The state’s growers are sitting on a pile of surplus from the 2019 season, while they desperately wait for rules to guide the industry going forward.
For New York’s hemp industry, it’s almost as if 2020 is turning out to be the year that never was.
In many ways, 2019 was a boon for New York’s hemp farmers. The 2018 Farm Bill legalized hemp, or low-THC cannabis, and the market for hemp-derived products exploded across the state.
In March, Canadian cannabis sales hit a new record with sales of 181.1 Canadian dollars, as reported by Statistics Canada. Concerns about the shortfall of cannabis due to the COVID-19 outbreak led customers to pile up their inventories. As a result, there was a sharp rise in marijuana sales.
The cannabis industry has been a beneficiary of the COVID-19 pandemic as consumers have been purchasing more cannabis than prior to the outbreak. Several states still have restrictive policies in place for restaurants, bars, gyms, and shopping malls. The closures and the limitations have made it easier for people to stay inside and this is a trend that we expect will benefit the cannabis industry over the next year.
More and more people want their drinks cannabis-infused. That's one message entrepreneurs are finding easy to swallow.
The year 2020 may go down as the worst in memory, but not for cannabis beverage manufacturers.
According to a report by Prohibition Partners, the global cannabis drinks market will be worth $1.82 billion by the end of the year. That number is driven by consumers looking for cost-friendly relief from the current COVID-19 pandemic.
Why are so many obeying their thirst?
Israeli lawmakers have advanced two cannabis legalization bills to the country’s top legislative body.
Members of Israel’s ruling party coalition have advanced two cannabis legalization bills, guaranteeing their support of the reforms in the Knesset, the Jerusalem Post reports. The bills were submitted by Likud MK Sharren Haskel and Blue and White MK Ram Shefa and were advanced by the Ministerial Committee on Legislation on Sunday.
Let’s be fair—whatever is in your bowl right now is the Strain of the Summer, for you. Cannabis is so personal.
But beyond you doing you, there are definite, massive trends abloom in cannabis flower culture. We can see Runtz grown by the acre for the early summer light-dep harvest. We have search data on Glues, and sales data on Cakes and Cookies that backs up what expert growers and dispensary buyers in the field say is happening. And we have our own subject matter experts staying close to the plant—donning PPE to shop in legal stores and walk the weed beat for our readers.
Some major cannabis companies in Canada are facing a multi-million dollar proposed class-action lawsuit over allegations the potency of their products is “drastically different” than advertised.
The statement of claim filed in Calgary on Tuesday accuses the companies of failing to properly label their products and alleges negligence on their part.
The plaintiffs are seeking a $500-million judgment — “or such other amount as may be proven at trial” — along with punitive damages of $5 million from each of the defendants.
Three hundred to one. Those were the odds against the U.S. legalizing marijuana at the federal level that I calculated 10 months ago. I didn't just pull those numbers out of thin air. They were based on a reasoned analysis of all the dynamics in play last summer.
The global cannabis industry is big business and growing fast, expected to reach $100 billion in 2026, a tenfold increase in less than a decade. North America is the dominant market, where almost a dozen more states are considering legalizing cannabis this year.
