BDSA

More Talk From Biden on Marijuana, But Where Is Action

Published

9 months ago

March 8, 2024

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In an acknowledgement of the popularity of legal marijuana, Biden talked about in his State of the Union speech, but, again, no firm details.

In his final State of the Union speech of this term, Biden made history and openly talked about cannabis. He touted his pardons and rightfully took a lap. The President has talked about the pardons before and their importance, and sharing at the speech was a historic moment for the industry. But, while it was good, it was not as significant as it has been heralded. He indicted during his last campaign he made a commitment toward expanding the industry. Finally, after three long year, in his speech he talked about rescheduling, but again shared no dates or a call to action.

According to BDSA, a leading analytics firm covering cannabis, the industry generated $29.5 billion in revue in 2023. Over 85% of the public believes it should be legal in some form. It should be an easy win, but Biden, VP Harris and others at the top of the administration have struggled to push the change.

Biden was slow to push rescheduling, but since them Health and Human Service (HHS) and the Food and Drug Administration (FDA) have both recommended it move forward. It now sits at the Drug Enforcement Agency (DEA) for the final change. Data and public opinion are waiting for the change.

Senate Leaders Chuck Schumer (D-NY) and Patty Murphy (D-WA) recognized the value of a healthy, legal industry. Science, the American Medical Association and even branches of the military are starting to recognize the value of medical marijuana and the widespread support of the plant. Schumer shared prior to the speech he is committed to get a banking bill done this session. It seems to be on track last session, but the chaos in the House over the speakership derailed any hope.

While the industry is right to say the public wants it, studies by Brookings say it isn’t a decider when chosen a presidential candidate. The economy, the border, abortion, and personal issues like healthcare and feelings around Israel and Ukraine are much more like to influence decisions. What is key, it is big with younger voters. This could be key in the election.

While the industry is doing well, it is still the growth mode and need basic help in continuing to grow. Rescheduling would allow state cannabis to take federal tax deductions that they’re currently barred from under an Internal Revenue Service (IRS) code known as 280E, however. This would be an immediate benefits the cannabis industry which has over 50% small businesses.

After breaking the barrier and having a president discuss marijuana public, everyone is watching on what happens next.

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BDSA

New York Gets Cannabis Leadership Change

Published

6 months ago

May 28, 2024

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After a chaotic and, some would say, failed rollout of legal marijuana, the lead official is stepping down

The failed legal marijuana rollout in New York cost taxpaying jobs, state revenues and crushed dreams. It was another painful blow to the weed industry and it made the Governor look foolish as she flailed to find a solution. Finally, New York get cannabis leadership change, but will it be able to fix the issue is anyone’s guess.

Chris Alexander, the executive director of New York State Office of Cannabis (OCM) Management, is stepping down in June. Earlier this month, the governor. announced the OCM will be restructured. The decision came after an investigation found inefficiencies and mismanagement bungled the transition, costing the state millions.

On the of 1,500+ illicit dispensaries in New York

The state has a strong plan for the transition from medical to recreational market and had worked closed with existing medical dispensaries. Weeks before the change, the OCM scrapped the entire plan and bumbled through a system where the state now has less than 100 legal retailers and over 1,500 illicit dispensaries in NYC alone. BDSA, a leading analyst firm which covers marijuana, estimated last year’s legal and illicit market would have been close to $2 Billion. As it was, the licensed market brought in $175 million.

The change comes at time where thing are moving forward federally with rescheduling, yet the state is struggling. Adding to the pain, the state is grappling with a variety of lawsuits over the chaos. Another issue the office has seen it self as more of advocacy organization, focused on messaging rather than being a state department in charge of licenses of a billion plus dollar segment. Players who wanted to follow the rules so they can build a long term business future feel stymied. Some were shocked to find illicit players sometimes got to jump the line to open licensed stores at the same time they are running ones with no license.

The change is positive news for the the legal industry and players since New York’s OCM has operated in a persistently opaque and inefficient manner, contributing to the slow growth. For years the office has released conflicting information about its own rules and licensing processes, and hasn’t responded to applicants and licensees in a timely manner.

Time will tell if New York is able to solve the current mess or if this will be another opportunity to cost taxpayers more money.

