Connect with us

Cannabis News

No Federal Legalization, No Problem -$71,000,000,000 in Legal Cannabis by 2030 Says NFD?

Published

on


Gary Allen, CEO of New Frontier Data, announced the release of the 2023 U.S. Cannabis Report: Market Updates & Projections, which provides insights into the current and future state of the American cannabis market. The report is sponsored by Cannacare Docs and includes information on sales, consumers, supply, and pricing for both adult-use and medical cannabis. Allen predicts a promising future for the industry, citing the emergence of new markets to offset the stabilization of established ones.

 

According to New Frontier Data’s estimates, even with a potential slowdown in new market growth, the industry can expect a healthy compound annual growth rate of nine percent through 2030. In fact, with nine states currently pursuing adult-use legalization and nine more looking to legalize medical cannabis, the market growth could be even more robust.

 

Cannabis Industry Sales Growth Projections

In 2022, strong consumer demand in the latest operational, legal state markets fueled annual legal cannabis sales in the U.S. to an approximate total of $30 billion. These states are projected to experience growth in yearly sales, with estimates exceeding $35 billion in 2023. If state-level legalization efforts continue to outpace federal policy reform, sales are projected to reach a whopping $71 billion by 2030 with a compound annual growth rate of 12%.

 

The legal cannabis industry in the U.S. is experiencing significant growth due to several converging factors. Firstly, new legal revenues are generated by state markets that have recently reformed their cannabis laws and established retail markets for high-THC products. Secondly, there is sustained demand growth in legal states as consumers switch from unregulated to legal sources.

 

Lastly, there is an overall increase in cannabis consumption throughout the country as more people recognize the therapeutic benefits of cannabis, and usage becomes more normalized and destigmatized. Additionally, as cannabis is diversified for more medical and wellness uses, it further contributes to the industry’s growth.

The regulatory structure in each market has been a critical driver of size and growth for the legal cannabis industry in states that have legalized adult use on top of an existing medical cannabis program. Some of the crucial distinctions that have had the most significant impact on sales in the legal market include the chosen integration approach for retail access, the availability and accessibility of retail outlets, and the maturity level of the existing medical market.

 

Additionally, effective tax differences between medical and adult-use programs, ease of entry for new participants in medical markets, and product type restrictions between markets are all factors that can impact sales. Lastly, home cultivation/caregiver laws also play a role in the overall success of the legal cannabis industry.

 

The Growing U.S. Cannabis Consumer Base

By 2023, legal and unregulated markets are expected to have around 54 million U.S. adults consuming cannabis at least once. This figure is projected to increase by approximately 4% annually for the next eight years, with an estimated 69 million U.S. consumers by 2030.

 

It is worth noting that among the top 10 states with the highest number of cannabis consumers, Ohio, Florida, and Pennsylvania are expected to legalize adult-use markets soon. Moreover, North Carolina and Texas could potentially approve full medical programs by 2025, highlighting the significant market opportunities in these states despite current restrictions on cannabis.

 

Apart from Washington D.C., where possession and use of cannabis for adult use are legal, but there is no legal marketplace or sale, all the states with the highest density of cannabis consumers have operational adult-use markets. As such, there is tremendous potential for legal cannabis to expand into more large consumer markets in the coming years.

 

Increased Competition, Oversupply, and Falling Prices

Newly legal state cannabis markets saw an influx of dollars, pushing total cannabis sales to almost $30 billion in 2022. However, the most established adult-use markets in the country faced stiff regional competition, oversupply, and declining prices throughout the year. For the first time since their legalization in 2014, Washington and Colorado both experienced a drop in annual sales, and the three oldest legal cannabis state markets had double-digit sales declines year-over-year from 2021.

 

Competition in the market, caused by the activation of a new legal market within a dual legal state market as the new adult-use market competes with the existing medical one and between a state’s illicit and legal markets, creates downward pressure on cannabis prices. The speed of the price decline is influenced by the market’s regulatory structure, with prices generally declining more slowly in limited license markets than in unlimited license markets and more slowly in medical markets than in adult-use markets.

 

The effects on the cannabis market are not solely determined by market competition and regulatory structure. Other factors, such as the speed of retail outlet openings following legalization, state tax rates, and the quality and diversity of products available, also play a significant role.

