Gov. Kathy Hochul (D) said. “The approval of over 100 licenses is a good start and provides individuals with the opportunity to apply for licensing to help drive up local economies around them.”

The surge in licensing represents a substantial increase from previous numbers, nearly tripling the number of licenses since December. New York is now home to 70 licensed adult-use dispensaries, with more establishments poised to open soon.

New Jersey sales predicted to surpass $1 billion in 2024

Jeff Brown, the executive director of the New Jersey Cannabis Regulatory Commission (NJ-CRC), is bullish on the state’s cannabis industry, projecting that 2024 will be the year when New Jersey exceeds the milestone of $1 billion in annual sales.

Speaking at a public hearing, Brown emphasized the forthcoming regulations aimed at the expansion of edible offerings in the state, highlighting that these regulations would not only enhance consumer safety but also incorporate Good Manufacturing Practices (GMP) provisions to align with federal legalization bills.

“It’s something that will set New Jersey’s market up to compete in decades to come,” Brown said during the hearing. “I’m not counting on federal legalization happening anytime soon, but nonetheless we want to make sure businesses in New Jersey are prepared to compete whenever that opportunity arises.”

Brooklyn Nets and New York Liberty partner with CBD company

The Brooklyn Nets and the New York Liberty have made headlines by becoming the first professional basketball teams of the NBA and WNBA to join forces with a CBD company. Mynd Drinks, a hemp-based CBD sparkling beverages company, is set to collaborate with the iconic New York teams following the NBA’s decision to remove cannabis from its list of banned substances for players.

“This gives us an anchor for the East Coast in terms of exposure, marketing, and expansion,” Mynd Drinks CEO Simon Allen said in a statement. “We’ve had tons of opportunities to work with different teams but what we really liked about both of the teams was they shared a lot of what our vision was.”

While specific details of the agreements are not all made public, reports state that Mynd Drinks will be available for purchase at all Nets and Liberty games. The company will also sponsor Liberty theme nights throughout the season.

Pennsylvania governor pushes for cannabis legalization

Pennsylvania Gov. Josh Shapiro (D) is urging state officials to seize bipartisan momentum and push forward with the legalization of cannabis in recent statements. Shapiro underscored the urgency of the matter, emphasizing that Pennsylvania’s neighboring states, including Ohio, have already embraced legalization, leaving the Keystone State at a competitive disadvantage.

With an estimated loss of $250 million annually in potential revenue, the governor emphasized the tangible benefits of legalization, highlighting its potential to bolster economic development and fund crucial sectors such as education.

“The reality is, as long as we have safeguards in place to make sure our children aren’t getting their hands on it — it’s just like, we don’t want our kids out drinking, right?” he said. “And a lot of that is going to be a burden on parents and schools and others to make sure we educate on that. Then I think this is something we’ve got to compete on.”

In a separate conversation WILK News Radio, Shapiro added that he’s personally “evolved on” the issue and wants a legal cannabis market rooted in the state. “[We are] focused on lifting up Pennsylvania businesses in the process — not these big national conglomerates — and we’re empowering people in local communities to it that I think some good can come from it.”

These statements come shortly after the governor included cannabis in his $48.3 billion budget proposal, calling for a 20% excise tax on legal cannabis and estimating that an adult-use cannabis industry in the state could bring in $14.8 million in tax revenue in its first year. Those new dollars would help pay for additional spending on public transit, economic development, housing, and health care, among other priorities.

Navigating the green together

Adapting to the dynamic and evolving landscape of cannabis in the Northeast is essential for staying informed and ahead of the curve. Whether you’re a stakeholder, entrepreneur, or enthusiast, CWCBExpo ensures you have the insight and resources to navigate this burgeoning industry successfully. Subscribe to our newsletter or follow us on social media to stay updated and engaged with the latest developments shaping the future of cannabis in the Northeast and beyond.

Vice President Kamala Harris Making Statement

February 19, 2024October 17, 2024 By CWCBExpo

What Would Federal Rescheduling Mean for Cannabis?

Last year brought another wave of states that legalized cannabis either for medical consumption or adult use. Most states now support legal cannabis in some form, and public opinion is strongly in favor of both legal medical and adult use cannabis programs.

