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Will Legal Cannabis Ever Eliminate The Unregulated Market In California?

Written by Johnny Green on . Posted in Business.

California is home to the oldest and most established cannabis community in the United States. It’s also home to the largest population out of any state in the country. So it’s not a coincidence that California is also home to the largest cannabis industry in the nation.

The state of California was the first to legalize medical cannabis in 1996. California was not the first state to legalize cannabis for adult-use, however, when voters passed a legalization initiative in 2016 it was still a very, very big deal.

Since that time California has been implementing a regulated adult-use cannabis industry. It is literally the largest undertaking in the history of cannabis regulation, and may always hold that distinction given the fact that California is the 5th largest economy on the planet and historically home to a robust medical cannabis industry.

An analysis by the United Cannabis Business Association (UCBA), as recently featured in an article by NBC News, concluded the following:

The United Cannabis Business Association, a statewide group of legal marijuana businesses, found that about 2,835 illicit sellers, including storefronts and delivery services, are operating statewide. That’s more than three times as many illegal sellers as legal ones — 873.

When someone takes into account that even more cannabis is being sold by people and entities that don’t advertise, and thus were not included in the UCBA analysis, the unregulated cannabis market in California is even larger than 3 times that of the regulated market.

National cannabis opponents and legalization naysayers in California have pointed to the data as ‘proof’ that cannabis legalization wasn’t worth it in California, and that the state would have been better off sticking with adult-use prohibition.

However, those claims leave out some necessary context. As previously stated, fully implementing a regulated adult-use cannabis industry in California is likely to forever be known as the greatest regulatory undertaking of all time.

Bumps in the road are going to occur and unforeseen circumstances are going to pop up. It’s guaranteed. After all, there’s not exactly a playbook lying around that has all of the answers to every cannabis regulatory-related issue imaginable. Quite a bit of time will have to pass in order to properly assess the success, or lack thereof, of California’s adult-use cannabis industry.

California’s current system is obviously not optimal, but it’s absolutely vital to take into consideration that things are still evolving on an ongoing basis, just as they are in every other state where adult-use cannabis is being sold, including Colorado and Washington.

Those two states were the first to legalize (a full 4 years before California did), and they don’t have nearly the population that California does (roughly 40 million), even when their populations are combined (roughly 13 million). If things are still evolving in Colorado and Washington then it’s logical that the same would be occurring in California.

The fact of the matter is that the unregulated cannabis market will always exist in California, just as it will always exist everywhere else.

Alcohol prohibition ended several decades earlier than cannabis prohibition did in California, and unregulated booze can still be purchased within state borders for consumers that know where to find it. The same is true for unregulated cigarettes and many other consumer goods.

The task before California regulators is to improve California’s cannabis regulatory system going forward, implementing valuable suggestions from the public and the cannabis community along the way in a timely fashion. It’s not going to be easy, but it’s an extremely worthwhile endeavor.

Everyone needs to realize that things will never be ‘perfect,’ if for any reason because there are so many differing opinions as to what ‘perfect’ entails.

The realistic goal is achieving a reasonable balance between regulations and parameters that allow responsible cannabis companies to thrive in an equitable way that also ensures safe products for consumers, knowing that the unregulated market will never 100% disappear.

A vast majority of consumers would prefer to purchase cannabis legally for a number of reasons, however, that requires options being available that are enticing to those consumers. High prices don’t help. Local cannabis bans don’t help. Not having access to places to legally consume cannabis doesn’t help.

Those issues and many more will have to be properly addressed in order for California’s adult-use cannabis industry to reach its full potential, and with it, outpace (but not 100% replace) the unregulated market in a meaningful way.

It will take time, patience, and a heavy dose of involved stakeholders working together to identify and implement viable solutions in order for that to happen.

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Ready, Steady, Rec Market Europe?

Written by ICBC Staff on . Posted in Cultural, Politics.

By Marguerite Arnold

There is a decided trend in Europe this year, driven in large part by frustration if not a political necessity. Recreational cannabis trials are starting to place pins in the map. They may not be large, and in some ways easy to sneeze at. However, the recreational bug has landed in the EU. The dominoes are starting to fall here too.

Is this the end of the fight? Certainly not. Plus of course, recreational market start almost inevitably pushes medical issues and the patients who face them, plus the financial hit of buying uncovered medicine, to the backroom once again.

Regardless, steps forward are definitely markers for victory. Below is a handy guide for recreational trials springing up like mushrooms in a European market near you.

Switzerland

The Swiss put the issue on the map in a big way when they announced that they are creating recreational trials based out of pharmacies basically. Depending on where you are, you will be able to buy recreational products from Swiss apothekes in near future if not already. Plus of course, your medicine.

