June 4 - 5, 2025
Javits Convention Center

Interview with Renata Serban, CPA (& more!)

Fall Season. Back to School.
Back to Business.

The Fall season is just starting, students are back at school, and businesses are shoring up their planning.

In this Newsletter we feature Renata Serban, with a brief follow-up conversation from her podcast earlier this week.*

Renata Serban, a Certified Public Accountant and Certified Management Accountant is an award-winning cannabis accountant and Founder/CEO of Highly Elevated CPA. Renata has a wide-ranging background in many disciplines, including chemical engineering and finance, making her eminently qualified to advise cannabis entrepreneurs and guide their businesses forward. 
Renata Serban, CPA
Q: CWCBExpo – You moderated a session at our conference in New York this past June.* It was about how technology can impact a cannabis business. You have a technical background which made you the perfect moderator for the session, “High Tech: How Technology Can Drive Your Business.”  You hold an engineering degree, you are a CPA, and you founded your own firm – Highly Elevated CPA – where you are an advisor, CPA tax specialist, and compliance expert to cannabis business owners.

With such a background and experience, when you advise new and existing entrepreneurs, how do you recommend they plan their finances for profitability, growth, and compliance while capital may be scarce?

A: Renata – My overall recommendation, and many business people will agree with me, is that before you start a business you need a business plan. For some reason, many start-up cannabis operators are ignoring it.

During the process of development of the business plan an entrepreneur will identify and analyze many aspects of business operations. For example, if it’s cultivation, what is the size of the lot or area where the plants will be grown, how many harvests will be during a year, what is the selling price per pound, how many employees are needed, what is the cost of build out, what are the other costs needed for getting the product ready for sale, who are the competitors, who are the potential partners?

When going through all of these thoughts an entrepreneur can have a much better idea how much funding is needed, what compliance is necessary since a business plan has to be tailored to cannabis regulations, and estimate potential growth by predicting how the market will move with time.

Scarce capital is always an issue not just for cannabis operators but for many other industries. Yes, there are more loans available for non-cannabis industries but many banks prefer operational businesses and very often the start-up non-cannabis businesses also struggle with capital raise.

Having a solid business plan with detailed financial projections is a must for any capital raise. Strong consideration also has to be given to strategic partnerships with other businesses.

“My overall recommendation is that before you start a business you need a business plan. For some reason many start-up cannabis operators are ignoring it.”

Once the company becomes operational, the profitability, growth and compliance is really driven by staying on top of the operations. I’m frequently seeing that some business owners in their first months of operations are over-hiring and over-ordering products. I always recommend starting lean with a smaller team and then gradually grow as needed. The same with products, start with small inventory, see how it goes and then increase purchases as needed.

All processes within the business need to be clearly identified so everyone knows their own responsibilities and has tools to perform those responsibilities. Automating as much of business operations as possible is important for efficient operations.

The marketing and advertising regulations in cannabis are a serious issue to consider when developing brand awareness and attracting foot traffic to the store. Dispensary owners need to think about brand development before the store is open, and they must constantly stay on top of their branding strategy once operations begin.

Prioritizing cash flow management, focusing on customer retention, efficient operations and reviewing financial metrics on a regular basis (at least monthly) are really the keys to growth. 

“Prioritizing cash flow management, focusing on customer retention, efficient operations and reviewing financial metrics on a regular basis are really the keys to growth.”

Q: CWCBExpo – You have great experience with one of the largest CPA firms that serve the industry, and you now own your own firm, Highly Elevated CPA. What advice can you give to anyone looking to go out on their own after working for a large corporate company? What steps do you recommend for them to take prior to branching out on their own?

A: Renata – The profession of accounting is currently evolving. There is a shortage of qualified accountants which is due to many factors. Some of them are declined enrollment in accounting programs, high educational requirements along with the complicated CPA exam, stress due to complex compliance rules and long hours during the busy season.

My professional accounting background is very diverse and unique. Back in the day, many CPAs working for public accounting firms would eventually move to private accounting where they would work on accounting just for one company. Nowadays, the trend is in the opposite direction. Many public accounting firms prefer to hire accountants from the private sector since these professionals would most likely know not just accounting, but operations as well. This type of work experience is very useful in public accounting firms which makes them great advisors. This was my path decades ago. I moved from being a controller for a realty management firm to being an accountant at a CPA firm.

The size of the CPA firm is also very important and I was fortunate enough to work for small firms, mid-size and larger accounting firms. The experience was very different at each firm due to the size. At each firm I learned a lot.

Starting your own business is a very challenging and a risky task. Having good technical skills is not enough when branching out on your own. As a business owner you also have to understand that you need to bring new clients. So the main recommendation before you decide to branch out is to have a good business network and have your name out there. There are many super smart accountants that don’t know how to do business development.

It’s also important to identify the goals for your firm, who will be the ideal client for the firm, what services should be provided, how many clients are enough, the infrastructure of the firm, etc.**

“As a business owner you also have to understand that you need to bring new clients. So the main recommendation before you decide to branch out is to have a good business network and have your name out there.”

* Visit CWCBExpo’s “Highest: In The Room” podcast to hear more from Renata Serban.

In the September 26 podcast, KymB gets down and real and specific with Renata about rescheduling, business planning, and the critical importance of proper accounting practices.

** Learn more about the technology to consider in your business plan. In this newsletter we feature a hot business topic from the 10th Annual CWCBExpo 2024 Conference: “High Tech: How Technology Can Drive Your Business.”  Hear about seed-to-sale software, humidity control, pre-roll machinery, vape battery technology, and of course, the impact these have on the bottom line. This session was moderated by Renata Serban, Founder and CEO of Highly Elevated CPA.

(More info and the link to watch this video are at the bottom of this newsletter.)

