Logo for Qredible providing the only digital registry of validated and verified brands in the legalized cannabis, CBD, and hemp industries.

Cannabis Industry News: February 21, 2023

USED_N1

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.

Adult-use Cannabis Possibilities Looking Optimistic Under Reintroduced Texas Bill

Texas is getting another shot at adult-use cannabis legalization with the reintroduction of a bill. Under the state’s current laws, consumers can use CBD oil with a physician-provided prescription. 

The state currently has some of the strictest cannabis laws in the country. Possession of cannabis products can result in a fine of $2,000 or six months in jail. Because of this, Texas has the country’s highest number of cannabis-related arrests. 

Bill 1937 would legalize the possession of cannabis (up to 2.5 ounces) and the sale of cannabis by licensed retailers with a taxation rate of 10%. 

Although the state’s laws lag significantly behind other states, polling shows that a majority of Texas residents — 67% — are in favor of legalization. 

Farm Bill Renewal Presenting Opportunities for Cannabis Reform

The Farm Bill is up for renewal in 2023, and cannabis advocates are anticipating the potential for significant policy reform. On the list of concerns are delta-8 THC and the SAFE Banking Act.

Many experts are skeptical about the possibility of reform, citing previous examples of cannabis being left out of more sweeping legislation. Many lawmakers are staunchly against including cannabis-related regulation in larger bills, as they believe the industry should be considered separate from other business and agriculture issues. 

Cannabis MSO MedMen Considering Divesting in Multiple States

MedMen, an MSO based in California, is working with ATB Capital to begin the process of divesting in Arizona, Illinois, and Nevada. Affected would be three retail outlets, a cultivation facility, and a production plant. 

Downsizing that took place in recent months has allowed MedMen to cut payroll costs by 34%. The company claims the reduction in expenses is allowing them to focus on improving the quality of their products. The company also reported investing in a new loyalty program for customers.

More Cannabis Workers Unionize Under Teamsters

Meeting the current trend in unionization efforts across the industry, workers at Captain Jack’s Dispensary in San Bernardino, CA have joined Teamsters Local 1932.

The workers join more than 14,000 Californian workers who are represented by the division, and over 1.2 million across the globe. Teamsters has worked alongside cannabis workers in various states across the country and have achieved recent victories in Illinois and California.

Adult-use Cannabis Sales in Canada Increased by 18% Last Year 

Despite a general slowing of the cannabis market in recent months, adult-use sales in Canada increased by nearly 18% in 2022. The sustained growth of the Canadian market is exciting for advocates who often look to Canada as an example of how the U.S. market might look under federal regulation. 

Consumers in Canada spent over $3.3 billion USD on legal adult-use cannabis. These numbers came as the number of licensed dispensaries in the country increased. Canada currently hosts 3,700 licensed cannabis stores, with approximately 1,700 of them located in the most densely populated province Ontario. 

While this growth is notable, it is worth mentioning that the overall growth rate in Canada is slowing. As the number of new stores opening begins to slow, so will the growth of the market.

The next steps for the Canadian industry include a widespread acceptance of cannabis retail and the potential for consumption bars, cafes, and lounges. Gradual growth is possible with more product innovation.

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 updates about regulations in their state.

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.

Facebook
Twitter
LinkedIn
Pinterest

Leave a Reply

Your email address will not be published. Required fields are marked *