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BDSA

Consumer Spending Validates Marijuana Rescheduling

Published

6 months ago

May 17, 2024

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It is a historic move for a country which had prohibition, but consumers are using their wallets to show they support it,

Culture wars have been an American tradition – from the battle over TicTok to the alcohol prohibition in the 1920s. It was said the only thing to come out of the anti-liquor period was it taught good citizens how to break the law. But in general, if the public wants it, the public will have it, legal or not. The perfect is example is the Pornhub ban in Utah and Texas, which has sent VPN sign ups sky high. And consumer spending validates marijuana rescheduling in a major way.

Some politicians and leaders believe in the nanny state option. Those include a few governors lead by Ron DeSantis, Mitch McConnell, and a few other special interest groups. But the Biden’s administration’s decision to reschedule cannabis lines up with public opinion. Over 85% believe it should legal in some form, and more importantly, they are putting their money toward what they want. Leading analyst firm, BDSA, shared the public’s spending habit’s match their thoughts on rescheduling.

Following the tradition, cannabis sales moved higher again this year. Sales on 20 April 2024 sales were $167M, a 33% increase over the previous year. Trends like California sober are going strong and Gen Z continues to move away from alcohol and move toward marijuana vapes and gummies. Lifestyle habits are starting to adjust slightly away from alcohol and more low alcohol drinks, mocktails, and cannabis eat away at the traditional market. Alcohol is much rougher on the body, so many are opting for a semi-healthier option.

It is a benefit for fully recreational states as even Missouri makes significant tax income on cannabis. Most governors are on board with rescheduling at it is not only the public’s will, but it helps the state’s coffers and actually helps in other areas. Even New York State, with over 1,500 non tax paying illicit stores making money, made some income. They have less than 100 licensed dispensaries generating over $175 million.

RELATED: How To Microdose Marijuana

On an interesting sidebar, like holidays, there are some holidays where cannabis use is up. Here are the largest for 2023

420
Green Wednesday
Black Friday
St Patrick’s Day
Veteran’s Day

In comparison, alcohol’s largest days are:

New Year’s Eve
St. Patrick’s Day
July 4th
Day Before Thanksgiving/ Blackout Wednesday/ Drinksgiving
Black Friday

Let’s see how the next 12 months works for the industry, the government and the public.

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BDSA

Choosing The Right Edible – The Fresh Toast

Published

7 months ago

April 15, 2024

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Edibles have become very popular – finding the right one for you is key!

With over 50% of the country’s population having access to recreational cannabis, it has gone mainstream. Over 85% of the population believe it should be legal in some form and now there is a whole movement around California sober. As access to legal marijuana gains, beer sales have flattened and people are curious. According to BDSA, almost 50% of those who have used cannabis, have used an edible – primarily a gummy.

Marijuana not only helps you to chill, relax or go on a fun journey, it also has clear medical benefits. Edibles are healthier for you body and lungs than vaping and smoking while capable of producing the same results. While smoking cannabis is a little healthier than tobacco, it is still not a great frequent habit. Additionally, edibles are likely to provide more pain relief and a stronger response from your mind and body.

Edibles are portable and discreet, allowing you to consume at a party, family event, or on the bus. No fuss, no muss and you can pop one in your mouth. According to BDSA, gummies represent at last 85% of the edible market.

Edible makers infuse their foods with marijuana through a variety of ways, primarily with cannabutter and extracts. Cannabutter is the product that results once butter or oil is infused with cannabis. This mixture is then used to make brownies, chocolates, etc.. Cannabutter includes the benefits and limitations of the whole cannabis flower, providing you with the full spectrum of cannabinoids. This means that there’s THC, CBD, and more in these types of edibles but also that they’re more unpredictable.

Gummies and a few other products are usually made with extracts. Producers isolate THC or CBD in a lab and later add them to their products, making something that is more reliable and consistent. Edibles prepared with extracts are a good option for people who are looking for a specific effect.

5 differences cannabis edibles and flower — Photo by Margo Amala via Unsplash

When it comes to dosage, if you are new – consider starting with 2.5-5 mg and see how it goes. One benefit of professional edibles is there is a generally a good dosing guide so you can manage your high. Where you want to chill at a concert of microdose to focus, you should be able to easily manage your high with a gummy. Traditionally baked edibles can crumble and might not travel as well.

Remember it usually takes between 45 minutes to an hour for an edible to kick in. Wana Brands started a trend by releasing a new edible called Calm which hits in 5-15 minutes. Being the first, you may have to wait for it to be in your area.

Dispensary purchased edibles also tend to have less of a “weed” flavor. Companies have employed chocolatiers and master candy makers to ensure the right taste along with the journey. Flavors go from cookies and cream to watermelon, so you should find the right flavor.

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