Feb 16 2023

Report: Global Legal Cannabis Market Valued at $47 Billion in 2023, to Grow to $76 Billion by 2027

The global market for legal marijuana is expected to be valued at $47.5 billion by the end of 2023, and is expected to grow to $76 billion by 2027, according to a new report from Statista.

“The maturity of the Cannabis market varies across the globe mainly due to differing legal environments and public attitudes towards cannabis”, states the report. “Some countries such as Canada and the United States have adopted fully regulated frameworks that allow cultivation, consumption, and retail distribution of various cannabis products. There are other countries that have more limited frameworks that allow the cultivation of cannabis, but have not legalizied retail sales (e.g., South Africa).”

The report notes that regulations can also differ regarding how cannabis is used. Some countries allow consumption of products that contain high tetrahydrocannabinol (THC) strictly for medical use, while there are other countries that also permit the consumption of high THC products for recreational use.
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Feb 15 2023

Trulieve Becomes First Cannabis Company to Launch Advertising Campaign Under New Twitter Policy

Trulieve Cannabis Corp., a leading cannabis company in the United States, today became the first multi-state operator in the cannabis industry to launch advertising campaigns on Twitter.

The launch of the new campaign follows a policy change made by the global social media platform today that now allows cannabis companies to advertise.

“Trulieve is very excited and encouraged by Twitter’s decision to update its policies and allow cannabis companies to advertise across the platform,” said Gina Collins, Trulieve’s Chief Marketing Officer. “Having a global social media platform recognize our industry is another step forward in the normalization of cannabis in the U.S.”
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Feb 15 2023

Global Hemp Market to Grow From $6.87 Billion to $19.37 Billion by 2030

The global market for hemp is currently valued at $6.87 billion with expectations that it’ll grow to be worth nearly $20 billion by 2030.

This is according to a new Global Hemp Market report conducted and published by Cognitive Market Research. The anticipated growth represents a compound annual growth rate of 22.6%.

“Hemp is considered one of the most versatile and sustainable crops since every part of the plant can be used for one or more purposes”, states the report. “For decades, hemp seed has been cultivated to make everything from building materials to textiles. Its wide-reaching growth potential is now beginning to be embraced and utilized by many organizations. Hence, the production of hemp seeds “has increased and they have become a product with an important and growing market.”
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Feb 14 2023

Marijuana Legalization Bills Prefiled in Louisiana Legislature

A lawmaker in Louisiana has prefiled two separate bills in the state’s House of Representatives to legalize, regulate and tax marijuana, with a third forthcoming.

State Representative Candace Newell has prefiled two different legislative proposals aimed at legalizing marijuana and established a licensed and regulated system of marijuana retailers and producers, with one more on the way.

“I’ve separated the three bills. It’s legalization, regulation, and taxation”, says Newell. “So each bill does its own thing,”
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Feb 14 2023

Virginia Bill to Legalize Marijuana Sales “Passed By Indefinitely” in a House Subcommittee Vote

Virginia legislation that would allow for the legal and regulated distribution of marijuana and marijuana products has been “Passed By Indefinitely” in a House subcommittee vote.

Senate Bill 1133 was “Passed By Indefinitely” today in a 5 to 3 vote by the House General Laws Subcommittee. The proposal, sponsored by Senator Jennifer McClellan, was recently approved by the full Senate in a 24 to 16 vote. The subcommittee vote allows it to consider the measure at a later date, but does not yet advance it to the full General Laws Committee.

Although marijuana possession has been legal for those 21 and older in  Virginia since 2021, the state is one of the only with legal marijuana to not also allow legal sales. Senate Bill 1133 would rectify this by establishing a comprehensive system of licensed marijuana retailers and producers.
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Feb 13 2023

Eighth House Committee and Sixth Senate Committee Approve Bill to Legalize Marijuana in Minnesota

A Minnesota bill that would make marijuana legal throughout the state continues to advance at breakneck speed in the state’s legislature.

Earlier today House Human Services Policy Committee in a voice vote agreed to advance legislation to legalize marijuana for everyone 21 and older. This marks the eighth House committee to advance the proposal. Shortly after the Senate Transportation Committee also voted to approve the bill, making it the sixth Senate committee to do so.

“Minnesotans deserve the freedom and respect to make their own decisions about cannabis—and this bill is about providing them with that opportunity,” said Democratic State Representative Zack Stephenson, the bill’s primary sponsor in the House. “It’s time. Minnesotans are ready, Our current laws related to cannabis are doing more harm than good.”
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Feb 13 2023

Why Marijuana Should be Legalized, According to AI

Below is an article on why marijuana should be legalized, written entirely by OpenAI’s ChatGPT.

Marijuana legalization has been a hotly debated topic for decades. While some people argue that marijuana should remain illegal due to its potential negative effects on health and society, there is a growing body of evidence that supports its legalization. 

One of the most compelling reasons to legalize marijuana is its potential medical benefits. Marijuana has been used for centuries as a natural remedy for various health conditions, including chronic pain, nausea, and anxiety. In recent years, studies have shown that marijuana can also be effective in treating more serious conditions, such as epilepsy, multiple sclerosis, and cancer.
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Feb 10 2023

Constitutional Amendment to Legalize Marijuana Filed in Arkansas

A legislative proposal to legalize marijuana via a constitutional amendment has been introduced in the Arkansas Senate.

Filed by State Senator Joshua Bryant, the bill would allow those 21 and older to possess and consume marijuana and marijuana products for all uses. It would also establish a licensed and regulated system of marijuana retail outlets and producers to supply said outlets.

Bryant says he submitted the proposal in order to allow elected representatives rather than “big money, out-of-state interests” to decide, referencing an initiative that was rejected by voters in November after large amounts of out-of-state money was donated to oppose the measure.
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Feb 09 2023

Fifth Senate Committee Votes to Legalize Marijuana in Minnesota Following Seven House Committees Doing to the Same

Yet another Minnesota Senate committee has passed a bill to legalize recreational marijuana.

The Senate Environment, Climate, and Legacy passed the measure in a tight 5 to 4 vote, making them the fifth committee in the Senate to approve the measure and move it forward in the committee process. It will need to pass a total of 18 Senate committees to reach a vote by the full Senate.

On the House of Representatives side of things, seven committees have approved the measure, with seven more to go in order for the bill to receive a full House vote. Approval by the full House and Senate would send the legislation to Governor Tim Walz, who supports it.

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Feb 09 2023

Analysis: Legalizing Marijuana in Hawaii Would Create Over 3,300 New Jobs

According to a new analysis if Hawaii legalizes recreational marijuana the industry would create over 3,000 new jobs and generate over $80 million in annual tax revenue.

According to the HICIA 2023 Adult Use Market and Tax Projection Report, conducted by the Hawai’i Cannabis Industry Association, the state legalizing marijuana would create 3,375 new full-time jobs while bringing in $81.7 million in tax revenue for the state every year. The report comes as several bills sit pending in the state legislature that would legalize marijuana and regulate it similar to alcohol.

“The Hawaiʻi Cannabis Industry Association (HICIA) has complied this report to provide expert industry data for a possible Adult Use of cannabis (legalization, taxation, and regulation) program in the State of Hawaiʻi”, states the report. “Other estimates have been released by other organizations but HICIA believes this report to be the most comprehensive and accurate report on the topic to date.
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