Last evening, voters in Ohio approved a ballot proposal, Issue 2, to legalize adult-use cannabis, trouncing voters in opposition to the measure. Last night’s outcome makes Ohio the 24th state to allow adult-cannabis, 14 of which have done so by way of a public vote. 

Per the new legislation, adults ages 21 and up can legally buy and possess up to 2.5 ounces of cannabis and grow plants at home—up to six plants per person and 12 plants per residence, where at least two adults reside. A 10% tax will be imposed on cannabis purchases and will go toward administrative costs, addiction treatment, municipalities with dispensaries, and social equity and jobs programs.

With the news comes the realization that the United States is just one state away from legalizing adult-use pot in 50% of all states. NORML notes, however, that legal cannabis has already tipped the scale in terms of population—a significant milestone in the process of loosening cannabis laws in America.

“Today, for the first time since the federal government initiated federal cannabis prohibition in 1937, more people live in a place where marijuana is state-legal than reside somewhere where it isn’t,” NORML Deputy Director Paul Armentano told High Times. “It borders on political malpractice for elected officials, and for Republican lawmakers especially, to sit on the sidelines at a time when more Americans than ever are demanding action.”

Republican Gov. Mike DeWine spoke out against the measure, and members of the GOP-led Ohio Senate passed a resolution urging voters in vain to reject the initiative. Senate President Matt Huffman also expressed his intent to “revisit” provisions of the new law and propose legislative changes, essentially threatening to repeal adult-use provisions.

Despite those efforts, the voting outcome provided a comfortable margin for those in favor of legal pot: Per the New York Times election results tracker, 57% of voters approved Issue versus just 43% of voters who opposed the legislation. 

The voting outcome isn’t exactly a surprise. The measure was an effort put forth by the Coalition to Regulate Marijuana Like Alcohol. Prior to last night’s vote, the organization raised over three times the amount of money raised by the opposition group, Protect Ohio Workers and Families.

Business React to Ohio’s Adult-Use Cannabis Law

NORML added that retail cannabis products will be taxed at 10% and sales are anticipated to generate between $276.2 million to $403.6 million in annual cannabis tax dollars by the fifth year of sales. A separate analysis estimates that the law will provide 3,300 new jobs in the first year after legalization.

With the news comes new opportunities in a new state market. Several cannabis insiders relayed their statements to High Times:

“Today marks another historic moment for the cannabis industry and for Ohio, as voters have chosen to end Prohibition 2.0 in the Buckeye State,” said Ben Kovler, CEO of Green Thumb Industries. “This vote is not just about legalization; it’s a recognition that Americans are continuing to embrace cannabis for well-being.”

“At Green Thumb, we are eager to support the people of Ohio in this next phase of cannabis. Having operated multiple medical dispensaries in Ohio since 2019 and supported several adult-use transitions in other markets, we are excited to serve even more of the community, fostering positive impacts and education around the plant. We celebrate and congratulate Ohio on becoming the 24th state to legalize adult-use cannabis.”

Green Thumb Industries answered questions on social media, such as “Will there be any changes to medical cannabis patients.” (The answer is there should be no impact as of now.) 

LeafLink serves 30 markets across the U.S., including Ohio. “We commend the voters of Ohio for their decision to legalize recreational cannabis in the Buckeye State, said LeafLink Director of Policy Rodney Holcombe. “This vote presents a tremendous opportunity for the state where legal adult-use sales are projected to exceed $1 billion annually. This move puts Ohio in league with 23 other states that have taken this significant stride forward. We have witnessed firsthand the positive impact of legalized cannabis, including job creation, tax revenue for vital government services, and unique business opportunities for entrepreneurs. We urge Ohio officials to promptly enact the law, allowing their constituents to reap these benefits without delay.”

