2019 was a memorable year for the cannabis industry. Cannabis was legalized in many American states, which quickly created a mining business. The vaping illness passed and some North American cannabis companies received hard wake-up calls.
While 2019 was just the start for the cannabis industry, 2020 looks set to be a much more defining year. There is a saying that the cannabis industry moves as fast as a human lifetime in dog years. 2020 is barely a week old when cannabis is making headlines again as illinois kicked off the new year with recreational cannabis sales. Other states may be getting closer to legalization this year. In 2020, the food and drug administration (FDA) may once again throw a spanner in the works when it comes to CBD sales. Also, a changing of the guard in Congress could completely change and affect green business.
Make it or break it
"There will be a lot of movement in 2020," said Chris Walsh, chief executive officer of Marijuana Business Daily, a trade publication of the cannabis industry. "Whether it will lead to actual legalization in some states remains to be seen." Fourteen US states and territories have legalized the sale of recreational cannabis for adults. Although regulations are not yet fully worked out in some places such as Vermont and the District of Columbia. In all, 33 states have legalized cannabis for medical purposes.
Illinois, New York & New Jersey
Illinois remains in the picture this year after making history last year with the first legally established recreational cannabis program. Critical aspects of the program include social equality and justice measures designed to help those hardest hit by the war on drugs. New York and New Jersey flirt with legalization. Governors of New York, New Jersey, Connecticut and Pennsylvania gathered this fall for a summit on coordinating cannabis and vape policies. New Jersey will propose a recreational cannabis measure to voters in November, and Governor Andrew Cuomo promised on Wednesday that New York will legalize cannabis this year.
Which states will legalize cannabis in 2020?
Other states that may legalize in 2020 include Arizona, Delaware, Florida, Minnesota, Montana, New Mexico, North Dakota, Walsh said. Alabama, Mississippi and South Dakota could become new markets for medical cannabis. Walsh: "When you look at the map of the US, we get to the point where not many more can legalize." There is a good chance that the other states will have the opportunity to legalize cannabis this year.
Federal legalization
Whether national legalization is on the horizon remains to be seen, Walsh said. How federal agencies regulate hemp, cannabis with less than 0,3% tetrahydrocannabinol (THC), and derivatives such as cannabidiol (CBD) can say a lot about how the US government might approach regulating other forms of cannabis, he said. CBD products are very popular, but they can be on shaky ground. CBD oils, creams, foods (edibles) and drinks have sprung up like mushrooms. That provided a plethora of availability after the passage of the 2018 Farm Bill, which legalized hemp but left a lot of latitude to the FDA. The FDA is reviewing CBD and has yet to issue formal advice.
cannabis 2.0
Cannabis insiders and companies await approval from the States ACT and the Safe banking act. The first law would recognize state-level cannabis programs and the second helps banks operate cannabis businesses more easily. This new legislation could play an important role in the corporate cannabis landscape. In addition to new laws, many new products will probably also be added in 2020. Mainly in Canada where cannabis 2.0 starts. Edibles and cannabis drinks are in full development. Canadian listed companies and recognized manufacturers have been hit by slow market development last year and have invested heavily in new product forms. Curious about the latest developments in 2020? Follow them at Drugsinc.
edition.cnn.com (Source, EN)
