In 2021, advocates scored some cannabis reform victories in the state legislature and are expected to achieve more accomplishments before this year ends. They anticipate at least four more states will legalize marijuana and have also proposed other reform movements to legalize or decriminalize psychedelics and other drugs across various states.
According to MJBiz CEO Chris Walsh, at least four mergers are likely to occur in Canada and the United States before the end of 2022. The move is expected to create a bang in the cannabis market because it will probably double the overall cannabis retail sales from $20 billion to around $45.9 billion at or before 2025.
More Good News on the Way
Walsh is very optimistic about the cannabis retail market, and in what has become his annual rite at MJBizCon, he gave a yearly roundup of 2021 and several predictions for the current year. He predicts that, despite the withdrawal of support from most lawmakers and other advocates from Washington DC, 2022 will be a year of unmatched growth and maturation in the marijuana industry.
He predicted that:
- Social consumption regulations will make a lot of progress, and we’ll see cannabis lounges that might be opened.
- All major recreational markets such as Washington, Oregon, and Colorado will potentially have flat overall sales. The reforms will allow the states to decide whether to allow or prohibit marijuana products from commercial sales.
- Marijuana will be legalized on a federal basis by suppressing the Controlled Substance Act that limits the use of the product.
- Although the U.S. Food and Drug Administration (FDA) may not fully legalize the consumption of ingestible CBD, the states will take the lead in overall sales and consumption.
States to Watch
Here is a rundown of some of the states that are likely to enact psychedelics or broad cannabis reforms in 2022:
Medical Marijuana Purposes:
Idaho
Nebraska
Hawaii
Kansas
Nebraska
Recreational Marijuana Purposes:
Arkansas
Ohio
North & South Dakota
Maryland
Oklahoma
Missouri
Michigan
Minnesota
New Hampshire
North & South Carolina
Wyoming
Activists are making solid progress in collecting signatures for weed legalization on medical grounds and decriminalizing marijuana possession.
Reasons for Optimism
The cannabis industry has survived several political, economic, and social waves that sent massive blows. During the COVID-19 outbreak, many restrictions were initiated, requiring the industry to resize and send very vibrant employees home and suspend some promising moves.
Despite all those deep recessions, the industry maneuvered and is projected to fly to higher horizons soon. For example, retail sales have been increasing for the past two years, psychedelics have become a viable business, operators across states have gained traction, and online purchase and delivery have realized a significant rise.
The industry is also gaining significant influence behind the federal legalization of marijuana as a recreational or medicinal product in the consumer market. Once this marijuana legalization gains firm ground, the projected online market alone will generate at least $7 billion annually.
Areas of Concerns
The cannabis industry is gaining ground and has attracted legal interest in many states, but not all aspects are positive. According to Walsh, prices of cannabis products are falling drastically, especially in California.
The widespread regulatory hurdles across most states have been hampering entrepreneurs and product operators, among other challenges. For example, most newly legalized state programs, such as South Dakota, have experienced extreme legislative and political resistance, limiting the industry diversity and popularity.
Cannabis Lab Consulting In Colorado
Despite the challenges the cannabis industry has gone through, the industry has made, is still making, and is projected to make huge progress in the near future. As it gains ground, Nordic Analytical Laboratories is committed to ensuring you enjoy all services offered in the industry, such as in-house cannabis lab testing, product development, facility consultation, and professional formula assistance.
–
–