US Watches as Marijuana Revenue Heads to Mexico
Three years after getting approval from the Mexican health department, the development of a medicinal cannabis program has been approved by their Government. So now with Canada exporting cannabis north of the US, and Mexico doing the same in the south, when will the US enter the international cannabis trade? Lobbyist Michael Correia from the NCIA eyes cannabis reform with all three houses of Congress under the control of the Democrats. South Dakota Governor cries voter fraud after her state passes the adult use legalization question and cannabis reformers are incensed.
It took three years for the Mexican Government to finalize their medicinal cannabis program, but now it is done.
The Mexican government will control, and supervise the production of raw materials, molecular and pharmacological derivatives for scientific and industrial medical purposes. This opens the borders for exports of Mexican cannabis to European, South American, and yes the USA markets, it’s a big time blow to the illegal market in Mexico.
In a new report from the Arcview investor group by BDS Analytics reports that they expect that the global cannabis market could reach up to, and surpass, $42 billion dollars by the year 2024. As we know the coronavirus has not slowed down the industry, rather companies are getting staffed up and rapidly trying to meet consumer demand.
Speaking of demand consumers are begging for more EDIBLES, as companies decide where to spend their innovation dollars this year, we need to review last year’s top selling products. It seems to me Jimmy that manufactures should be spending the time developing more discrete ways to consume cannabis.
The Governor of South Dakota, Kristi Noem is challenging the adult use ballot question that passed in the November election. A ballot question is supposed to change the state’s constitution, but the Governor still wants to challenge it. She is not challenging the medical question that also passed at the ballot box. The medical question passed at 70 percent margin, the adult use at a 54 percent margin. Needless to say Carly Wolf the state NORML coordinator is pretty upset…she said quote…”these are cynical attempts to undermine the democratic process…asking judges to set aside the votes of over a million Americans in a desperate attempt to override undisputed election outcomes.”
it was one week ago that New Jersey legislators were poised to announce their new adult use cannabis laws when that deal fell apart over underage provisions. Governor Phil Murphy did say in his state of the state address that quote… “we’re on the verge of passing a groundbreaking set of laws to reform our historically unjust approach to marijuana and cannabis. Our cannabis industry will promote the growth of new small businesses – many of which will be owned by women, minorities, and veterans.”
In a new piece by Mattio Communications own, Rosie Mattio for Rolling Stone, she writes about how 2020 was incredible for the industry and that we can expect the industry to start to mature much more rapidly now that federal legalization is expected. She talks about the importance of understanding the differences between what consumers expect in terms of branding and feeling of connection, from one coast versus the other. If the west coast brands want to penetrate the domino effect of legalization out east, they need to be prepared to match the sophisticated consumer in more transparent and modern ways. Rosie also makes some great points when discussing the changing of consumer demographics and the need for businesses to stay clever and innovative as consumers will not have much patience for subpar products.
In Maine, ProVerde Laboratories was shut down due to operating without proper city permits and licensing. Cited in December, founder and Chief Scientist Christopher Hudalla stated he was unaware that the city of Portland requirements differed from the state. The lab will stay open, has not laid off any employees but will be unable to test THC rich cannabis until further review. A new inspection is scheduled for February 2nd.
The confusion behind this rule should change this year with the introduction of a new bill from Rep Patricia Hymanson that will require more thorough testing for both the adult use and medical cannabis markets.
Here’s something to look forward too if you happen to be a resident of Washington DC. The group, DC Marijuana Justice, or DCMJ, has a great gift idea when Covid vaccinations finally arrive for the public in the District of Columbia. It’s called “joints for jabs”. DC home growers will lawfully distribute free bags of cannabis outside of vaccination centers as soon as that vaccine arrives…