Timeless produces concentrates in the form of vape products, with operations in Ohio as well. “The vote to legalize cannabis in Ohio is a huge win for consumers who have let their voices be heard, as well as a win for the state with the potential to bring in $260M in additional tax revenue, and for operators like Timeless who will be able to serve a wider demographic,” said Joshua Hirschey, President at Timeless Refinery. “Timeless has always been focused on building community through cannabis culture, and with adult use legalization we will be able to connect with our customers in Ohio in a more meaningful way. We look forward to the market beginning its transition to adult use and we will be there for our Ohio community once it does.”

BDSA is a leading provider of market intelligence for the cannabis industry, with eyes currently on Ohio. “In recent years, the Midwest has become a thriving hub for the cannabis industry and Ohio is rapidly emerging as a promising market,” said Roy Bingham, co-founder and chief executive officer of BDSA. “Ohio’s unique regulatory environment and the increasing acceptance of medical cannabis underline the significance of this market, and BDSA is committed to providing the insights needed to navigate its evolving landscape.”

Issue 1, Ohio’s bill designed to protect the right to abortion, also was approved.

Provisions in the law legalizing the possession and home cultivation of marijuana by adults take effect on Dec. 7.

The post Ohio Becomes 24th State To Legalize Adult-Use Cannabis appeared first on High Times.

The post Ohio Becomes 24th State To Legalize Adult-Use Cannabis appeared first on Paradise Found.

According to cannabis data company BDSA analyst Brendan Mitchel-Chesebro, looming inflation across the U.S. has not negatively affected the cannabis industry. “While inflation has been an issue over the past year, legal cannabis markets have seen significant price compression since late 2021,” Mitchel-Chesebro said. “BDSA retail sales tracking data show that equivalent average retail prices fell about 26% across mature markets between January 2022 and January 2023, so while inflation may be hitting consumers hard, legal cannabis has only become more affordable.”

According to Forbes, BDSA predicts that nascent cannabis markets such as Arizona, Florida, Illinois, Maryland, Missouri, New Jersey, and Pennsylvania will all see a significant increase in total dollar sales.

BDSA also suggests that because 420 falls on a Thursday, that Thursday will obviously see the biggest increase in cannabis sales. In 2022, data collected by Akerna showed that while April 20 was the biggest day for sales, the second biggest day was actually the Friday prior to the holiday.

“BDSA seasonality data shows consistently heightened sales on 420,” said Mitchel-Chesebro. “The date’s importance within cannabis culture naturally leads to more retail traffic and sales on 420, and retailer efforts to capitalize through advertising, promotions, and discounts enhance that innate consumer enthusiasm.”

BDSA suggests that the big discounts will be seen in more mature markets, due to the already gradual decrease of retail prices seen over the past year in comparison to newer cannabis markets. Additionally, inhalable products are likely to see the biggest discounts.

BDSA recently analyzed data from Missouri in particular earlier this year, which has a smaller population than most other legal states but is expanding rapidly. “The ‘Show Me’ state launched adult-use sales in February 2023, giving the state the second-shortest timeline from legalization to launch of adult-use sales,” BDSA wrote. “Adult-use sales are expected to bring in ~$650 million in 2023, bringing total sales for the year to ~$958 million. BDSA forecasts Missouri to join the ‘billion-dollar cannabis market’ club in 2024, with total sales expected to reach ~$1.1 billion and grow to ~$1.4 billion by 2026.”

Other trends are beginning to change in cannabis this year with some cannabis companies offering April 20 as a paid holiday. “4/20 is a day to show appreciation, love and respect for cannabis and its power to help amplify the health and happiness that people experience in their daily lives,” said the Director of Retail and Customer Engagement, Sian Leininger, from the Massachusetts-based retailer Temescal Wellness. “For us, it’s a day to celebrate our employees, whose passion, knowledge and true dedication inspires their unparalleled service to our customers and our community all of the other days of the year.”

Another study from Leafly shows that 39% of consumers are planning on taking time off to celebrate the holiday in some capacity as well. In addition to that, 70% of consumers said that they are interested in trying infused beverages or beverage-enhancers this year, and 73% said that they would be consuming after 5 pm because April 20 lands on a Thursday.