 

Expanding Legalization and the Erosion of the Illicit Market

By 2030, it is expected that about 69 million adults in the U.S. will consume cannabis at least once per year, buying from both illegal and legal markets. Even with solid sales in legal state markets amounting to a combined $30 billion in 2022, most U.S. cannabis demand is still being met by the illicit market, with an estimated $76 billion spent on illegal sources across the country in 2022

 

North Carolina, Texas, and Georgia are the three largest illicit cannabis markets among states without legal medical or adult-use sales. These unregulated markets are estimated to have generated a combined $12.1 billion in 2022 and are projected to reach $18 billion by 2030 if cannabis remains illegal.

 

However, legalization efforts have successfully disrupted illicit markets, and legal medical and adult-use needs are increasingly expected to meet demand previously served by illegal sources. In 2022, 28% of U.S. cannabis sales were from legal channels, but by 2030, it’s expected to reach 48%. If all 18 potential markets legalize within their expected timelines, the legal market could meet almost 60% of the total cannabis demand by 2030.

 

Conclusion

The cannabis market in the US is expanding and changing as more people become interested in it and it becomes legal in more states. While the illicit market currently dominates, the trend toward legalization is upsetting the criminal economy and contributing to the rising demand for legal cannabis.

 

Cannabis legalization will increase market share as additional states legalize it, potentially reaching 60% of global demand by 2030. The legal cannabis industry has a promising future overall, but issues such as regulatory barriers, regional competition, and oversupply remain to be resolved.

 

CANNABIS MARKET SIZE, READ ON…

CANNABIS MARKET SIZE

HOW BIG WILL THE MARIJUANA GET BY THE END OF THE DECADE?



Source link

Cannabis News

The Dangers and Effects of THC Vape in UK

Published

on

By


cbd oil vape king UK

People in the UK increasingly realize that CBD vaping is quite safe. Even NHS recommends CBD vaping as one of the relatively safer ways to quit smoking. Vaping is not without any harm, but it is much safer than tobacco smoking. Even more, CBD vaping is associated with some good health effects. However, now people are realizing that THC vape pens could be an even more potent way of enjoying CBD’s health benefits.

What is THC Vape?

If readers noticed that in the introduction of this text, we talked about CBD, there is a reason for that. THC vaping is different from CBD vaping, but not entirely. It has much in common with it.

The hemp plant is rich in many cannabinoids. Two major cannabinoids are THC (Tetrahydrocannabinol) and CBD (Cannabidiol). It also has many minor cannabinoids in smaller amounts, like CBG, CBC, CBN, THCV and CBDV. CBD vape pens generally have all these compounds except THC.

However, THC vape differ in the way that they also contain small amounts of THC along with CBD, minor cannabinoids, and other beneficial organic compounds like terpenes for added flavour and enhanced vaping experience.

So, why do some of the vape pens have added THC in small amounts? After all, THC is known to be addictive and has mind-altering properties. Well, the explanation is simple: the secret is in the dosage. In smaller and legally permitted dosages, THC does not cause a high; it is safe and can have many health benefits.

When small amounts of THC are added to CBD, minor cannabinoids, and terpenes, it results in much more powerful health benefits. That is why some of the CBD-based clinically approved drugs also contain THC.

THC vape pens may also have some distinct benefits not experienced with CBD vape pens. This is due to “the entourage effect.” The entourage effect is a bit different from synergy. Synergy is like two-plus-two equal to five, meaning that using some compounds together results in a more potent effect, yet safety is not compromised. However, the entourage effect means combining two compounds may result in some unique health benefits not seen when those compounds are used in isolation. So, the entourage effect is more powerful and unique than synergy.

Therefore, using THC vape pens means some unique health benefits, although these vape pens contain THC in small amounts.

THC Vape: The Dangers

It is no secret that THC is the main compound responsible for all side effects of the cannabis plant. This substance is addictive and, at higher dosages, causes euphoria, has potent mind-altering properties, and may cause hallucinations.

However, there is one important thing to understand. All these effects of THC are seen at much higher dosages than those in legally produced THC vape pens.

Legally produced/sold vape pens in the UK, like those by CBDoilking, do not contain THC more than 0.2%. This is significantly lower than cannabis indica or marijuana, which may contain 25% or even more THC. So, there is no comparison between legal THC vape pens and marijuana. At these small dosages, THC does not cause euphoria or other side effects and has no addictive properties. It only has mild stress-relief properties at these dosages.