Senate Majority Leader Chuck Schumer (D-NY) proclaimed he believes an end to the federal prohibition is finally within reach. However, outside of Congress, federal agencies are deliberating not whether cannabis should be legalized federally, but whether it should be rescheduled under the U.S. Controlled Substances Act (CSA) of 1970. But what exactly would federal rescheduling mean, and are we likely to see it anytime soon?

How did we get here?

Cannabis is considered a Schedule I substance under the CSA, meaning it is considered by the federal government to carry a “high potential for abuse, no currently accepted medical use in treatment in the United States, and a lack of accepted safety for use under medical supervision.” However, its status as a Schedule I substance is hotly debated — and currently under review.

A reconsideration of cannabis’s scheduling status began in October 2022, when President Joseph R. Biden, Jr. issued an executive order to federal health regulators, requiring them to “expeditiously” reevaluate the way the country regulates cannabis on the federal level and describing Prohibition as a “failed approach.”

In August 2023, as part of that review, the Department of Health and Human Services (HHS) delivered a recommendation to the Drug Enforcement Agency (DEA) that they should reconsider the current classification of cannabis as a Schedule I substance. The letter, sent to Attorney General Merrick Garland and DEA Administrator Anne Milgram, advised that moving cannabis to Schedule III would “supersize” the industry by providing tax relief and further normalizing the market.

In January 2024, the DEA announced it would take HHS recommendations under advisement as the agency conducted its own review of cannabis’s current scheduling under the Controlled Substances Act. The agency noted that it held “final authority” on any rescheduling decision, not HHS or Congress. The agency is reportedly using a five criteria test to determine whether cannabis should be rescheduled.

While the DEA deliberates, the HHS released more than 250 pages explaining their rationale behind the recommendation to reschedule cannabis. Among those reasons are the fact that cannabis is currently used for medical purposes in the U.S. and has a lower potential for abuse than other drugs currently listed as Schedule I or Schedule II under the CSA.

A decision regarding cannabis’s scheduling under the Controlled Substances Act is expected from the DEA in the coming months. Until a decision is made, cannabis remains a Schedule I substance.

What would descheduling mean for cannabis businesses?

There are two potential routes that legislators could take in regard to rescheduling cannabis. Descheduling would mean removing cannabis from the list of controlled substances altogether, a process that can happen either through legislation or through the executive branch. Rescheduling, on the other hand, would mean cannabis is moved from Schedule I to a lower schedule. In the HHS recommendation this would be Schedule III.

If either descheduling or rescheduling takes effect, perhaps the biggest impact is that IRS Section 280E would no longer apply to cannabis businesses in the U.S. Section 280E prohibits businesses that deal in Schedule I and Schedule II substances from deducting typical business expenses from gross income, which can seriously impact profitability. Descheduling or rescheduling cannabis to Schedule III would mean cannabis businesses could finally deduct normal business expenses, a matter that New York has already moved to address on the state level.

Sen. Kirsten Gillibrand (D-NY) sent a letter to the DEA, stating that while she remains “under the strong conviction that marijuana should be descheduled entirely,” the agency should, “at a minimum,” move cannabis from Schedule I to Schedule III under the CSA.

Cannabis advocacy groups like the National Organization for the Reform of Marijuana Laws (NORML) believe that reclassifying cannabis to a lower schedule continues to misrepresent the plant’s safety relative to other controlled substances such as anabolic steroids and ketamine (Schedule III), benzodiazepines (Schedule IV), or even alcohol, which is not classified under the CSA. This is why NORML and many other advocates are pushing to deschedule cannabis entirely, providing state governments the ability to regulate cannabis as they see fit.

How would rescheduling cannabis affect New York?

While rescheduling cannabis would help legitimize the New York cannabis industry and reduce the stigma around consumers, without federal legalization, it’s uncertain exactly how it would affect the state. Although some are hopeful that rescheduling would allow for the transportation of products across state lines, interstate commerce would remain illegal for non-FDA-approved cannabis products. In other words, regardless of rescheduling, cannabis products would need to obtain FDA approval to cross state borders.

