Cannabis Industry News

By: Quiet. Please
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  • Summary

  • Stay informed on the latest developments in the cannabis sector with "Cannabis Industry News." This podcast provides expert analysis, interviews with industry leaders, and updates on legal changes, market trends, and innovations. Ideal for business professionals, investors, and enthusiasts eager to keep up with the fast-evolving world of cannabis. Listen for insightful coverage and in-depth discussions that matter.

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Episodes
  • The Cannabis Boom: Navigating Growth, Regulations, and Shifting Consumer Trends in the $40 Billion Industry

    The Cannabis Boom: Navigating Growth, Regulations, and Shifting Consumer Trends in the $40 Billion Industry
    Dec 1 2024
    The cannabis industry is experiencing significant growth and transformation, with recent market movements and regulatory changes shaping its future. According to recent data, the US cannabis industry is expected to reach almost $40 billion in 2024, with total revenue projected to reach $39.85 billion[1]. This growth is driven by continued legalization, technological advancements in cultivation and processing, and a growing body of research supporting the medical benefits of cannabis.

    Eleven states are on pace to top the $1-billion benchmark in total retail sales at licensed cannabis dispensaries in 2024, including California, Michigan, Florida, Illinois, and Massachusetts[2]. California, the world's largest cannabis economy, is projected to remain at the top with more than $4.7 billion in adult-use and medical cannabis sales in 2024.

    The industry supports 440,445 full-time equivalent jobs, representing a 5.4% year-over-year increase, with steep-curve expansion in young Midwestern markets like Michigan, Missouri, and Illinois, and moderate growth in East Coast markets like New York, New Jersey, and Connecticut[1].

    Regulatory changes are also impacting the industry. The US Department of Justice's recent move to reclassify cannabis as a less harmful Schedule III drug is a significant development, indicating the industry's proliferation[3]. However, marijuana is still federally outlawed, limiting intellectual property protections for marijuana businesses.

    Consumer behavior is shifting, with 50% of Americans having tried marijuana at some point, and 70% thinking cannabis should be legal[5]. The millennial age group captures 46.2% of every dollar spent on weed, but Gen Z is the fastest-growing group of cannabis users, eating into the Millennial market share[5].

    Price changes are also notable, with the average retail price for adult-use flower hitting an all-time low of $79.70 per ounce in Michigan, and California's average flower price packaged per half ounce in 2024 being roughly $50 at retail[2].

    Supply chain developments are critical, with the total US cannabis supply expected to top 48.8 million pounds in 2022, and projections indicating more legal cannabis than illicit cannabis in the US by 2026[1].

    Industry leaders are responding to current challenges by leveraging educational opportunities arising from new consumers entering the market, producing high-quality products, and adopting sustainable cultivation practices and eco-friendly packaging[5]. For example, dispensaries are considering sourcing products that align with consumer values, even if it comes at a higher price point.

    Compared to the previous reporting period, the industry is experiencing significant growth, driven by emerging markets in states like Connecticut, Florida, Illinois, Maryland, Missouri, New Jersey, New York, Ohio, and Pennsylvania[4]. However, financial challenges persist, with the industry experiencing delinquent payments totaling $3.8 billion, and high borrowing costs and the need to maintain cash reserves[4].

    In conclusion, the cannabis industry is poised for significant growth, driven by continued legalization, technological advancements, and shifting consumer behavior. Industry leaders are responding to current challenges by adopting sustainable practices, leveraging educational opportunities, and producing high-quality products. Despite financial challenges, the industry is expected to reach almost $40 billion in 2024, with total revenue projected to reach $39.85 billion.
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    4 mins
  • Cannabis Industry Evolves: Trends, Regulations, and Consumer Shifts Shaping the $58.93B Global Market by 2028

    Cannabis Industry Evolves: Trends, Regulations, and Consumer Shifts Shaping the $58.93B Global Market by 2028
    Nov 29 2024
    The cannabis industry continues to evolve rapidly, with significant market movements, regulatory changes, and shifts in consumer behavior. As of 2024, the US cannabis industry is projected to reach almost $40 billion, with 11 states expected to top $1 billion in retail sales at licensed dispensaries[1][2].