Luxembourg

Like the Swiss in their approach to the issue but within the actual EU, Luxembourg has been a strategic chess piece in the European puzzle ever since last year. Right as the German Deutsche Börse was about to pull the plug on German investing in the public markets, Luxembourg stepped in and saved the day by changing its own medical law to allow equity markets to clear stock purchases three weeks after the German ban, thus putting the entire issue back in play. The country’s new Green government has put full country recreational on the legislative map within the next five years and are moving to implement the law within two.

Denmark

Long the home of a hippie commune and fairly open cannabis market that is world-famous (although recently wracked by violence and black market disruption), the Danish are taking to cannabis pretty much like, well, bacon. With a countrywide medical trial (that allows producers to ship into the German market), the first Danish city has just announced a rec trial. Berlin is almost certainly “green” with envy at this point. Next stop Kreuzburg anyone? It is unlikely but clearly a priority for German activists, for starters.

Holland

However easy it is to laugh off news of any recreational trial in the home of the coffee shop, yes indeed, Holland is now stepping up to the plate with a “recreational” trial of its own. Basically this will be a further institutionalization of the legalizing market here over the last five years. However, it is also clear that the Dutch do not want to be considered a backwater on this now the subject is finally moving. If not globally hip.

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How Closely Does European Market Reform Track Other Countries?

Written by ICBC Staff on . Posted in Business.

By Marguerite Arnold

If 2014 was the year that the recreational cannabis market finally got going in the U.S. and later in Canada, 2019 may well be remembered as the same kind of year on the other side of the Atlantic. Despite the well-connected winks and assertions by many of the top cannabis companies in the world that the ball will finally shift circa 2020 or 2021, the first whiff of real change is afoot this year across the European continent.

But what does European reform most broadly resemble? Earlier in the year, big Canadian execs were frequently in the media expounding that Europe will be “just like” Canada. However, that is clearly not the case. In fact, what appears to be shaping up is that the European market will, in general, be much more like the American market path to reform.

However, even that is also not the whole story. Like the Canadian market, each European “state” domino that now flips into the recreational column will also carry national regulatory punch. If not compliance.

Europe is in effect, set to be a distinct hybrid all of its own.

Why?

Beyond EU regulations, each member state will be setting up its own national (not state) system. This has far more impact on local citizens, as well as policy and regulation setting.

Why Is Europe More Like The US Market?

The states’ rights movement aside, most Americans are impacted by their state rules and regs than federal ones. This is true from civil and consumer rights to market regulations. In Europe, while this is also true within countries themselves, the movement of the issue on a “federal” state-level means that the reforms are being baked in at a higher level earlier.

However, it also means that federal reform is also often far removed from those it affects the most. In Germany for example, patients lost the right to grow their own even as insurance companies were then put on the front line of payment. So far, that has resulted in a large medical market where dronabinol is usually the first drug on offer.

This is very much like the United States where dronabinol was first introduced to the medical community during the AIDS crisis. The failings of the drug are well known, no matter how cheap it is.

Unlike in the US, there is at least more possibility of obtaining insurance coverage for the drug. And unlike the US, certainly at this point, patients who do not like or cannot tolerate dronabinol are faced with few options outside of the black market (still).

Why Does Europe Look Like Canada?

To the extent at this point that both American and Canadian companies are in the money, with well-connected lobbyists at the European level, yes, European reform looks a bit like the Canadian model. What is missing, however, is any country declaring that individuals have a constitutional right to access the drug. Canada also does not have any insurance mandate to cover the drug.

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Vaping Concerns Highlight Ongoing Need For Cannabis Industry Transparency

Written by Johnny Green on . Posted in Business.

The last week has been filled with media coverage regarding recent illnesses associated with vaping. As we previously blogged about, in recent weeks hundreds of illnesses and half a dozen deaths have been reported across the country, with e-cigarette device usage being pointed to as the likely cause.

Some of the cases involve consumers that have reported using cannabis vape pen cartridges and some involve consumers that reported having only used nicotine-based vaping products. Certain cases involve the dilutant additive vitamin E acetate and others do not. A lot of unknowns still exist, and regulators are still looking into the matter.

The deaths and illnesses are tragic, and that can’t be emphasized enough. Calls have been growing for many days for lawmakers and regulators to do something. Regardless of if new laws and/or regulations are passed, the cannabis industry needs to step up in this crucial moment.

Members of the legal cannabis space need to be as transparent as possible. It hasn’t been determined yet whether legal cannabis vaping products were to blame for any of the illnesses, and hopefully legal cannabis products truly had nothing to do any of the cases.