Rescheduling
Rescheduling Update – Prior 280-E Debts Will be Enforced

In our August newsletter, we highlighted that the Drug Enforcement Administration has delayed Rescheduling cannabis from Schedule I to Schedule III and has set a hearing for December 2, 2024. The stated reason for the delay is that they need to gather more information before a decision is made. Luke Ortner, Senior Counsel, IRS, Office of Chief Counsel, appeared as a keynote speaker in the American Institute of CPAs® and the Chartered Institute of Management Accountants® Cannabis Conference. The senior Counsel was questioned and commented on a variety of issues surrounding the taxation impact on rescheduling. One point made was that the 280-E tax policy will continue to be enforced until rescheduling is completed, and any eventual removal of 280-E is not likely to be retroactive, meaning that any past due IRS debts regarding 280-E are likely to remain collectable liabilities.

New York State Cannabis News
New York State Office of Cannabis Management, Cannabis Control Board

This month the NYS Office of Cannabis Management (OCM) announced and issued for use a new tool called the Legal Online Cannabis Activities Locator (LOCAL) Map. It is geared to streamline the licensing process and allow for transparency. It also is trying to save applicants money by not having to engage third party services during the application process. In their announcement, the OCM highlighted several aspects of this LOCAL Map tool including that it helps applicants and businesses to:

  • Evaluate retail locations
  • Check municipal opt-out statutes
  • Access data for cannabis licensing in NYS

The LOCAL Map tool has both an Industry-Focused Map tool and a Consumer-Focused Map tool geared as follows:

  • The Industry-Focused Map tool is meant for applicants, licensees and stakeholders, and can provide proximity reports, search licenses and provide the data needed to meet regulatory requirements
  • The Consumer-Focused Map tool is a dispensary locator map that locates the nearest legal dispensary in New York
NYS Market Update

There is some very positive news about retail sales in NYS. The NYS Cannabis Advisory Board (CAB) held a meeting on September 24th, and John Kagia, the NYS OCM Director of Policy, provided some sales data on the NYS retail market. Kagia asserted that the revenue outlook by year’s end is quite good and could approach $800MM.

  • The total retail sales in August closed in on $100MM
  • The total retail sales is projected to be over $500MM by the third quarter

Much of the good sales news was helped by the opening of more licensed dispensaries combined with the crack down on illegal shops, which substantially helped the legal dispensary sales.

New York State Government

Congratulations to These Recent Adult-Use Dispensary Openings

It is noteworthy is that as of September 24, 2024, the OCM reported that 197 legal Adult Use dispensaries have already opened for business. They project that 200 total dispensaries will be opened by the end of September.

Valley Greens
PEEKSKILL | 939 Central Ave, Peekskill 10566
Website: https://valleygreensny.com

Greens Greenery
UNADILLA | 54 State Highway 357, Unadilla 13849

High Peaks Canna
SARATOGA SPRINGS | 137 Maple Avenue, Saratoga Springs 12866
Website: https://highpeakscanna.com

Royal Blend Dispensary
KINGSTON | 2223 NY-32, Kingston 12401
Website: https://royalblenddispensary.com 

Alto on Chambers
NEW YORK CITY | 110 Chambers St, New York 10007
Website: https://altocanna.nyc

HighLife Health
NEW ROCHELLE | 19 Huguenot Street, New Rochelle 10801
Website: https://highlifehealth.co

ZenZest
STATEN ISLAND | 2343 Forest Avenue, Staten Island 10303
Website: https://zenszest.com

Lifted
JAMESTOWN | 320 North Main Street, Jamestown 14701

Bodega Express***
NEW YORK CITY | This is a Temporary Delivery Only (TDO) location.
No in-person or pre-order sales are allowed at this location.
Website: https://bodegaexpressny.com

Sparkboro
WASHINGTON HEIGHTS | 704 W 177th Street, New York 10033
Website: https://sparkborony.com

High Stone*
*Transitioned from Temporary Delivery Only (TDO) to Brick & Mortar location
STATEN ISLAND | 1938 Clove Road, Staten Island 10304
Website: https://highstone.nyc

State of Mind Dispensary
LATHAM | 521 Troy Schenectady Road, Latham 12110
Website: https://itssom.com

Gotham Hudson
LATHAM | 260 Warren Street, Hudson 12534
Website: https://gothamnyc.com

White Atmoss
NEWBURGH | 136 Lake Street, Ste 2, Newburgh 12550
Website: https://whiteatmoss.com

Nuna Harvest
MT VERNON | 696 Locust Street, Mt Vernon 11552
Website: https://nunaharvest.com

Beleaf BK
BROOKLYN | 1077 Atlantic Ave, Brooklyn 11238
Website: https://beleany.com

Leaf Plug
AMHERST | 3341 Sheridan Drive, Amherst 14226
Website: https://leafplug.com

Brooklyn Bourne
BROOKLYN | 2223 Church Avenue, Brooklyn 11226
Website: https://brooklynbourne.com

Bleu Leaf Dispensary
BRONX | 2034 Jerome Avenue, Bronx, NY 10453
Website: https://bleuleafdispensary.com

Ether
BUFFALO | 5100 Genesee Street, Buffalo 14225

The Highly Connected Dispensary
ITHACA | 423 Franklin Street, Ithaca 14850
Website: https://thehighlyconnected.com

Etain Kingston
KINGSTON | 445 State Route 28, Kingston 12401
Website: https://etain.com

Reef Dispensary
GREENFIELD CENTER | 2532 Route 9N, Greenfield Center 12833
Website: https://reef-dispensary.com

Satisfied Mind
NORTH TONAWANDA | 31 Webster Street, North Tonawanda 14120
Website: https://wnymind.com

Frass Box
BRONX | 3633 Kingsbridge Avenue, Bronx 10463
Website: https://frassboxcannabis.com

Luxus Botanica
ROME | 8234 Turin Road, Ste 1, Rome 13440
Website: https://luxusbotanica.com

Verilife East Syracuse
EAST SYRACUSE | 5841 Bridge Street, Ste 100, East Syracuse 13057
Website: https://verilife.com/ny/locations/east-syracuse

Sweetlife
MANHATTAN | 1662 First Avenue, New York 10028
Website: https://sweetlife.nyc

New Jersey Cannabis News

New Jersey Seeking Stakeholder Input on Medical Cannabis

Coming up on October, 1, the New Jersey Cannabis Regulatory Commission will have its final virtual session to seek input from stakeholders of medicinal cannabis. They seek participation from healthcare providers, patients, and business owners. They already held three such virtual meetings. These meetings are run by the Product Safety, Packaging, and Labeling Committee , and Permitting and Licensing Committee, and are scheduled as follows:

  • All meetings are currently scheduled for 11:30AM – 12:30PM each of those dates
  • These sessions are being organized by the NJCRC’s Commission on Public Engagement and Education Committee
  • The final roundtable session, scheduled for October 1, will be focused on Permitting and Licensing Committee issues.

