Connect with us

BDSA

New Jersey Is Taking A Huge Bite Of The Big Apple’s Weed

Published

on


New Jersey is definitely the shining star when it comes the legal weed market.

New York City is the supposed to be the crossroads of the world…but it seems things are more headed to the Jersey shore.  With their neighbor’s chaotic rollout of legal cannabis, it seems New  Jersey is taking a huge bite of the Big Apple’s weed – at least the legal part of it! New Jersey’s cannabis market earned $800+ million in medicinal and recreational cannabis sales in 2023.  That is compared to New York’s $174 million.

RELATED: California or New York, Which Has The Biggest Marijuana Mess

New Jeresy’s rollout of legal cannabis has been smooth and well received by the population and consumers.  Their program was up and running in April of 2022 and the industry brought in a healthy $555+ million in 9 months.  The tax revenue has been a boon for the state and there hasn’t been in major hiccups.  This is great compared to their next door neighbor which seems to lurch from issue to issue.

Dispensary Job Market Still Strong Despite Lockdowns
Photo by Jeff Vinnick/Stringer/Getty Images

Leading analyst firm BDSA which also including cannabis predicts if New York State is able to correct the mess left in the rollout – they can be the #1 market and possibly be the first state to hit $2 billion.  It is estimated the licensed businesses lost $1.2+ billion in revenue to the illegal stores just in 2023.  And the state lost tax revenue on the amount.

RELATED: People Who Use Weed Also Do More Of Another Fun Thing

New Jersey Cannabis Regulatory Commission (NJ-CRC) Executive Director Jeff Brown predicts they state will be the premier region for cannabis sales.  Ultimately it will be good for state coffers.  The negative is the only big money difference from the Big Apple is in legal and tax revenue.  New York still has over 1,500 illicit dispensaries in New York City alone.  The business is there, they just are contributing to the black market which goes unregulated, unrecorded and undisciplined.

Currently, in their mid-range predictions, BDSA has faith New York will course correct and be the top state with New Jersey second.

 

 



Source link

BDSA

Consumer Spending Validates Marijuana Rescheduling

Published

on

By


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.

RELATED: Beer Sales Flatten Thanks To Marijuana

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.

Photo by Anton Petrus/Getty Images

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

  1. 420
  2. Green Wednesday
  3. Black Friday
  4. St Patrick’s Day
  5. Veteran’s Day

In comparison, alcohol’s largest days are:

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

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

 



Source link

Continue Reading

BDSA

Choosing The Right Edible – The Fresh Toast

Published

on

By


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.

RELATED: How To Dose Your Baking Without Totally Baking Your Friends

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.

butter
Photo by ponce_photography via Pixabay

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.

RELATED: The Most Popular Marijuana Flavors

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.

RELATED: Beer Sales Flatten Thanks To Marijuana

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.



Source link

Continue Reading

BDSA

Cannabis Industry Employs The Same As These Companies

Published

on

By


The cannabis industry has had a rough couple of years, but things are looking brighter.  The one constant positive is consumer demand has continuously increased. You know it is good when Missouri has over $1 billion in sales last year. And, despite the struggles, the industry continues to grow.  In fact, surpassing other job reports, the cannabis industry grew 5%. Around 440,000 work in market as of today.  It is a clear indicator legal cannabis is here to stay.

RELATED: California or New York, Which Has The Biggest Marijuana Mess

While 440,000 is a big number – how big is it in relation to other industries?  BDSA, an analytical firm who covers cannabis, reported the industry made $29.5 billion in the legal market. It would have been over $30 billion if not for the chaos and huge illicit market in New York.  Like most industries, the weed one includes dispensaries, manufactures, some ancillary services, farmers and management.  It is also a very small sliver of greater farming community. America’s farm families represent two percent of the population and help feed the other 98%.

standing people during daytime

Subway Sandwiches with a revenue of 16.5 billion employees roughly 410,000 including the franchises.

Grocer Kroger employs 430,000 in 36 states in 2,700 locations with sales of $150,000.

Target has 440,000 in their US retail stores with sales of $107 billion.

Starbucks and their famed coffee have 381,000 brewing almost $36 billion in sales at 16,449 locations.

Dentists, clocking in at half the number at 202,000, but if you fold in everyone in the industry including dental hygienists, they have 1,140,861 people employed in the US dental industry as of 2023.

CocaCola’s total number of employees in 2022 was 82,500. This helps drive the juggernaut of beverages with more than 1.9 billion servings of drinks sold in more than 200 countries each day.

RELATED: The Most Popular Marijuana Flavors

The US alcohol industry supports around 4 million jobs, including employment in production, distribution, sales, bartenders and other related services.  They help drive the drinks market of $183.5 billion last year.

Constellation, the alcohol company invested in cannabis has approximately 10,000 employees and Diageo has 3,100 people across North America.

Tobacco manufacturing in 2021 had 16,767 people and generated $886.09 billion in 2023.

The U.S. pharmaceutical industry employs over 1.3 million people. It is the largest pharmaceutical market generating over $550 billion dollars.

There are 29,711 people employed in the Strip Clubs in the US as of 2023.

RELATED: The Most Popular Marijuana Flavors

As the cannabis market continues to grow and partner with adjacent industries, it will another part of employments, economy and everyday life.



Source link

Continue Reading
Advertisement

Trending

Copyright © 2021 The Art of MaryJane Media