Rescheduling cannabis could also improve access to banking and financial services, as some institutions might feel more confident about working within the industry. However, many payment processors have suggested they won’t support cannabis transactions until federal legalization. Additional legislation may help assuage those concerns, though, and it’s something that has been on Schumer’s radar.

What does the SAFER Banking Act have to do with descheduling cannabis?

A bipartisan piece of legislation known as the Secure and Fair Enforcement Regulation (SAFER) Banking Act could be the push the industry needs to make federal descheduling a reality, according to Schumer. The SAFER Banking Act, which passed in late September by a bipartisan majority in the Senate Banking Committee, would protect financial institutions that wish to work with cannabis retailers and give out more small business loans.

While cannabis would remain federally illegal under the SAFER Banking Act, the law would resolve the tension between federal and state law concerning banking. Supporters of the act say that, if passed, it will have an almost immediate effect on public safety by reducing the number of burglaries that have plagued cash-heavy businesses.

Although earlier versions of the bill passed in the House seven times, they failed to make it through the Senate. Schumer plans to move the current bill, reintroduced in September 2023, forward to the Senate floor once they have enough Republican support. He did not specify a date.

Navigating the future with CWCBexpo

The prospect of federally descheduling cannabis is not merely a shift in policy but a transformative catalyst for the entire industry. As we continue to follow changes, allow CWCBExpo to serve as your hub for staying up-to-date in New York and beyond. Stay informed, stay connected, and let’s shape the future of cannabis together!

January 29, 2024October 17, 2024 By CWCBExpo

Lounges Are Coming To NJ, and More

The Northeast cannabis industry is starting the year on the right foot. Here, we’ll take a look at New York, where the cannabis market has surpassed $150 million in total sales and regulators are mulling home grow policy reform and a repeal of the potency tax. And we’ll check in with New Jersey, where cannabis lounges could soon become a reality. Amid such rapid growth and evolution, the need for reliable sources of information is paramount. Join us on a journey through the latest milestones, regulatory shifts, and groundbreaking proposals as we explore the ever-evolving world of cannabis.

New York cannabis market tops $150M during first year of operations

The New York cannabis market has surged beyond expectations, reaching $150 million in sales during its inaugural year. A report by the New York Office of Cannabis Management (OCM) noted that while just 40 adult-use cannabis dispensaries have opened for business across the state, there were more than 6,900 cannabis industry applications received in 2023, including:

538 cannabis processor applications,
372 cultivation license applications,
351 distributor license applications,
1,349 microbusiness license applications, and
4,324 retail dispensary applications.
Of the 6,934 total applications, 3,826 — about 55% — were equity applications, regulators said.

“New York Cannabis has momentum heading into 2024 and we’ll keep working to make this market grow. We have a lot of work to do, and we have much to be proud of; now that the core market architecture is in place, my team at OCM is ready to scale and help this industry thrive across New York State,” OCM Executive Director Chris Alexander said in a statement.

New York governor proposes repealing cannabis potency tax

Gov. Kathy Hochul (D) is calling for the elimination of the THC potency tax as a part of her executive budgets, aiming to reduce costs for consumers in a way that would make the regulated market more competitive against illicit operators.

Hochul’s proposal replaces the potency tax with a wholesale excise tax of 9% in an attempt to “simplify, streamline, and reduce the tax collection obligations and burden for cultivators, processors, and distributors.” Cannabis would still be subject to the existing 9% state retail excise tax and 4% local retail excise tax, as well.

The brief for the budget changes says the tax changes would “promote and support the expansion of the legal adult-use cannabis market” and also result in $6.5 million in tax revenue for localities. Hochul’s budget proposes $68.1 million in funding for the OCM in the next fiscal year.

New York officials will vote on home cultivation rules in February

New York regulators will vote on a set of proposed regulations for home grow for adult use. The proposal comes more than a year after adult-use sales began in the state.

The proposal rules would allow adults to grow up to three mature and three immature cannabis plants in their home. The proposal includes a per household limit of six mature plants and six immature plants per private resident, regardless of the number of adults who live there.