If you want to participate, click here. Invitations are required in order to participate, and you will need to fill out an invitation request form.

NJ Cannabis Regulatory Commission

New Jersey Governor Phil Murphy Signs Hemp Bill

Governor Phil Murphy signed a bill that regulates the hemp market for intoxicating hemp products and prohibits the unauthorized sale to anyone under the age of 21.

National Cannabis News

DOOBIE Act

This month, the Senate Homeland Security and Government Affairs Committee approved the DOOBIE Act: Dismantling Outdated Obstacles and Barriers to Individual Employment. The DOOBIE Act is important because it limits the ability for federal agencies to use past cannabis usage against applicants getting security clearance or getting federal employment. This will certainly help to minimize the discrimination that applicants who use cannabis get when applying for federal jobs that require security clearances. Those applicants can no longer be disqualified solely due to prior cannabis use.

State Ballot Measures this November

Many states have cannabis ballot measures in this election and with early voting, things are already started. All cannabis industry businesses should stay up to date on the various measures that are now being voted on.

Nixon Recordings

The War on Drugs that Nixon unleashed needlessly created decades of injustice to people of the United States. Recently, it was uncovered that Nixon recorded, in his own words, his acknowledgment that marijuana is not dangerous. This revelation was recently found in his recordings that he kept private.

Pickleball Anyone?

Truleive Cannabis Corp. announced in a press release they forged a partnership with the Professional Pickleball Association (PPA), and with MLP by Margaritaville (Major League Pickleball).

This is an early example of a cannabis company sponsoring a sports league.

Germany Cannabis News

Germany’s Legalization

In our February Newsletter we highlighted that Germany legalized limited recreational use. Their plan sought to make it accessible through regulated cannabis non-profit groups with stringent rules regarding possession, age requirements, and grow restrictions among the members. It seems that the illicit markets there, are having a boom of their own while the German plan gets implemented. Several factors have impacted Germany’s legal recreational market.

THIS MONTH’S CWCBExpo NY 2024 ARCHIVED VIDEO

High Tech speakers (from the left) Renata Serban, Luna Stower, Dawne Morris, Dr. Sandra Shen, and Anthony Pagni
High Tech session speakers (from the left) Renata Serban, Luna Stower, Dawne Morris, Dr. Sandra Shen, and Anthony Pagni CWCBExpo NY 2024

High Tech: How Technology Can Drive Your Business

This is a discussion about how technology should figure into your cannabis business. We explore how technology affects your ROI and the aspects that can make a difference.

The session is brimming with cannabis business innovators, technologists, and entrepreneurs discussing how technology could impact your business plan and how it can make a difference for your business success. Moderated by Renata Serban, Founder and CEO of Highly Elevated CPA, and joined by iconic leaders from various sectors, this session delivered a very energetic and informative approach on how tech can and will drive your business.

Moderated by Renata Serban, Founder, CEO, Highly Elevated CPA, with: Dawne Morris, CEO and Co-founder of PROTEUS Business Solution; Anthony Pagni, Founder & Co-Owner Perfectionist Rolling Equipment, Managing Partner, Aephex, Automated Pre-Roll System; Dr. Sandra Shen, Founder, ATMOSIScience Inc; Luna Stower, Chief Impact Officer, Ispire Vape Technology.

Don’t miss out. Get prime exhibit space now.

CWCBExpo, 11th Annual
June 4 – 5, 2025
Javits Convention Center, NYC

 

HITR #20: Renata Serban, Highly Elevated CPA

In this episode, KymB gets the “blunt” facts in a candid conversation In this episode, KymB gets the “blunt” facts in a candid conversation with Renata Serban.

Renata Serban is an award-winning cannabis accountant and Founder/CEO of Highly Elevated CPA. Renata Serban has a wide-ranging background in many disciplines, including chemical engineering and finance, making her eminently qualified to advise cannabis entrepreneurs and guide their businesses forward.

Renata, a Certified Public Accountant and Certified Management Accountant, is driven by a passion to help cannabis businesses start, grow, and thrive. With a unique mix of private and public accounting experience, she has successfully served her clients while advocating for the cannabis industry through state and global organizations.

Renata is excited to see more women entering the cannabis space and breaking down stereotypes. She also discusses the specific obstacles faced by cannabis entrepreneurs, many created by the new business operators themselves, who enter a difficult industry with passionate ideals but without a clearly formulated business plan. She describes the challenges of operating in a highly regulated industry and the lack of specific guidance for accountants. Tune in to learn some fun facts about Renata and hear her thoughts on the future of cannabis—change is coming!

Cy Scott, CEO, Headset

Where is the Industry? What Will Happen With Rescheduling? The Comment Period is Over.

The Future is Upon Us. Where is the Industry?
What Will Happen With Rescheduling?
The Comment Period is Over.

What is the Drug Enforcement Agency (DEA) going to do now?

In our May and June newsletters we noted that the DEA was accepting public comments on rescheduling cannabis from Schedule I to Schedule III. The public comment period is now over. The DEA has over 40,000 comments to sift through. What will the DEA do? What is a likely outcome? And will the impending election have any impact if the DEA does not have a decision or has not taken action prior to the election?

