Cannabis Industry News: December 23rd, 2022

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The U.S. legalized cannabis, CBD, and hemp industries are rapidly evolving. It’s important to stay on top of changing regulations and shifting landscapes in order to protect and grow your business. That’s why we round up the leading headlines every week to help you stay up-to-date.

Keep reading to see what’s going on in the world of legalized cannabis, CBD, and hemp this week. And check back here every week for your regular update on the biggest cannabis news.

A New Cannabis Research Institute in Chicago

Officials announced this week that Chicago is set to be the home of a new cannabis research center. The publicly-funded institute will conduct work that will help researchers understand the effects of cannabis and explore the possibilities of the emerging industry. 

Among chief concerns will be production, effects on health, potential benefits and side effects, how to manage employees, and issues concerning diversity, equity, and inclusion. Researchers will also investigate the effects of regulation across the country and conduct surveys about medical cannabis.

By remaining publically funded by federal, state, and local grant money, the institute hopes to avoid bias in its research. 

Vermont’s First Month of Cannabis Sales

In October, the first month of legalization, Vermont’s Department of Taxes reported $8.6 million in cannabis sales. Throughout the month, a limited number of cannabis stores were operating, and those that were often had restricted inventory. 

For these reasons, the numbers may seem alarming, but members of the Cannabis Control Board in the state did not think so. October’s numbers were in line with predicted sales, so officials are hopeful that the state is on its way to meeting its objectives for the year.

New York’s First Licensed Cannabis Store

Housing Works, a New York nonprofit that aims to end homelessness and aids, will open the state’s first licensed cannabis store later this month. The store is set to open in Manhattan on the 29th of December. 

The nonprofit organization has a good reputation in the community. They run many local bookstores and charity shops while also providing essential services like healthcare aid, housing assistance, and other critical support.

The opening is great news for state officials, who have predicted billions of dollars in sales over the next few years.

Big Changes for Florida MMJ Program

Florida increased the availability of medical cannabis licenses this week. The process will result in as many as 22 additional medical cannabis business licenses. If all available licenses are awarded, the state’s medical cannabis industry could double in size.

At the same time, the Florida Department of Health increased the cost to renew a cannabis license from $60,000 to $1 million.

Cannabis MSO Reports from Q3 2022

Cannabis multi-state operators report few losses, some gains in the third quarter of 2022. Despite several obstacles and financial changes in the latter half of the year, many companies reported revenue gains.

Some of the leading challenges companies faced this quarter were price compression, inflation, and regulation delays. 

The biggest profit increases came from Green Thumb Industries in Chicago. The company reported a 506% increase from the same time last year.

Stay Up-to-Date With Cannabis News in Qredible®

In our rapidly changing industry, it’s important to stay in the know with regard to headlines and important events. If you want in-depth cannabis news coverage tailored for you, you’ll find all the resources you need to stay current in Qredible®.

Qredible’s pro subscribers unlock access to a customized stream of the latest industry headlines so they can remain relevant and avoid missing key state regulation updates.

To learn more about Qredible’s premium features and functionalities, set up a discovery call today. And for free updates on cannabis industry news, follow us on LinkedIn and Instagram.

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