April 20 celebrations and events are in full swing now, and there are more unique products, collaborations, and more happening in honor of the holiday. The monthly dog subscription known as Bark Box is offering a 420-themed box with toys that look like cannabis paraphernalia. Publicity stunts like the cannabis edibles company Zen Cannabis made a 420-pound chocolate bar that measures nine feet by four feet. A giveaway for a Huracán Evo Purple Lamborghini in Las Vegas invites consumers to buy more than $200 in exotic cannabis to enter.

Last year, the free gathering in San Francisco for 4/20 Hippie Hill was a huge success as the first 4/20 celebration with legal cannabis sales. This year it continues to grow, with Grammy award-winning musician Erykah Badu hosting the event.

The post April 20 Sales Poised To Increase Significantly in 2023 appeared first on High Times.

The post April 20 Sales Poised To Increase Significantly in 2023 appeared first on Paradise Found.

A report published by the cannabis data company BDSA projects that by 2026, global cannabis sales will rise to $57 billion—an increase from the $30 billion of global cannabis sales collected in 2021. The “Global Market Forecast” was published on Sept. 13, and reviews expected milestones for the cannabis industry to hit within the next five years.

“The ‘hockey stick’ trend of sales growth seen in the early years of legal cannabis has passed, and economic and regulatory headwinds are exerting pressure on legal cannabis markets,” said BDSA CEO Roy Bingham in a press release. “Still, our updated forecast predicts that steady gains in developing U.S. markets will continue to drive single-digit annual growth in total U.S. legal sales in 2022, with continued growth prospects out to 2026.”

The report also projects that in the U.S., sales will rise from $25 billion in 2021 to $42 billion in 2026, making up about 75% of total global cannabis sales.

BDSA addresses how mature cannabis market prices are experiencing historically low prices. According to the Colorado Department of Revenue, adult-use sales continue to drop. Recreational sales in June 2022 reached $127,157,358, compared to June 2021 which reached $152,719,813. Medical cannabis sales in Colorado also follow a similar dip compared to last year’s sales data.

However, BDSA adds that states such as Oregon and Washington have implemented moratoriums to prevent over supply. Newer markets such as Illinois are continuing to do well though, having collected $2 billion in total sales in 2022 so far (14% more than sales collected in 2021). The report notes that markets like New Jersey, which recently launched its adult-use program, and New York, which is preparing for recreational cannabis sales very soon, will be high contributors to sales in the U.S. by 2026.

Between New Jersey and New York, there are 22 million adults who are expected to contribute $5 billion to the total $42 billion expected to be collected in 2026. “Though mature legal cannabis markets in the U.S. saw sales soften in 2022, the cannabis market is still forecast to see topline growth in 2022, driven by strong sales in new and emerging markets, such as the populous states of New Jersey and New York,” Bingham said. “The U.S. will continue to dominate global sales over the next few years, but we see potential from emerging global markets such as Germany and Mexico.”

Medical cannabis sales continue to decline, especially in markets that recently legalized adult-use sales like Arizona. “BDSA projects annual dollar sales in Arizona’s medical channel will be 30% lower than the 2021 annual dollar sales total and roughly half the annual sales total seen in 2020—the last full year of medical-only sales,” BDSA states in a press release. “By contrast, the Colorado medical channel still saw modest growth in annual sales for roughly two years after the launch of its adult-use market in 2014.”

On an international scale, larger countries are continuing to ramp up their medical and or recreational cannabis programs. Germany recently hit a roadblock with the concern that an adult-use reform measure might be rejected by the European Union. Mexico decriminalized cannabis last summer, but adult-use cannabis has not yet been legalized. Smaller countries are beginning to take action, such as the U.S. Virgin Islands, which released a draft of medical cannabis rules in August. Bermuda, a territory of the United Kingdom, recently made plans to implement a legalization bill, but it was rejected by U.K. officials.

The post BDSA Report Projects $57 Billion in Global Cannabis Sales by 2026 appeared first on High Times.

The post BDSA Report Projects $57 Billion in Global Cannabis Sales by 2026 appeared first on Paradise Found.