According to the latest HEADSET analysis, 94% of respondents favored rescheduling or descheduling cannabis.

Read the latest from HEADSET.

HEADSET’s Cy Scott delivered the Industry Update at CWCBExpo New York on June 5.  At that time, the comments were already overwhelmingly favorable for rescheduling or descheduling.  Listen to Cy’s entire presentation on this month’s archived video.

“If they take these comments seriously and really take into account what the people are saying, this is pretty overwhelming, right?

“You’re going to see new investors coming in, new opportunity, and more capital available, which is good, especially for an emerging market like New York.”

– Cy Scott, at CWCBExpo, June 5, 2024

HeadSet
Cy Scott, Co-founder. CEO, Headset
New York State Cannabis News

Licensing News from the Office of Cannabis Management (OCM), Cannabis Control Board (CCB) 

 

  • Issuing more licenses across several categories bringing the total for 2024 to 730
  • Amendments to packaging, labeling and marketing regulations for licensees
  • Ongoing efforts to padlock illicit shops across NYC and NYS
New York State Government

At the meeting, the CCB asserted that the cannabis industry in NYS is thriving and growing and that cannabis sales in 2024 will reach $200MM by this June. They said that to date, NYS cannabis sales have surpassed $420MM.

NYS OCM Office of Cannabis Management

Recent Adult-Use Dispensary Openings

Just A Little Higher Murray Hill
NEW YORK CITY | 628 2nd Avenue, New York 10016
Website: justalittlehigher.com

 

Stoops NYC
NEW YORK CITY | 182 Fifth Ave, New York 10010
Website: stoopsnyc.com

 

RISE Dispensary Halfmoon
HALFMOON | 1675 Route 9, Watkins Plaza, Halfmoon 12065
Website: risecannabis.com

 

Riverbend Dispensary
HUDSON | 531 Warren Street, Hudson 12534
Website: riverbenddispensary.com

 

Happy Times Cannabis Co.
CHEEKTOWAGA | 3807 Harlem Road, Cheektowaga 14215
Website: happytimescannabis.com

 

Silver Cannabis Company
SARATOGA SPRINGS | 75 Weibel Avenue, Saratoga Springs 12866
Website: silver-therapeutics.com/location/saratoga/

 

Twisted Cannabis FLX
GENEVA | 501 Exchange Street, Geneva 14456
Website:
twistedcannabisflx.com

 

Kings House of Fire
CORTLANDT MANOR | 3006 E Main Street, Cortlandt Manor 10567
Website: kingshouseoffire.com

 

Green Genius NYC
NEW YORK CITY | 214 3rd Avenue, New York 10003
Website: greengeniusnyc.com

 

Cussin’s Cannabis
SCHENECTADY | 2075 Central Avenue, Schenectady 12304
Website: cussinscanna.com

 

Polanco Brothers Ridgewood
NEW YORK CITY | 6633 Fresh Pond Road, Ridgewood 11385
Website: polancobrothersridgewood.com

 

Herb-Z
NEW YORK CITY | 109 E Taft Road, North Syracuse, 13212
Website: herb-z.com

 

Robinson’s Dispensary
ALBANY | 106 Everett Road, Albany, 12205

 

Arkansas, Nebraska and North Dakota Cannabis News

New Ballot Measures

Cannabis advocates in several states organized and gathered signatures to get legalization measures on their 2024 state ballots. The advocates in three states, Arkansas, Nebraska and North Dakota, had more than enough signatures to get the respective measures on the ballots. Arkansas and Nebraska seek medical ballot measures while the North Dakota ballot measure supports adult-use legalization.

NORML
Delaware Cannabis News

Transitioning Dispensaries from Medical to Adult Use

Delaware Governor John Carney signed a legislative bill that allows a pathway for medical licensees and dispensaries to transition to adult-use operators. That pathway has fees to transition. The bill is meant to catapult the development of the adult-use cannabis market.

South Africa Cannabis News

South Africa Works to Build its Cannabis and Hemp Sectors

In November of 2023, CWCBExpo editors visited the South African Consulate in New York City to discuss developing a cannabis industry. CWCBExpo has  been following that country’s cannabis progress since our visit. Here are the latest developments.

South Africa has embarked on several priorities for their country’s Investment Strategy that will spur job creation and growth, and foster recognition of people’s rights.

This past spring, South African President Ramaphosa took significant action regarding the Cannabis and Hemp sectors. In May, President Ramaphosa signed a law called the Cannabis for Private Purposes Act (CfPPA) which regulates the cultivation, possession and use of cannabis by adults in private settings. It also removed cannabis from their Drugs and Drug Trafficking Act. The President’s action opens up the medical market even further for the medicinal cannabis and for further regulatory opportunity for cannabis use among adults.

President Ramaphosa’s actions continued in June when he took the results of a Phakisa that explored the Cannabis and Hemp sectors. A “Phakisa” is a targeted program that seeks to fast-track the government’s targets and goals that help business, education, society and government. The Phakisa for cannabis and hemp brought stakeholders together from several groups. The goal was to develop a cohesive plan to define policy and get various sectors of the South African government to work together to build a meaningful regulatory program for the cannabis and hemp sectors.

President Cyril Ramaphosa
Art installation of South African record labels inside the South African Consulate in New York City, November 2023
Art installation of South African record labels inside the South African Consulate in New York City, November 2023.

THIS MONTH’S CWCBExpo NY 2024 ARCHIVED VIDEO

Industry Update by Cy Scott:
“Trends, Challenges and Opportunities –
Why New York is the Market to Watch in the Midst of Rescheduling”

This Industry Update, recorded at CWCBExpo on June 5, 2024, gives us a big-picture overview of the adult-use market across the United States including the implications of rescheduling from a Schedule I to a Schedule III classification. Also addressed are growth market trends, consumer behavior preferences and sales of different form factors. The data and analytics focuses on the New York Market and why you should put it front and center in your sights. This is a not to be missed market analysis.