    Recent market trends indicate a decline in sales in established markets such as California, Arizona, Colorado, and Washington, with year-over-year growth rates varying by market age. For instance, California, the world's largest cannabis economy, is expected to see a 3.4% decline in sales compared to 2023[1]. In contrast, emerging markets like Maryland, which launched adult-use sales in July 2023, are experiencing significant growth, with projections suggesting it will join the billion-dollar sales club in 2024[1].

    Regulatory changes are also shaping the industry. The number of active US cannabis business licenses has been declining since late 2022, with a 1% slide in the third quarter of 2024, indicating a tightening market[5]. However, the global legal marijuana market is expected to grow exponentially, reaching $58.93 billion by 2028 at a compound annual growth rate of 22.0%[3].

    Consumer behavior is also shifting, with the average retail price for adult-use flower hitting an all-time low of $79.70 per ounce in Michigan in July 2024[1]. Additionally, there is a growing demand for cannabis beverages, with major players like Canopy Growth Corporation launching new products to cater to evolving consumer preferences[3].

    Industry leaders are responding to current challenges by focusing on product innovations and expanding into new markets. For example, Aurora Cannabis, Canopy Growth Corporation, and Tilary Inc. are key players in the market, with North America expected to hold the highest share in the global market over the forecast period[4].

    In terms of supply chain developments, the total US cannabis supply is expected to top 48.8 million pounds, with legal cannabis projected to surpass illicit cannabis by 2026[2]. Furthermore, the cannabis industry supports 440,445 full-time equivalent jobs, with a 5.4% year-over-year increase in employment[2].

    Overall, the cannabis industry is experiencing significant growth and transformation, driven by changing consumer behavior, regulatory shifts, and market innovations. As the industry continues to evolve, it is essential for businesses to adapt to these changes and capitalize on emerging opportunities.
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    3 mins
  • Cannabis Industry Evolves: Cashless Payments, Reclassification, and Navigating Market Shifts

    Cannabis Industry Evolves: Cashless Payments, Reclassification, and Navigating Market Shifts
    Nov 27 2024
    The cannabis industry continues to evolve rapidly, with significant developments in recent market movements, regulatory changes, and shifts in consumer behavior. As of 2024, the US cannabis industry is expected to reach almost $40 billion, with projections indicating it will add $115.2 billion to the economy in 2024[1].

    Key statistics highlight the industry's growth and challenges. Half of Americans have tried cannabis, and 79% live in a county with at least one dispensary. The industry supports 440,445 full-time equivalent jobs, a 5.4% year-over-year increase[1]. However, the number of active US cannabis business licenses has declined, with a 1% slide from the previous quarter, indicating a tightening market[4].

    Regulatory changes are also shaping the industry. The US Department of Justice's recent move to reclassify cannabis as a less harmful Schedule III drug signals a shift towards greater acceptance[2]. State legalization continues to drive growth, with adult-use cannabis now legal in 24 states[1].

    Consumer behavior is also changing, with a notable shift towards cashless payments. Dispensaries accepting debit cards earn an average of $4,627 more per day than cash-only retailers, and transactions paid with debit cards are $13 higher than cash-only transactions[1].

    Price compression remains a challenge, with average retail cannabis prices dropping 32% since 2021. This has squeezed profit margins and forced dispensaries to adapt[1]. Established markets like Colorado and Nevada have shown resilience, while newer markets like Arizona, Illinois, and Maine have seen slower growth[1].

    Industry leaders are responding to these challenges by focusing on efficiency and innovation. For example, the use of technology in cultivation and processing is improving productivity and reducing costs[2]. Additionally, the growing body of research supporting the medical benefits of cannabis is driving demand and investment in the pharmaceutical sector[3].

    Comparing current conditions to the previous reporting period, the industry has seen a slight decline in business licenses but continues to grow in revenue and employment. The shift towards cashless payments and the reclassification of cannabis by the US Department of Justice are significant developments that will likely shape the industry's future.

    In conclusion, the cannabis industry is navigating a complex landscape of regulatory changes, market fluctuations, and shifting consumer behavior. Despite challenges, the industry continues to grow and evolve, with leaders adapting to meet the demands of a rapidly changing market. As the industry moves forward, it is crucial to monitor these developments and their impact on the market's future trajectory.
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    3 mins

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