Emerging Markets Roundup:
February 2023
We’re just a month into 2023, and already things are moving and shaking in the world of legal cannabis! From the launch of new US markets to policy updates in existing ones to progress on the national legalization front, keeping track of the headlines can be a lot to manage – but we got you! Each month we narrow it down to a small selection of news stories we think cultivators should know about. Here’s what caught our eye:
- Medical cannabis sales officially launched in Mississippi nearly one year after Gov. Tate signed the bill into law in February 2022. More than 1,700 patients have enrolled in the Magnolia State’s medical marijuana program since voters legalized it in 2020, but delays due to an invalidation of the initiative by the state Supreme Court as well as the time it took to establish regulations kept patients on hold. Read more at APNews…
- Oklahoma’s Yes on 820 campaign recently released a report finding that the Sooner State could generate nearly half a billion dollars in revenue between 2024-2028 if voters approve adult-use legalization in March. In that 5 years, combined medical and recreational tax revenue is forecast to reach $821 million, according to the study conducted by Vicente Sederberg LLP and the Oklahoma Cannabis Industry Association. Since legalizing medical cannabis in 2018, Oklahoma has reportedly generated $14 million in licensing alone. Read the Report…
- Our nation’s capital is finally seeing some movement with its cannabis program, which has been in a holding pattern since voters legalized medical in 2010 and adult-use in 2014. Washington D.C.’s Mayor Bowser signed a new bill expanding the district’s medical cannabis program, and introduced a separate bill last month to authorize the launch of recreational cannabis sales and establish a fund for communities disproportionately impacted by the drug war. Read more at High Times…
- Minnesota is one step closer to a recreational legalization bill thanks to a recent vote from its House Agriculture Committee. Since 2014 medical marijuana has been legal in the North Star State, and in 2022 its state legislature legalized edibles containing a maximum of 5mg THC for all adults. While his latest vote marks its sixth committee approval, details of the program and its regulatory framework are still in development. Read more at KVRR.com…
- Rep. Greg Steube from Florida recently re-introduced a bill to reschedule cannabis from Schedule 1 to Schedule III under federal law. The move comes a few months after President Biden announced a review to reschedule the plant as part of sweeping federal marijuana reform, which also included pardons for all prior federal offenses for simple possession and urging state governors to follow suit at the state level. Read more at Marijuana Moment…
Got a hot tip on emerging market news happening in your region? Drop us a line at mandy.spivey@metergroup.com so we can cover it!
And be sure to stay tuned for more news and important topics for cultivators, operators, investors, and anyone who wants to stay on the forefront of this amazing time in the world of cannabis and crop steering.