Presented by Cy Scott, Co-Founder, CEO, Headset, with Tim Seymour, Portfolio Manager, CNBS Cannabis ETF; Co-Host, CNBC Fast Money.

Cy Scott and Tim Seymour, June 5 2024 at CWCBExpo NY

((from the left) Cy Scott and Tim Seymour

Don’t miss out. Get prime exhibit space now.

CWCBExpo, 11th Annual
June 4 – 5, 2025
Javits Convention Center, NYC

 

PA Mulls Adult-Use as NY Expands Licenses

Each month, Cannabis World Congress & Business Exposition (CWCBExpo) offers a convenient roundup of the biggest cannabis news stories and hemp headlines emerging across the northeast. 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. 

 

June 2024 was a dynamic month for cannabis news across the Northeast. From big strides toward potential adult use legalization in Pennsylvania to a key expansion of New York’s adult use market, this month’s update underscores the transformative potential of legalization not only economically, but also in fostering safety, equity and innovation. We’re also looking back at another great year for CWCBExpo and thanking everyone who joined us earlier this month. Let’s dive in!

 

CWCBExpo 2024 was a resounding success 

CWCBExpo kicked off with a bang on June 4, featuring pre-show events and workshops on topics like dispensaries, cultivation, and more. The expo floor, open from 10 am to 5 pm over two days, showcased a range of exhibits presenting the industry’s latest products, services, and technologies. The programming offered informative sessions on everything from regulatory updates to investment strategies and market trends. 

 

Notable highlights included Glenna’s Cannabis Creations, Let Mom Sleep, and HappySap CBD-infused Vermont maple syrup. Dispensaries like The Other Side Cannabis from Jersey City represented the local area, while companies like GrowPros Solutions and TrufflyMade showed off their products and services. 

 

This year’s expo guest of honor was Josh Kesselman, founder and CEO of HBI International, known for the popular RAW Rolling Papers. 

 

“The CWCBExpo was RAWesome! I was honored to give the keynote in my birthplace of New York City, which I consider the birthplace of RAW. I believe that New York is the epicenter of cannabis,” Kesselman shared with Cannabis Now. “Which is why it was so important to me that I speak with our entrepreneurial market makers and do my best to help guide them through this transitional period, towards a New York cannabis market that provides opportunities to all of us. We all get higher together, especially when you have a New York State of mind!”

 

PA lawmakers preparing recreational cannabis bill 

In Harrisburg, PA, lawmakers are gearing up to introduce a new bill aimed at legalizing cannabis for adult use in Pennsylvania. The proposed legislation seeks to eliminate the illicit market, foster the growth of small businesses, and provide avenues for expunging certain cannabis-related convictions. 

 

Additionally, it: 

 

  • Establishes robust guidelines for the labeling, packaging, and advertising of products to ensure that products are not marketed to children and adolescents;
  • Implements a “clean slate” policy and criminal justice reforms for residents with cannabis-related convictions;
  • Provides funding and support for law enforcement to enforce cannabis regulations;
  • Provides funding for local municipalities with cannabis businesses;
  • Leverages our agricultural infrastructure and supports local farmers;
  • Generates new revenue for the state and creates jobs.

“I think it’s well past time for us to legalize cannabis,” said State Representative Emily Kinkead, a Democrat representing Allegheny County and prime sponsor of the soon-to-be-introduced bill. “The governor has estimated that it would bring about $500 million within five years,” she said. “I think that’s actually a pretty conservative estimate.”

 

Gov. Kathy Hochul announces more adult-use licenses 

New York Gov. Kathy Hochul (D) unveiled an expansion of New York’s adult-use cannabis sector at the latest Cannabis Control Board (CCB) meeting. The board approved 105 adult-use cannabis licenses across all factions of the industry, setting the stage for increased economic activity and innovation within the market. The breakdown of the 105 license types approved includes:

 

  • 25 Adult-Use Cultivator Licenses
  • 22 Adult-Use Distributor Licenses
  • 22 Adult-Use Microbusiness Licenses
  • 19 Adult-Use Processor Licenses
  • 17 Adult-Use Retail Dispensary Licenses 

The CCB also approved a resolution to adopt the following regulations for home-grow: 

 

  • Adults can grow up to six plants individually.
  • Maximum of 12 plants per household.
  • Registered medical cannabis patients can have a designated caregiver grow on their behalf, provided no one can exceed the maximum of 12 plants per household.

“New York is building a robust and equitable legal market that is driving significant economic growth within our communities,” Governor Hochul said in a statement. “The issuance of 105 additional adult-use licenses is just the next step in developing the nation-leading industry New Yorkers expect and deserve.”

 

PA could see up to $2.8 billion in adult-use sales in first year

According to Marijuana Moment, reports indicate that PA could experience a substantial economic benefit from legalizing adult-use cannabis, with projected sales ranging from $1.7 billion to $2.8 billion in the first year alone. Collaboratively produced by advocacy group Responsible PA and FTI Consulting, the analysis forecasts potential tax revenues of up to $720 million through a combination of retail sales and excise taxes. Moreover, legalization could generate between 26,250 and 44,500 new jobs, drawing comparisons from other states and insights from PA’s existing medical market. 

 

“Nearly two-thirds of the jobs supported by the adult-use market would be direct cannabis jobs, with the remaining third supported indirectly or through induced spending,” states the report.

 

Stay connected with CWCBExpo 

Stay informed year-round by subscribing to the CWCBExpo email newsletter or following us on social media, where we continue to track and analyze the evolving landscape of cannabis legalization and business development across the region.

Rescheduling, Fireside Chats, Market Trends, Pavilions, Networking Events

Rescheduling, Fireside Chats, Market Trends,
Pavilions, Networking Events

CWCBExpo New York –
Here We Come

“Rescheduling cannabis to Schedule III would be a game-changer for New York’s newly legal adult-use market…Ultimately, it will accelerate the already strong pace of growth we are currently seeing in New York’s legal cannabis market.