Makers of cannabis products need to always use quality inputs, and always make it extremely easy for consumers to know what goes into products. The burden is not solely on the consumer to know if something is harmful or not. The burden is also (and especially) on cannabis product makers.

The tobacco industry has been notorious for selling products that they knew were harmful. We are learning the same right now about the opioid industry. The cannabis industry has to be better and more responsible than those two industries. If not, the industry has clearly failed, regardless of how much money is ultimately made.

We will all have to wait and see what policymakers and regulators do regarding vaping products. But in the meantime, the cannabis industry needs to be proactive and strive to be good stewards of the cannabis plant and movement.

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Are Prices For U.S. CBD Products About To Drop Significantly?

Written by Johnny Green on . Posted in Business.

The popularity of CBD has increased exponentially in the last few years. For many decades consumers focused on THC, however, that has evolved a great deal in the second half of this decade.

CBD has been billed as possessing a number of wellness qualities, with some claims being well-founded and others not. Unfortunately, there is a great deal of misinformation out there about CBD. That is what happens when an industry is growing at a rapid pace and people are scrambling to try to build their fortune from riding an industry wave.

As far as CBD has come in recent years, it is still a very young industry and savvy entrepreneurs know that the landscape is going to shift a lot in the coming years. 2019 was a record year for hemp licensing in the United States, as recently reported by Vote Hemp:

“Since the passage of the 2018 Farm Bill, hemp cultivation in the U.S. has grown rapidly. The number of acres of hemp licensed across 34 states totaled 511,442 in 2019—more than quadruple the number of acres licensed from the previous year. State licenses to cultivate hemp were issued to 16,877 farmers and researchers, a 476% increase over 2018.”

The acres of hemp that survived are about to be harvested (or already have been) and a significant amount of the hemp is going to end up being sourced to make CBD products. More United States CBD products are about to flood the market than ever before.

It begs the question – what impact, if any, will that have on the prices for CBD products in the United States? In a long-established industry, an influx of supply would lower the price. However, the CBD industry is different because it is so new.

More and more consumers are using CBD products with every passing day. It’s possible that consumer demand in the United States will grow alongside the increase in the number of CBD products in the marketplace and perhaps exceed supply.

It’s also possible that demand could lag compared to how much supply is hitting the market, and market prices could get slashed to calculate for it. Many farmers and entrepreneurs have placed a lot of hopes and resources into this year’s hemp harvest with most eyes on the CBD market. It will be interesting to compare CBD prices from earlier this year to whatever prices are at around the end of the calendar year.

One thing is for sure, the popularity of CBD is going to continue to increase into the foreseeable future, and that’s good news for entrepreneurs that can successfully navigate the shifting landscape.

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Report: U.S. House To Vote On Cannabis Banking Bill Later This Month

Written by Johnny Green on . Posted in Politics.

In order for the emerging cannabis industry to reach its full potential comprehensive federal banking reform will be required. The legal cannabis industry in the United States is conducting billions of dollars worth of transactions annually, with a vast majority of them being cash-based.

Consumers would likely prefer to pay for their cannabis via electronic methods, similar to how they do with almost every other good and service. However, that is not an option in many cases.

Cannabis companies would prefer to be able to make deposits into bank accounts like every other legal business and pay their taxes with a check instead of huge bags of cash. Unfortunately, many cannabis companies have had their bank accounts involuntarily closed or were not allowed to open a bank account to begin with.

It’s a ridiculous situation that is born out of cannabis being prohibited at the federal level. Banking reform is desperately needed to help cannabis consumers and cannabis companies.

A reported vote in the House of Representatives is expected later this month on the SAFE Banking Act, which would help matters considerably. News regarding the expected vote was first reported by Marijuana Moment:

A bipartisan bill to protect banks that service marijuana businesses will get a House floor vote by the end of the month, the office of Majority Leader Steny Hoyer (D-MD) confirmed to Marijuana Moment on Friday.

House leadership announced the decision to Democratic lawmakers at a closed-door meeting on Thursday.

“Mr. Hoyer said at the Whip meeting yesterday that he intends to move it this month,” a Hoyer staffer said in an email. “We’re discussing it with Members, but it hasn’t been scheduled just yet.”

The SAFE Banking Act has bipartisan support in the House and is expected to pass if/when it is put to a vote. It’s unclear what the odds are of the bill passing if it eventually gets sent to the Senate.

Current political forces in the Senate have resulted in most bills that were passed by the House being dead on arrival once they get to Senator Mitch McConnell’s chamber. Will that be the case for this cannabis banking reform measure? Only time will tell.

