WeedWorthy News Network
Despite the pandemic, cannabis sales in Illinois continue to increase. But it’s not just in-state sales. Sales to out-of-state consumers in Illinois has nearly doubled since January.
Of the nearly $64 million in total adult-use cannabis sales in Illinois for August, $17.2 million was in “out-of-state resident sales.” That’s nearly double the $8.6 million in out-of-state sales back in January.
Pam Althoff, executive director of cannabis business group CannaBiz, said people are more anxious because of COVID-19.
“The knowledge is now common that Illinois did pass recreational cannabis use, is now out there and people are coming in and trying,” Althoff said.
Following decades of prohibition and a life in relative obscurity as a research-only crop in the U.S., the 2018 Farm Bill legalized industrial hemp.
Cannabis consumers, especially newcomers hoping to find a cure for their specific condition, should manage their expectations when using this plant.
It is safe to say by now that most of those who follow the what’s what in the grand scheme of the marijuana movement have encountered just about every fathomable medical claim associated with cannabis. All one needs to do is get into a quick Google search to find several sources suggesting that medical marijuana is useful in the treatment of severe health conditions from Alzheimer’s disease to pain.
THE VOLUME IN cannabis stocks is likely to rise again in the fall after shares slumped during the summer, providing investors an opportunity to take advantage of the liquidity.
Interest in marijuana stocks is also likely to increase during the next couple of months since several states will vote in November on legalized use of recreational cannabis, including Arizona and New Jersey.
The West Coast wildfires may finally be slackening a bit thanks to kinder winds, merciful rain, and the heroic efforts of firefighters from Canada to Mexico, but the fight is far from over for cannabis growers whose crops went up in smoke and cannabis companies who will be struggling to stay afloat due to the diminished supply. The one-two punch of Covid-19 and the historic fires that ravaged (and in some cases are still ravaging) huge swaths of the western states may prove to be more than some businesses can withstand despite some industry leaders stepping up to lend a hand.
Nature’s Medicines, which has two medical marijuana dispensaries in the Valley, has announced that they’ve launched a medical marijuana delivery service in the Phoenix metro area.
“Our medical marijuana patients will now be able to order their favorite cannabis products at our low dispensary prices without the markup charged by other delivery services and get them delivered right to their front door,” said CEO Jigar Patel.
European Industrial Hemp Association Managing Director Lorenza Romanese tells MCN about Novel Foods legislation and industrial hemp in the EU.
The European Industrial Hemp Association (EIHA), founded in 2005, is the only pan-European membership body serving the industrial hemp sector, boasting members from 25 EU Member States and 12 third countries.
A cadre of lawyers, accountants, insurers and real estate agents expect big returns from the start of adult-use marijuana sales in Maine on Oct. 9 as companies seek professional help to navigate the complicated new market.
While they had previously shied away from touting their “green business” clientele in Maine, those professionals now are openly advertising specialties in the highly regulated recreational marijuana business as it comes with increasing oversight at the state and federal levels.
It’s a lucrative business in Michigan. The marijuana industry is breaking records and is projected to hit a billion dollars in sales by the end of the year. However, the state is seeing less marijuana dispensary owners of color and that’s something they want to change.
“It was a painstaking process,” said co-owner of KAHN Cannabis Co., Ron Bartell.
With marijuana sales in Michigan projected to hit $1 billion this year, it’s no surprise more people want to get involved.
“It’s a booming business. It was taboo at one point but now it’s very mainstream,” Bartell said.
There's no question that this is going to be a big decade for the technology sector. We're liable to see a demand explosion for cloud computing, cybersecurity, and Internet of Things devices. But don't sleep on the marijuana industry.
Although Wall Street estimates vary wildly, as we'd expect from an industry with no modern-day precedent, global sales could hit anywhere from $50 billion to $200 billion a year by 2030. For some context here, worldwide legal weed sales didn't even hit $11 billion in 2018.
But every fast-growing industry encounters growing pains. In Canada, regulatory issues have constrained supply. Meanwhile, in the U.S., high tax rates on legal weed have made it difficult for licensed producers to compete with the black market.
As federal marijuana legalization in the United States remains off the table, a non-profit coalition of reform advocates and businesses in the pot industry is pursuing a plan to legalize interstate cannabis commerce next year.
As reported by Marijuana Moment this week, the Alliance for Sensible Markets has released a plan under which the group will urge governors across the country to enter interstate compacts in order to facilitate the movement of cannabis between states where pot has been legalized.
An interstate compact represents an agreement allowed under the U.S. Constitution between two or more states, which depending on the subject matter needs congressional approval.
In case you didn’t know, CBD is now legal in 33 states, and medical marijuana in the remaining 17. That means that you can grow your own marijuana and make a living out of it. However, making a killing off the trade isn’t as easy as throwing marijuana seeds on the ground and harvesting liters of CBD oil.
Any serious marijuana grower knows that growing marijuana is incredibly difficult. Growing quality marijuana takes lots of diligence, commitment, and resources. With the right marijuana growing tips; however, growing your own marijuana will be a piece of cake.
Even the most seasoned marijuana growers sometimes have a hard time getting a good yield. However, here is a couple of invaluable marijuana growing tips for both newbies and experienced growers.
Can These Pot Stocks Continue to Compete Amidst the Cannabis Industry Competition?
Cannabis legalization advocates often tout the plant's potential to boost state coffers.
What comes to mind when you think of plant nutrition and fertilizers? For most people, the first thoughts are something along the lines of “NPK,” “CalMag,” or “micronutrients” — but these elements collectively make up less than 10% of the composition of most plants. Whether they know it or not, all cannabis growers strive to sink as much carbon into their plants as possible.
Carbon plays a key role in determining yield and quality, but it has been largely overlooked in conventional and mainstream agricultural fertility programs.