 

Cy Scott, Co-Founder & CEO, Headset

Don’t miss the Industry Update by Cy Scott, “Trends, Challenges and Opportunities – Why New York is the Market to Watch in the Midst of Rescheduling” on Wednesday, June 5, 2024.

Cy Scott, Co-founder. CEO, Headset
Cy Scott, Co-Founder & CEO, Headset
Federal Rescheduling

While not the ideal designation the industry wants, May was all lit up with news of rescheduling cannabis from a Schedule I drug to a Schedule III drug. More needs to be done, such as completely descheduling cannabis.

A public comment period is underway after the Justice Department published the proposed rescheduling rule. The public comment period runs through July 22, 2024, and comments can be submitted electronically through their portal. Now is the time to add your comments.

The CWCBExpo Conference Program will Address Rescheduling
Josh Kesselman, Cy Scott, Tim Seymour, Tremaine Wright

The latest news and impact of rescheduling cannabis will be energetically discussed in our workshops, conference seminars, networking events, and on the show floor. A few of the exciting conference highlights are:

  • Market Trends & Opportunities with Cy Scott, Co-Founder & CEO Headset
  • Fireside Chat featuring Chair Wright of the Cannabis Control Board, with Kristin Jordan, Esq., Founder & CEO, Park Jordan
  • Fireside Chat & Keynote featuring Josh Kesselman, Founder & CEO, HBI International/RAW Rolling Papers, with Tim Seymour Portfolio Manager, CNBS Cannabis ETF; Co-Host, CNBC Fast Money
  • Where is Wall Street?
  • Behind the Headlines: Meet the Cannabis Press and Editors
  • Business & Culture at a Crossroads: Cannabis & Psychedelics
  • The Politics & Medicine of Cannabis: A Multi-state Approach
  • Cannabis Retail Marketing in the Digital Era
  • High Tech: How Technology Can Drive Your Business
  • Transactions and Services to Expand Your Cannabis Business
  • Journey to Legitimacy: The OGs and OQs of Cannabis
Kymberly Byrnes, Kristin Jordan, Gia Morón, Dawne Morris
NYS Licensing News

Changes in the NYS Office of Cannabis Management and Cannabis Control Board

A lot has happened regarding the NYS Office of Cannabis Management (OCM) and the Cannabis Control Board (CCB). As May unfolded, we learned of the impending departure of Chris Alexander, Executive Director of the OCM, effective June 7, 2024.

In addition, NYS Governor Kathy Hochul mandated several significant operational changes to the OCM for the short and long-term. The changes came on the heels of the final report that Jeanette Moy, Commissioner of the Office of General Services, issued after her 30-day research mission of the OCM.

The operational changes will have an impact on several aspects of what the OCM manages including:

  • A new task force to deal with illicit cannabis activity
  • Licensing procedures
  • Capital for justice-involved CAURD licensees

Learn more about what Governor Hochul announced and about the operational changes and new task force from the Finger Lakes Daily News.

NYS OCM Office of Cannabis Management
Finger Lakes Daily News
New Jersey News

New Jersey Cannabis Regulatory Commission

Governor Phil Murphy also instituted some major changes at the the NJ Cannabis Regulatory Commission (CRC) in May. Executive Director Jeff Brown is transitioning to a new position at the NJ Department of Health (DOH) where he will be the new deputy commissioner. His replacement at the CRC will be Christopher Riggs, who previously held the role of deputy executive director and was formerly chief counsel of the CRC.

Cannabis Risk Manager
NJ Cannabis Regulatory Commission
Get the CWCBExpo Run Down from Christine Ianuzzi

In this conversation with KymB, Christine Ianuzzi, Founder and CEO of CWCBExpo, shares her insights on rescheduling and gives a rundown of what’s happening at next week’s 10th Annual CWCBExpo, including the many exciting happenings there that you won’t want to miss.

“This is the year that CWCBExpo celebrates the community, the industry, our clients, and all the newcomers who’ll be joining in – the industry is about to grow again.” – Christine Ianuzzi
Christine Ianuzzi
In addition to the full conference program, CWCBExpo offers pre-show workshops, a dynamic exhibit floor, and legendary networking events.

Two Pre-Show Workshops:

Dispensary Ownership & Operations Bootcamp

Deep dive into seed-to-sale discussions including licensing, site selection, real estate, regulations, advertising, design, staffing, security, delivery, compliance, taxation, and product knowledge.

Separate Ticket Required, includes coffee and lunch

Cultivation: Licensing, Technology and Operation

Explore regulations, licenses, funding, challenges, technology, ROI, facility design, security, humidity, lighting, strains, and artificial intelligence.

Separate Ticket Required, includes coffee and light snack

Dynamic Exhibit Floor:

Discover the CWCBExpo exhibit floor. Meet great exhibitors, showcasing cutting-edge products, services, and innovations. Don’t miss the specialized pavilions:

 

  • Women’s Pavilion: Meet new female entrepreneurs in the cannabis industry.
  • Cannifest Seed Pavilion: Explore the latest in seed innovation and genetics.
  • New York Small Farma Pavilion: Meet and learn from local small-scale cannabis farmers.
  • New York Cannabis Workforce Pavilion Job Fair: Discover career opportunities and workforce development in the cannabis sector.
  • Governmental Area: Get your questions answered from Cannabis NYC, NYS Office of Cannabis Management, NJ Business Action Center and other agencies

Networking Events:

B2B Rooftop Bash with the NORML FORML at the Yotel (separate ticket required)
At the Yotel Rooftop, 570 Tenth Avenue at West 42nd Street

Enjoy an open bar, appetizers, and drinks while networking with industry professionals. Support NORML’s mission and participate in NORMAL’s gift basket give-away.

 

Yacht Party (separate ticket required)
Enjoy the stunning sunset and New York City skyline with an open bar delicious dinner, dessert, music, dancing and ample networking opportunities. Don’t miss this chance to connect and celebrate in style.