Secondly, THC vape pens sold by CBDoilking follow other important UK guidelines and legal requirements, which means that THC vape pens cannot contain more than 1 mg of THC. Hence, it is not just about low concentration but also about low amounts, thus ensuring its safety.

Safe and Potent THC vape pens

THC vape pens are for health-conscious individuals who would like to vape on a regular basis. It is safe and may have beneficial effects like reduced anxiety, improved mood, and enhanced sleep, and it may also help reduce pain sensation.

THC vape pen is even better than your regular CBD vape pen for quitting smoking. This is because it is better at reducing tobacco cravings.

CBDoilking sells one of the strongest THC vape pens in the market (75-80% CBD plus CBG along with THC in permitted amounts), and yet all pens sold on the platform follow strict legal guidelines. All the products undergo third-party testing and are proven to contain THC, CBD, and other minor cannabinoids within legally permitted and safe limits.

Another good thing about CBDoilking is that these excellent THC vape pens come in many flavours. These flavours are not due to some artificial substances but rather due to their content of terpenes. Terpenes are plant-based aromatic compounds with antioxidant and anti-inflammatory properties.

CBDoilking offers vapes that are based on science, combining different natural compounds in the right ratio. This is both about safety and potency. So, these products are really good for those looking for something better, potent, and yet safe.

The Bottom Line

CBD vape pens have been around for some time, and their safety is well-established. They are an excellent way to quit smoking and also enjoy CBD’s health effects. However, some people are looking for something more potent. THC vape pens are good for such individuals. These contain all beneficial compounds present in the cannabis plant but in the right proportions.

THC vape pen is a new way to enjoy vaping. It is unlikely to cause any side effects as these products are made for regular use. Of course, one should not overdose on THC or CBD. It is important not to have more than a few puffs a day. Rare side effects like nausea or stomach issues might occur but are transient and short-lived. Such issues are rarely the cause of concern, except in a very small number of cases.

Thus, if you are looking for something better to reduce stress and overcome pain and anxiety, then a THC vape pen may be the right choice. Choosing something strong like the one offered by CBDoilking may be a good idea. Despite being strong, these vape pens contain THC only in legally permitted amounts and in concentrations proven to be safe and not cause euphoria.

To sum up, if you are already an experienced CBD vaper, it may be a good idea to give THC vaping a try.

 

CBD VAPE OIL SAFETY, READ ON…

BENEFITS OF CBD VAPE OIL

3 BIG BENEFITS OF CBD VAPE OIL CARTS, WHY DO THEY WORK?



Source link

Continue Reading

Cannabis News

How to Buy or Sell a Cannabis Business: The Webinar Replay

Published

on

By


For anyone who wasn’t able to join us on April 17th, the video replay of our webinar titled “How to Buy or Sell a Cannabis Business” is now available on our website. You can view it here.

The description of this webinar is also included directly below. Enjoy!

____

On Wednesday, April 17, 2024 at 12:00 pacific time, Harris Sliwoski managing partner Vince Sliwoski (Portland), Harris Sliwoski partner Griffen Thorne (Los Angeles), and Andy Shelley of CannXperts will present a free webinar entitled “How to Buy or Sell a Cannabis Business.”

Drawing on their extensive experience from representing businesses and entrepreneurs across numerous M&A transactions, including crucial state license transfers throughout the United States, our panelists will share insights and practical wisdom from their firsthand experiences in the legal cannabis industry.

  • Crafting and understanding Letters of Intent
  • Conducting thorough Due Diligence
  • Drafting and Negotiating purchase agreements and ancillary documents
  • Navigating State-Specific Regulatory Concerns
  • Managing Escrow Challenges
  • Optimizing Financial Arrangements: Purchase Prices, Holdbacks, Earnouts
  • Tackling Post-Closing Considerations

As always, we’ll also take Q&A, so please feel free to either submit questions when registering or you will be able to ask comments in chat during the webinar.



Source link

Continue Reading

Cannabis News

Is Thailand about to Change Their Cannabis Laws Yet Again?

Published

on

By


thailand changing weed laws again

Thailand To Change Weed Laws Soon?

It’s Still Weed Paradise Right Now, So Go If You Can

 

Sure, weed is already legal in most of the United States.

