Top Predictions for Cannabis in 2017
The US Federal government still sees Cannabis as illegal, but it did not stop 2016 to be a great turning point for the Cannabis Industry. On municipal and state level, laws regulating cannabis evolved rapidly and dozens of states already have legalized cannabis for medicinal purposes. Some states have decriminalized it and eight states in specific, have legalized it for recreational use already. More and more polls are showing that people are standing for the legalization of cannabis. The state of Colorado has crossed the $1 billion mark for marijuana sales over a year.
The year 2017 brings a new presidential administration and time to reflect on what could it hold for the cannabis industry. California and Jeff Sessions are two of the biggest focus points. California has its recreational cannabis market in the building and all eyes will be on that. The new US Attorney General, Jeff Sessions, has also been appointed. Everyone in the industry will be on their tippy toes to watch for any changes in law enforcement.
Here follow some of the more important predictions for 2017 in the Cannabis industry.
As the prediction goes, Los Angeles will steal the spot from Denver to be the Cannabis Capitol of the world. The Los Angeles medical marijuana is already close to the $1 Billion dollar, overshadowing the entire Colorado recreational market. In early 2017 it is expected to pass and ordinate that would bring forth a proper licensing program and stage the recreational market. Cities around is already pitching in by setting up programs that will support cultivation, lab facilities and production areas. Investors are starting to release money in funding local ventures and California’s state treasurer empowered a working group to look at the financial challenges the cannabis industry has.
2. A Major US Sports League is to give the Green Light for Cannabis use
The list of professional athletes, still playing or retired, is growing by the minute. Many are turning to use cannabis for treating pain and head injuries. Ricky Williams, as an example, has turned his love for cannabis for medicinal purposes to a business enterprise. He is working together with his partner to open the world’s “first cannabis gym” in San Francisco with Cannabis infused products. Many athletes feel that using cannabis instead of chemicals should be their own health choice. Medical marijuana is legal in 29 states, and the travelling schedule of the athletes cross over to states where it is not legalized yet. They want a program that would not let them be outside the law. The time is here.
3. Prime-time Network will Produce a Show with a Cannabis Theme
Television is always the outlet of what is going on in society. Many people are for the legalization of weed and it will not be strange if a major network soon will use cannabis as a theme in a show. It is not entirely foreign on television. 10 years ago Weeds was launched on Showtime. Recently High Maintenance on HBO and Mary+Jane on MTV made their debut. The difference between the last two shows and Weeds lies in the focus of the illicit use in Weeds and the focus on business enterprise in the latter. It is only natural that it will evolve and in fact, Adam Scott from Park and Recreation has received a scripts commitment from NBC to produce a show around a marijuana dispensary. It is not known when the show will air.
4. An Increase Interest for Synthetic CBD
With the continuous battle between the DEA and the Hemp Industries Association to legalize cannabis extracts, specifically cannabinoids (CBD), it is expected that there would be an increased interest in synthetic cannabinoids. The DEA stands their ground that plant derived CBD is not federally legal and therefor the increase interest in synthesized CBD. Synthetic products do not have the legal limitations but on the other hand is to be believed not as effective as the natural product. Fear over legal matters could spike the interest in increasing synthetics. However this is obviously a push from Big Pharma trying to hijack the cannabis industry, something I spoke of regularly throughout 2016.
5. The Year of the Craft Bud
Market supplies are growing rapidly and this could lead to falling of prices, according to Sasha Kadey, Chief Marketing Officer of Vaporizer Distributor Greenlane. This will lead to premiumization, where, as before experienced in the alcohol industry, the producers will now have to differentiate with premium packaging, building their brands, adding value and making their product count. Growers will have to stress their organic features. Some might find celebrity endorsements. A growth of craft marijuana will be seen.
6. Recycling Marijuana Failures
The Cannabis Business Alliance is looking for a way to work with lawmakers in finding options for marijuana failing pesticide testing. At this moment producers have to destroy crops the fail the test. The idea is to find a way where these crops could be used in solvent based concentrates that could be considered safe.
And there you have it….what do you think that 2017 will hold for the cannabis industry?
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