 

Women in Cannabis Business Luncheon (separate ticket required)
Sponsored by Proteus420

Located on the show floor.

Enjoy a networking lunch featuring opening remarks by Kymberly Byrnes, a fireside chat with Dawne Morris, and a panel discussion “Entrepreneurship While Female: Motivated, Intelligent, and Successful.” Connect with inspiring women leaders and gain valuable insights into the cannabis industry.

 

Proteus420

THIS MONTH’S ARCHIVED VIDEO

“The Future of Cannabis Tourism in the Big Apple and Beyond”

Presented on June 1, 2023, at CWCBExpo, Jacob Javits Convention Center, New York City.

As the cannabis industry continues to evolve, opportunities emerge to engage with an international audience interested in the plant’s history, lifestyle, and culture. Increasingly, conversations around cannabis tourism are moving from consumption opportunities to education and exploring the plant’s social impact or place in history and pop culture. While adult-use legalization continues to move like wildfire through state-side tourist meccas like Los Angeles, Las Vegas, and New York City, what opportunities exist for entrepreneurs who recognize the plant as a potential draw for tourism dollars?

This session was moderated by Will Yakowicz, Staff Writer, Forbes; with Precious Hester Brown, Founder, CEO, Entertaining & Elevating With Cannabis; Ariel Palitz, Founding Director, NYC Mayors Office of Nightlife;  and “Hawaii” Mike, Founder, Chef for Higher

Tourism, 2023

(pictured from the left) Precious Hester Brown, Ariel Palitz, “Hawaii” Mike, and Will Yakowicz

The CWCBExpo BLOG: Timely News & In Depth Articles

CWCBExpo blogs contain relevant, timely information. Recent subjects include cannabis rescheduling and other legalization and regulatory updates.

Gavel and Cannabis
CWCBExpo, 11th Annual
June 4 – 5, 2025
Javits Convention Center, NYC

 

NYC Couple on rooftop with cannabis plant

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

Cannabis Gains Political Momentum as Legal Industry Grows  

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.

March brought some dynamic shifts in the political culture surrounding cannabis. Vice President Kamala Harris led discussions on legalization and pardons, while Senate Democrats and House Republicans continued to push for cannabis banking reform. Could these developments be signs of growing momentum towards a shift in federal cannabis policy? Explore the impact of these updates on the cannabis industry nationwide.

VP Kamala Harris holds meeting on cannabis legalization and pardons 

Vice President Kamala Harris held a closed-door White House roundtable discussion on cannabis policy on March 15, 2024. Among the attendees were figures such as Cynthia Roseberry, Director of Policy and Government Affairs, Justice  at the ACLU; rapper Fat Joe; Chris Goldstein, Regional NORML organizer; Kentucky Governor Andy Beshear; and White House Director of Public Engagement Steven Benjamin. 

VP Harris used the discussion as an opportunity to emphasize the injustice of cannabis-related incarcerations, stating that “nobody should have to go to jail for smoking weed.” According to Goldstein, Harris also shared meaningful dialogue with Fat Joe regarding the importance of legalization and expressed support for ending the federal prohibition.

“The moment where she raised her hands in the air and said, “We need to legalize marijuana” — saying those words out loud, saying it in the Roosevelt Room, it did feel very meaningful, and it wasn’t lost on anyone there what was going on in that moment,” Goldstein told Marijuana Moment.

The Department of Health and Human Services (HHS) conducted a scheduling review in August 2023 and concluded to the DEA that cannabis be reclassified to a Schedule III drug. While there is no timeline for when the DEA’s review could take place, conversations like these represent strides forward. “This is the first time the White House has asked for a scheduling review in the right manner, so we don’t have a context for how long they might be able to run out the clock,” Goldstein added. 

Senate Democrats and House Republicans continue to push for cannabis banking bill 

As Congress nears the passage of a package of spending bills for the 2024 Fiscal Year, bipartisan attention has again turned to advancing the Secure and Fair Enforcement Regulation (SAFER) Banking Act. Senate Banking Committee Chairman Sherrod Brown (D-OH) expressed optimism about the bill’s prospects in a recent interview, sharing hope that the measure will immediately pass on the floor this year. 

“We’ve got a House that’s still not moving on stuff that matters to Republicans,” he said, referencing party divisions in the chamber. “The truth is that’s really pushed us back on what we can do in the Senate with floor time.”

In parallel, House Majority Whip Tom Emmer (R-MN) reiterated his support of the SAFER Banking Act during an American Bankers Association (ABA) summit. Emmer emphasized the need for federal action on banking reform, citing the sluggish pace of incremental reform despite his personal stance on the issue.

“For whatever reason, the federal government has been slow to get that done,” he stated. “Like it or not, if your state has enacted laws creating this as a legal entity that is legitimate, our bankers should be allowed to bank,” he added. “It’s not whether you are a marijuana lover or hater, it’s more: This is a legitimate business that has been approved by the representative government of that state.”

IRS clarifies cannabis cash reporting regulations 

The Internal Revenue Service (IRS) issued a memo clarifying the rules for reporting large cash payments between cannabis businesses. In response to a request for guidance on Form 8300, which mandates reporting for cash payments exceeding $10,000, the IRS emphasized that such transactions should not automatically be flagged as “suspicious” solely due to the federal prohibition of cannabis. 

An example of the other language in the memo includes:

Question 3: “Is it reasonable for a legalized substance business to check the suspicious activity box simply because of the type of product they deal with?”

Answer 3: No. When marking the suspicious activity box is purely done defensively, much like a Money Service Business filing defensive Significant Activity Reports, this is an abuse of the use of that box. If they are solely marking the box because of the industry and for no other reason, this is not an appropriate use of the box. If a business is checking the box in these circumstances, the agent should inform them that continuing to check the box could result in penalties for inaccurate forms. Of course, this depends on the facts and circumstances in each case.”