Other proposed rules include:

Individuals can only cultivate at a single location
Landlords will not be able to prevent tenants from growing cannabis and will be able to determine whether to install other mitigation policies
Those residing in federal or federally-subsidized housing will not be able to cultivate at home
Home-grown cannabis cannot be shared or gifted

If passed, adults would also be permitted to keep up to five pounds of cannabis at a time that they have obtained from the legal plants they grow. Currently, adults can possess up to three ounces of cannabis in New York, so this would represent a major increase in the amount of cannabis that is legal to possess.

If the Cannabis Control Board (CCB) approves the proposed rules, a 60-day public comment period would begin. If no significant changes are made based on that period, the OCM will submit the regulations for final approval. A revised proposal would be followed by a 45-day public comment period, so it would still be some months before the rules were implemented if approved.

New Jersey regulators finalize plans for cannabis lounges

Regulators in New Jersey have officially signed off on rules governing the operation of cannabis consumption lounges and are expected to review applications in the coming months. Under the plan, dispensary owners would be eligible to open no more than one lounge, with an associated fee of $1,000 for microbusiness and $5,000 for standard businesses.

Patrons must be 21 years of age or older to purchase or use cannabis products on-site in these lounges. Notably, medical cannabis patients will be permitted to bring their own products. Sales of food and alcohol will be prohibited. However, customers may be able to bring their own food or order food for delivery, mirroring the rules for New Jersey breweries, wineries, and distilleries.

Navigating the shifting landscape

To stay at the forefront of major developments facing the cannabis industry throughout the Northeast, CWCBExpo remains your ultimate resource, offering the insights you need to succeed in cannabis. Subscribe to our newsletter or follow us on social media to ensure you don’t miss a beat.

January 29, 2024October 17, 2024 By CWCBExpo

DEA Considers Rescheduling, Expungements On The Rise

As we find ourselves in a new year, the cannabis industry is ablaze with anticipation for continued innovation and growth, and we’re starting off with some pretty big headlines.

The U.S. Drug Enforcement Agency (DEA) is considering a recommendation to reschedule cannabis as a Schedule III drug. Meanwhile, states are expunging millions of cannabis arrests and convictions. The UFC joins the ranks of professional sports organizations removing cannabis from the banned substances list. Finally, Johns Hopkins University is making a big investment in medical cannabis research. Let’s take a closer look at some of these exciting developments and what they mean for the cannabis industry.

DEA considers rescheduling cannabis

The DEA has officially disclosed its ongoing evaluation of the classification of cannabis under the U.S. Controlled Substances Act (CSA). This revelation comes just days after the U.S. Department of Health and Human Services (HHS) publicly acknowledged the medical utility of cannabis, marking a pivotal moment in the reconsideration of its legal status.

Previously, HHS recommended rescheduling cannabis as a Schedule III drug under the CSA. Such a move would have a big impact on the cannabis industry, including availing state legal cannabis businesses to tax deductions currently off the table, thanks to IRS Code Section 280E. Section 280E does not apply to Schedule III cannabis businesses, so rescheduling could mean healthier profit margins for plant-touching cannabis businesses.

While there’s no confirmation on what’s to come, this development signals a potentially transformative shift in the regulatory framework surrounding cannabis. It’s worth noting that rescheduling is different from legalization and decriminalization, but it would still represent a significant step forward in federal cannabis reform.

States have expunged more than 2.3 million cannabis records since 2018

A new report from the National Organization for the Reform of Marijuana Laws (NORML) announced that state and local U.S. courts have expunged or sealed the records of an estimated 2.3 million cannabis cases since 2018. Over the past few years, 24 states and Washington, D.C. have enacted laws establishing explicit pathways to expunge, seal, annul, or set aside records related to low-level cannabis convictions.

“Hundreds of thousands of Americans unduly carry the burden and stigma of a past conviction for behavior that most Americans, and a growing number of states, no longer consider to be a crime,” NORML’s Deputy Director Paul Armentano said. “Our sense of justice and our principles of fairness demand that public officials and the courts move swiftly to right the past wrongs of cannabis prohibition and criminalization.”

Some states, like California, Connecticut, Illinois, Missouri, and New Jersey, have implemented automatic reviews of past records, notifying eligible individuals for expungements. Other states like Arizona and Massachusetts required individuals seeking legal relief to petition to courts.

