Marijuana Business News

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Tue
15
Dec

U.S. Legal Cannabis Market Could Be $41 Billion by 2025

close up of a marijuana plant

Annual legal medical and recreational sales are estimated to grow at a compound annual growth rate (CAGR) of 21%, hitting more than $41 billion by 2025, compared to $13.2 billion in 2019;

That's according to recent data compiled by cannabis-oriented analytics company, New Frontier Data. The firm revealed the findings in its latest update to the U.S. Cannabis Report: 2020-2021 Industry Outlook.

The revision tackles scaled market estimations directly after the passing of six cannabis ballot initiatives, plus a study of cannabis consumer habits influenced by the COVID-19 pandemic.

Among some of the other important findings are the following:

Mon
14
Dec

Hemp Program Lighting Up Florida Agriculture

fields of marijuana plants

Hemp is blazing among Florida’s agriculture inventory in the seven months since it was first allowed to be legally grown in the Sunshine State, Florida Agriculture Commissioner Nikki Fried told business leaders Tuesday. Fried said 22,078 acres are currently licensed for hemp, nearly equal to the acreage in Florida of tomatoes, watermelon and snap peas, and double the strawberry production.

Mon
14
Dec

7 Cannabis Stocks That Should Be Profitable in 2021

pile of money with cannabis buds

After years of waiting, the big day has finally arrived for North American cannabis stocks. In 2021, more than half a dozen pot stocks are expected to push into the black. This will definitively demonstrate that the legal weed industry is legitimate and can be a serious moneymaker.

After (pardon the pun) weeding through dozens of marijuana stocks, I found seven that Wall Street forecasts will be profitable in the upcoming year. Here they are, in no particular order.

Mon
14
Dec

Need to Ship Your CBD Brand? This Is What You Need to Know

truck with marijuana leaf on side

By 2025, the U.S. CBD market could be a $16.8 billion business, a massive jump from the projected $4.7 billion earnings in 2020. To meet rising consumer demand, CBD sellers have been diversifying their sales channels, including eCommerce, dropshipping, and retail channels.

Mon
14
Dec

Hemp takes one step closer to commercial growth in Kansas

field of marijuana plants

On Monday, the state conducted a public hearing for allowing industrial hemp to be grown commercially in Kansas. Last year, the crop was grown for research purposes.

Unless there are substantial objections to the proposed plan, the ruling should go into effect on or near Jan. 1, 2021. This would mean farmers in Kansas can grow commercial industrial hemp starting next year.

Mon
14
Dec

Marijuana has grown to become Maine’s most valuable crop

man stood in front of marijuana store named Cure

Cannabis is now Maine’s most valuable crop, besting the state’s signature agricultural products such as potatoes, milk and blueberries.

 

Medical marijuana sales totaled $221.8 million from January through October, more than double what had been sold by this time last year, according to state sales tax figures. That puts the industry on pace to hit $266 million in sales this year despite a global pandemic that has put many Mainers out of work and depressed consumer spending nationwide.

Fri
11
Dec

Empowering Consumers To Support Social Equity In The Cannabis Industry

people buying cannabis at a counter

In case you haven’t been paying attention, social equity in the cannabis industry is a hot-button topic. Efforts to legalize recreational marijuana in New York broke down last year primarily over a lack of provisions in pending legislation that gave members of underrepresented communities a clear path into the industry.

Fri
11
Dec

Scottish farmers in southern part of country should consider giving medicinal marijuana a go: report

rolling hills and blue skies

Scotland’s Rural College (SRUC) is certainly interested in identifying good, viable crops and suggests medical cannabis could potentially be a good one moving forward.

Weed — along with mushrooms (not that kind) and cut flowers — are among the novel crops that offer promise and could be successful match for farming conditions in the south of Scotland, according to a statement from SRUC.

Fri
11
Dec

Illinois, Iowa farmers betting on the future of hemp

marijuana plants

Students at Muscatine Community College had their crop delayed.

It wasn’t rain, but a campus shutdown of one week because of COVID-19 that caused a delay planting their hemp crop. The difference in the weather in that lost week will likely affect the crop’s yield.

“That just teaches the students why timing is so critical, and they’ll know that on the first day of class they’ve got to start everything,” said Shane Mairet, the college's industrial hemp instructor.

Fri
11
Dec

What is Cannabis Industry White-Labeling?

a bottle and marijuana leaf

Getting a cannabis license and building a brand in the industry can be incredibly complex and daunting – which has many producers utilizing a practice known as white labeling.

White labeling, or white-label branding, is a common practice in mainstream industries in which a company removes their own brand and logo from the end product and uses another company’s brand, usually a more established one with a wider client base. This is common with many well-known brands such as 365 brand from Whole Foods Market, Costco’s Kirkland brand, and Walmart’s Great Value products – all of which are manufactured by numerous other smaller companies.

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