 

However, for people who are in need of a holiday and want nothing to do but relax on a tropical Asian beach while enjoying a joint, the best place is still Thailand. Or at least, for now. Last June 2022, Thailand became the first nation in Asia to legalize marijuana for recreational purposes, albeit due to some governmental loopholes that allowed adult-use dispensaries to pop up like weed around the country.

Just a few days after weed was legalized, budding (pun intended!) entrepreneurs put up all kinds of weed shops and dispensaries. The smell of marijuana was soon prevalent all over, whether you were walking down a street in Bangkok or sunbathing in Phuket. These days, weed shops are as common as ATM machines or bubble tea kiosks.

 

We aren’t sure how long this is going to last. Over the last 1.5 years, throngs of tourists have come from all over the world to enjoy the globe’s newest weed haven. And while many cannabis businesses and farmers are thriving economically from the weed boom, some government officials are against it. As of the time of writing, the Thai government is working on regulating the cannabis industry much more tightly, so much so that smoking weed may not be such a liberal act to enjoy anymore.

Could Thailand’s weed heydays be this short-lived?

According to the news, Thailand’s health minister is set to ban recreational marijuana use completely by year end. A new bill is forecast to be discussed to parliament before session ends in October. Anutin Charnivakul, the public health minister responsible for initially proposing cannabis legalization, didn’t intend for weed to be as widely sold and consumed as it was. Instead, he explained that he merely intended for it to be used medicinally, helping farmers and other industries earn from the economic benefits of cannabis legalization.

“We have always emphasized using cannabis extractions and raw materials for medicinal purposes and for health,” he disclosed to CNN back in July 2022. “There has never once been a moment that we would think about advocating people to use cannabis in terms of recreation – or use it in a way that it could irritate others,” he added.

 

They likely did not anticipate or foresee that the tourism sector would experience a massive boom due to the said loopholes in cannabis law. Nobody knew that thousands of tourists would be coming from all over to enjoy partaking, and, helping to boost the tourist economy which was much-needed after the pandemic.

 

In a Reuters interview with Public Health Minister Dr. Cholnan Srikaew, he says that marijuana will only be permitted for medical use. Recreational users and cannabis growers who do not have a permit can expect to be charged with heavy fines, if the new bill is passed. “Under the new law, cannabis will be a controlled plant, so growing it would require permission. We will support cannabis cultivation for the medical and health industry,” he told Reuters.

 

The fines they are discussing are certainly steep: in the draft bill, it states that penalties of up to $1,690 can be charged to recreational users. Meanwhile, individuals who are caught selling weed or advertising its use can face a file of as much as $2,770, jail time, or even both.

 

The news to change Thailand’s once-ideal regulations regarding cannabis use was announced a few months ago, leaving businesses and other industries that are reliant on it, afraid and unable to make any plans for the future.

 

Can Tourists Still Smoke Weed In Thailand?

Until the government announces final changes to the weed law, tourists are still welcome to smoke weed and partake of recreational marijuana in various forms throughout the country. I just came from spending a few days in Bangkok, the nation’s capital, where hundreds of weed shops are still flourishing throughout the massive city.

 

Dispensaries are designed in fun, colorful interiors using bright colors and world-class marketing to attract smokers and consumers. We’ve walked into several different kinds of dispensaries and had no problems buying flower, edibles, vapes, and a variety of paraphernalia to consume either in the dispensary or in our hotel room. However, you do have to keep in mind that there are still rules in place.

 

For one, vaping or smoking weed in public places is still prohibited. Don’t be tempted to light up on the streets even if you can smell weed, because getting caught by the cops can lead to a $700 fine. That said, there are certain areas in Thailand where the law is a bit more – uh, relaxed. For example, in the backpacker central of Khao San Road, it’s not uncommon to see tourists lighting up at night. In the tourist beach areas of Krabi and Samui, there have been reports of tourists being able to easily light up a joint on the street with no problem.

 

Again, there’s no timeline of how long this is going to last. So if you can go to Thailand before the year end, when the new laws are expected to be set in place, go!

 

THAILAND AND LEGAL CANNABIS, READ ON..

CANNABIS CHANGES IN THAILAND

WHAT THAILANDS’ U-TURN ON WEED MEANS FOR ASIA, READ THIS!



Source link

Continue Reading
Advertisement

Trending

Copyright © 2021 The Art of MaryJane Media