UFC officially removes cannabis from list of banned substances

In a groundbreaking move, the Ultimate Fighting Championship (UFC) declared on January 4, 2024, that cannabis is no longer a prohibited substance for fighters. While a 2021 policy change did give UFC fights already some protection from penalties related to THC, the new policy removed it from the banned list altogether.

The UFC’s new Anti-Doping Policy emphasizes that these modifications are rooted in historical findings, acknowledging the changing perception of cannabis as it is removed from the list of banned substances list for athletes.

“UFC’s goal for the Anti-Doping Policy is to be the best, most effective, and most progressive anti-doping program in all of professional sports,” UFC Chief Business Officer Hunter Campbell said in a press release on Thursday. “UFC is proud of the advancements we have made with our anti-doping program over the past eight years, and we will continue to maintain an independently administered drug-testing program that ensures all UFC athletes are competing under fair and equal circumstances,” he added.

Other athletic organizations that have either reevaluated or removed cannabis or CBD from its list of banned substances include the NCAA and the MLB.

Johns Hopkins University to allocate $10 million to medical cannabis studies

John Hopkins University has embarked on a groundbreaking medical cannabis study, allocating a substantial $10 million grant from the National Institute on Drugs Abuse (NIDA) to fuel its Cannabis and Health Research Initiative. The study aims to examine the efficacy and impact of cannabis therapy by tracking 10,000 medical cannabis patients over the course of a year. The research will delve into aspects like dosage, consumption methods, product competition, drug interactions, and treatment details.

“Our mission with this research is to understand the health impacts of therapeutic cannabis use,” said Ryan Vandrey, professor of psychiatry and behavioral sciences, as well as one of the creators behind the initiative. “We hope to provide some starting points for understanding what types of products may or may not be helpful and what types of products may be more risky for use in certain populations or for certain therapeutic purposes.”

Charting the 2024 cannabis course

As we step into 2024, the cannabis industry is poised for a year of evolution and progress. As the changing tides create an atmosphere of anticipation and transformation, staying up to date on big headlines remains an important part of growing your business with purpose. CWCBExpo provides a platform for stay informed and connected with the dynamic shifts and the cannabis community. Here’s to a year of growth, learning, connecting and embracing change.

January 24, 2024October 17, 2024 By CWCBExpo

8 Cannabis Statistics, Sales Trends, and Projections for 2024

In the fast-paced, constantly evolving, never-stop-to-rest cannabis industry, there’s a palpable sense that things are growing — but sometimes it can be hard to tell exactly how or in what way. In those moments, it can be helpful to pause, take a breath, and review the data.

Whether you’re planning for the future of your cannabis business or trying to better understand your target customers, data can be a helpful tool but also a tricky thing to parse. To help you, Cannabis World Congress and Business Expo (CWCBExpo) has curated this list of important cannabis statistics, trends, and projections you should be aware of as you grow your cannabis business in 2024. The data below was sourced from Equio, New Frontier Data’s cannabis industry database, unless otherwise noted.

1. Consumers still choose flower most, but product types are diversifying

In the U.S., smokeable flower remains the most popular, with around 78 percent of consumers saying they partake in that product type. Edibles are a relatively close second, with 57 percent of consumers opting to eat or drink their cannabis products. Just shy of one-third of cannabis consumers buy disposable vaporizers or vape carts, making this product category a distant third in terms of popularity. Topicals and tinctures appeal to 26 percent of consumers, while extracts and concentrates are chosen by 22 percent.

How do these preferences translate to sales? In December 2023, flower made up 43.56 percent of all cannabis product sales in the U.S., making it the clear leader by a wide margin. Vape products drove the second most sales at 28.3 percent; although only 32 percent of consumers choose vape products, they buy a lot of them quite often. Edibles drove only 12.36 percent of sales despite their popularity among most consumers.

In terms of money, the average value per transaction is highest when consumers choose flower at $82.31 per transaction. Vape products are a close second at $73.66, and tinctures are neck and neck at $73.52. Extracts follow behind at $69.58, with edibles at $58.36 and topicals at $51.95 per transaction. Pre-rolls generate the smallest average transaction value at $38.04, but they make great impulse purchases to help boost a shopper’s cart size.