“We are working on additional guidance on questions related to cash couriers/armored cars who transport cash between growers/manufacturers and dispensaries/sellers,” reads the memo. 

Keeping tabs on the cannabis industry’s progress nationwide

Gradually, the federal government has made progress toward cannabis reform, and there is as much reason to be optimistic as ever. Given recent developments, it’s important to continue our path toward comprehensive reform, promising a future of equity, accessibility, and opportunity within the legal cannabis industry. Looking ahead, stay tuned for updates on these matters and mark your calendars for this year’s CWCBExpo on June 5 and 6 at the Javits Convention Center in New York City, where professionals gather to network, learn, and shape the future together. 

DEA Considers Rescheduling, Expungements On The Rise

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.

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.

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!

Four CWCBExpo board members and strategic advisors are pictured. From left to right, Renata Serban, Leo Bridgewater, Kym B, and Dr. Ken Weinberg

CWCBExpo Experts Weigh In: What Will 2024 Bring for Cannabis?

Four CWCBExpo board members and strategic advisors are pictured. From left to right, Renata Serban, Leo Bridgewater, Kym B, and Dr. Ken Weinberg

Every year seems to be a transformative year in the cannabis industry — and for good reason. What other industries can say they’re at the forefront of a movement? Innovation, the legal landscape, and evolving social attitudes continue to shape what’s to come for cannabis.

At CWCBExpo, we’re taking a moment to reflect on the milestones, challenges, and remarkable shifts that shaped the past year while extending our gaze to what may lie ahead for the new year.

New York

In the Empire State, adult-use cannabis celebrated its first full year in operation. The first dispensary in New York City opened at the tail end of 2022, and several more throughout the city and the state joined its ranks throughout 2023.

Although court challenges and bureaucratic roadblocks have caused the New York market to roll out slowly, hundreds of dispensaries are expected to be approved in 2024. The Office of Cannabis Management (OCM) recently accepted license applications from all aspiring cannabis sellers, and officials say the general adult-use licenses will be issued using a lottery system and approved in batches during the first quarter of 2024 on a rolling basis.

According to Kym B., Co-founder and Chief Marketing Officer at TribeTokes, New York is poised for a significant, and exciting, shift.

“I think we’re going to go from being a startup in New York to starting to actually be revenue positive,” she explained. “A lot of dispensaries opening, coupled with more licenses being given out, will help a ton. With this in place, we can actually create an industry in New York where cannabis is truly competitive.”

A few new states joined New York in the adult-use legalization movement in 2023, including Delaware, Minnesota, and Ohio. Others, like Connecticut, Missouri, and Maryland, realized their first recreational sales. This means that now, more than half of the U.S. population resides in areas where cannabis is legal for recreational use. Notable is the recent Annual Report previewed at a December meeting by the New York State Office of Cannabis Management where they reported that marijuana revenue sales in NYS was expected to reach $150MM by the end of 2023.

All eyes on the election and how it shapes cannabis policy

Discussion of federal legalization, descheduling, and rescheduling bounces throughout Capitol Hill every year, and 2023 was no different. But what did come to fruition this year was a recommendation from the U.S. Department of Health and Human Services to reschedule cannabis on a federal level. If progress continues on this forefront, 2024 could bring the most significant shift in national cannabis policy since the passage of the Controlled Substances Act in 1970. This change would give the FDA industry oversight and cut down the 280E tax code that currently plagues the industry.

As we look ahead to 2024, other potential shifts in legislation include:

As an election year, cannabis takes an even more significant national stage this year. Leo M. Bridgewater, the National Director of Veteran Outreach for Minorities of Medical Marijuana, emphasized the importance of aligning political engagement with business strategies in 2024. And that’s not limited to Washington, D.C. — that involves engaging elected officials right here at home.

“Local mayor and city council seats will be up for grabs in 2024,” he noted. “A deeper understanding of the difference between legislation and regulation will also be paramount as policy will be developed by the understanding and education of local politicians. The cannabis vote must be made real and respected if we are going to prosper in the years to come.”

Support for small business will be essential for a thriving industry

Citrin Cooperman Cannabis Advisory Services manager Renata Serban conveyed the need for education for operators.

“[The] cannabis industry is one of the most regulated in the country and unique in the fact that it is illegal at the federal level and legal at the state level,” Serban explained. “Even experienced business owners entering the cannabis space face many challenges associated with high compliance.”

Serban credited the Cannabis Compliance Training and Mentorship Program in New York City as a great place for entrepreneurs to begin their journeys. “I think the state needs to continue similar initiatives and provide resources to small businesses,” she added.

A focus on patients in an increasingly-recreational landscape

Kenneth R. Weinberg, founder of Cannabis Doctors of NY, shed light on patient needs within a landscape that puts a lot of focus on recreational sales. A fierce patient advocate, Weinberg expressed a hopeful expectation that the broader market dynamics will bring about positive changes for patients, even as those dynamics are heavily influenced by the recreational market.

One such way is in price: As more dispensaries open, the price of flower and manufactured products is likely to come down. In fact, we’re already seeing that trend in New Jersey, where flower prices fell by $42 per ounce in 2023 as more dispensaries opened. Weinberg said he hopes to see prices decline, making medical cannabis more accessible and affordable for those seeking it.

What other notable shifts in 2023 might influence 2024?

As we peer into the future of cannabis, social and cultural shifts make for a continued surge of acceptance. A November 2023 Gallup poll found that seven in 10 Americans support cannabis legalization, an unprecedented high since the poll’s inception in 1969. This shift signals a broader societal acceptance of cannabis and a transformation in attitudes that will likely continue into 2024.

Of the notable occurrences from this year, standout moments reflecting on shifting societal acceptance of cannabis include:

Navigating 2024 cannabis with CWCBExpo

As we stand at the threshold of a new year, allow CWCBExpo to be your source for navigating the exciting twists and turns of the cannabis landscape. Whether through our monthly news updates or our annual in-person expo in NYC, stay tuned, stay informed, and join us on the journey ahead.

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