or to vote comment and more!
A report from a patient advocacy group found the future of medical cannabis in the states is hazy unless costs are decreased, product safety standards are improved, and civil rights are strengthened for patients and prescribers.
Americans for Safe Access issued its annual State of the States report on Thursday. The organization, a nonprofit, has put out the document to advocates and state policymakers since 2014, as a tool to “assess and improve medical cannabis programs.”
Acreage Holdings Inc. plans to leverage its cannabis medical market presence as adult use sales open up in New York, New Jersey and Connecticut, the company’s chief financial officer said.
Adult use sales in selected stores opened up in New Jersey on April 21, as a “huge driver” for growth in 2022, plus New York and Connecticut are also readying their markets as well, CFO Steve Goertz said.
“The dominos are stacking up very well for us in the Northeast,” Goertz said.
What is expected to be America's largest cannabis market is still stuck in limbo as New York legislators hammer out the details.
When will consumers be able to walk into a store and buy cannabis?
"We don't know, we don't know," Patrik Jonsson, northeast regional president at Curaleaf, told Insider. "And not just on the timeline, but also what we're going to be allowed to do," he said.
The big question is: Which states are next?
Had this question been posed a month ago, I'd have put the Sunshine State of Florida at or near the top of the list. It's no secret that legalization support groups have been focusing on Florida for the 2022 ballot. Unfortunately, the Florida Supreme Court struck down a proposed ballot initiative in a 5-2 vote on April 22 due to the phrasing that would be used on the ballot. This might kick the can(nabis) further down the road for one of the biggest moneymaker states for the pot industry.
Today, more than two-in-three Americans support marijuana legalization, including 49 percent of respondents who self-identify as “conservative,” according to Gallup’s 2020 polling. Even in a historically conservative state like Texas, nearly two-in-three respondents, 64 percent, supported legalizing and taxing marijuana in the 2021 Raise Your Hand Texas Foundation Poll.
In the span of eight short years, the number of states in the U.S. allowing adult-use marijuana has gone from zero to fifteen. Most of these efforts have happened via state-wide ballot initiatives.
Voters approved a slew of marijuana legalization initiatives during November’s election—in states around the country and across the political spectrum—but activists aren’t slowing down. They expect that 2021 will see another surge of reform in state legislatures.
Recreational marijuana legalization victories at the ballot box in Arizona and New Jersey this month have set the table for adult-use legalization in a handful of nearby states in 2021 – with more than $6 billion in business opportunities possibly up for grabs within a few years.
“New York, Connecticut, Maryland, New Mexico are ripe for 2021” to legalize recreational use through their legislatures, said Steve Hawkins, executive director of the Washington DC-based Marijuana Policy Project.
Multi-state operator Curaleaf Holdings (OTC:CURL.F) is so bullish on its future that it expects to reach $1 billion in sales as early as next year. Let's take a closer look at where the company is today and if it's poised to be the first cannabis company to hit that mark.
Reaching $1 billion in sales isn't unrealistic for Curaleaf
A marijuana industry group sent letters to seven governors in the Northeast on Thursday, imploring them to push for cannabis legalization to aid in economic recovery amid the coronavirus pandemic.
The National Association of Cannabis Businesses (NACB) said a regionally coordinated legalization strategy would help generate much-needed tax revenue from legal marijuana sales.
The nationwide coronavirus outbreak could set back cannabis legalization efforts along the East Coast and elsewhere, raising further questions about the launch of lucrative new adult-use and medical markets in New York and other states.
Those potential markets, if launched, could generate billions of dollars in business opportunities for a range of marijuana companies.
But the outlook for legalization in those places now seems up in the air.