2. The American cannabis consumer population is on the rise

As cannabis normalizes and new product types like beverages feel easier for some consumers to embrace, the population of cannabis consumers is growing. An estimated 54 million people in the U.S. identify as cannabis consumers, which is more than 16 percent of the national population. In New York alone, the total addressable market (TAM) consists of more than 3.3 million people, meaning there is a ton of opportunity for cannabis entrepreneurs in the Empire State. In fact, New York joins major markets like California in terms of potential for cannabis businesses.

3. More American adults will have access to legal cannabis than ever before

Thanks to the success legal cannabis has had at the ballot box, there are now 38 states plus Washington D.C. with legal medical cannabis programs of some sort. Out of those states, 18 of them along with the nation’s capital have legalized cannabis for adult use. That means 44 percent of American adults now have access to cannabis for any purpose, while 71 percent have access to medical cannabis. In 2024, these numbers are poised to increase, with states like Pennsylvania, South Dakota, Hawaii, and Florida considering adult-use legalization.

4. More than 7,000 dispensaries are operational in the U.S.

While the majority of these dispensaries are clustered in the west, the number of shops operating on the east coast is growing as the region’s legal cannabis industry catches up with the nation’s pioneering states. In New York, for example, the number of adult use dispensaries is now steadily climbing, surpassing 50 in early 2024 following the lifting of an injunction that suspended the Conditional Adult-Use Retail Dispensary (CAURD) license program and the state opened its doors to large multistate operators (MSOs).

5. Friday is the most lucrative day for U.S. cannabis dispensaries

Cannabis consumers shop the most on Fridays, during which cannabis retailers generate nearly one-fifth of their weekly revenue as shoppers look to stock up for the weekend. The next busiest day is Thursday, when 15.24% of dispensary revenue is realized, closely followed by Saturday at 15.21%. Sunday is the quietest day of the week, but it still accounts for more than 10 percent of dispensaries’ weekly revenue.

6. The regulated market won’t surpass the unlicensed market — yet

The total legal cannabis market in the U.S. is projected to reach $35.16 billion in 2024, with the adult use market contributing $22.4 billion and the medical market $12.72 billion. The legacy market will remain on top this year by a significant sum at $70.9 billion. That means roughly half of the country’s cannabis market remains unregulated, though that share is projected to fall every year. At the current pace, the regulated market would surpass the legacy market in 2029.

7. The cannabis industry is expected to grow 12.84% through 2029

The legal cannabis industry’s compound annual growth rate (CAGR), a measure of how quickly an industry expands over a certain period of time, is projected to be 12.84% from 2024 to 2029. If those projections are accurate, the total legal market will grow to $62.72 billion in 2029. The adult use market would make up $50.29 billion of that value, with medical cannabis driving the remaining $12.43 billion. Projections suggest the legacy market would still represent a total $56.33 billion in 2029.

8. Global legalization will continue to expand

The world is becoming more cannabis-friendly each year, and that won’t stop in 2024. Currently, there are eight countries that have legalized adult use cannabis and established a framework for adult use sales to begin. Notably, the U.S. is represented as one such country in the graphic below due to a majority of its states supporting adult use sales, even though cannabis remains federally illegal.

Aside from these countries, five others have legalized adult use cannabis without establishing a framework for sales to begin. An additional 17 countries have established a medical cannabis program, while 41 more have some form of cannabis legalization in limited circumstances. Access is expected to expand as countries that have legalized set up regulatory frameworks for sales to begin and additional countries consider legalization measures, including Thailand, Colombia, and Switzerland.

The future continues to burn bright for cannabis

In cannabis, we’re all used to challenges. However, we persevere because we believe in this industry and this plant, and the data shows that our belief is not misplaced. The trend toward a successful, thriving, global cannabis industry has never been clearer.

As each of us navigate 2024 and beyond, it’s important to band together, and there’s no better chance to do so than attending the CWCBExpo. Join us June 5 – 6 at the Javits Convention Center in New York City to connect with some of the best and brightest in the world of cannabis and start building the future of the industry together.

Register for CWCBExpo to reserve your spot today!

June 4 - 5, 2025 Javits Convention Center