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Four Reasons Why The Cannabis Industry Could Become Larger Than The Alcohol Industry

Written by Johnny Green on . Posted in Business.

Alcohol sales in the United States topped $250 billion dollars in 2018. By comparison, the legal United States cannabis industry sold roughly $10 billion dollars worth of cannabis in 2018.

Without some context, that might seem like the cannabis industry is small potatoes, however, the numbers are misleading. The alcohol industry is legal in every state in one form or another (regulations vary at the local level), whereas the cannabis industry is still prohibited in many states, particularly when it comes to adult-use cannabis.

The alcohol industry has also been operating legally across the country for many decades after alcohol prohibition was lifted, and even longer prior to alcohol prohibition having been temporarily in effect.

Legal cannabis is still in its infancy and is undergoing a lot of changes on a regular basis. The legal cannabis industry will continue to evolve for the foreseeable future, and we won’t truly know how large the legal cannabis industry will get until a lot of the dust has settled. That will take some time.

However, the unknowns of the legal cannabis industry have not stopped many from speculating that the legal cannabis industry will someday surpass the alcohol industry. Below are four reasons why.

Cannabis is Medicine

The cannabis plant is one of the most versatile plants on earth. It has been used as medicine for thousands of years, and for good reason. Many studies have found that cannabis can treat a number of conditions, from chronic pain to diabetes. Worth noting – no one has ever died from THC toxicity in the history of humanity.

Alcohol, on the other hand, is another story. Alcohol is the third leading preventable cause of death in the United States, with roughly 88,000 people dying from alcohol every year.

Cannabis, like alcohol, can be used as a recreational intoxicant. However, use of cannabis for medical purposes is widespread, and will no doubt increase as the years go by and cannabis stigma continues to fade away. More and more people are realizing the medical benefits of cannabis every year, and that is not something that can be said about alcohol.

Pets

The sector of the cannabis industry that is focused on helping pets is going to grow exponentially in the coming years. Just as the cannabis plant can help humans, it can also help pets. Dosage is obviously different for pets compared to humans and has to be adjusted to match each type of pets’ size and biology.

But the main principle of cannabis being medicine for all types of living creatures is valid. A lot of research needs to be conducted for cannabis products for pets to become more effective. As the demand for cannabis pet products rises, so will research and development for cannabis products for pets.

The pet care market in the United States was valued at over $70 billion dollars in 2018. Not all of that was specifically for pet medications and wellness products, but a good chunk of it was. Cannabis products for pets are going to be a very lucrative sector of the cannabis space in the future, whereas the same is not true for alcohol pet products.

Sports

Sports cannabis is very much in its infancy. The sports cannabis revolution was put into motion by retired NBA All-Star Clifford Robinson when he announced his entrance into the cannabis space in late 2015. Since that time a number of other professional athletes have followed suit, and more amateur athletes are getting on board every year.

Cannabis can absolutely be a part of an active lifestyle and can provide a number of wellness benefits to athletes. It’s no secret that athletes of all backgrounds experience bumps and bruises, and aches and pains. Cannabis is safer and more effective than a lot of wellness products and medicines that are marketed to athletes so it is only logical that many amateur athletes will switch to using cannabis and cannabis products.

Alcohol is popular among athletes for recreational purposes, which is also true of cannabis. However, cannabis has the ability to help treat conditions and help athletes stay healthy, which is a major reason why cannabis will likely be more popular with people that live an active lifestyle than alcohol will be in the future.

Cannabis is a safer alternative

Cannabis has been found to be 114 times safer than alcohol. As previously mentioned, alcohol kills roughly 88,000 people annually in the United States whereas cannabis toxicity has never killed anyone, ever.

Cannabis is a safer alternative to alcohol. It also doesn’t result in a hangover the day after a lot of consumption and is more desirable in a lot of ways compared to alcohol.

People will continue to consume alcohol in the future, and that is their right. However, many millennials have reported substituting cannabis for alcohol, and if that trend continues for millenials and subsequent generations of adults, not only will the legal cannabis industry’s numbers catch up to the current alcohol industry’s numbers, it will also lower the alcohol industry’s numbers in the process.

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How Worried Should Cannabis Consumers Be About Vape Cartridges?

Written by Johnny Green on . Posted in Business, Medical, Science.

The United States has been in the middle of a cannabis vape pen hysteria of sorts for the last week or two. Mainstream media and cannabis opponents seem to be obsessed with the story, insinuating that full blame for the unfortunate deaths that have occurred should be placed completely on cannabis vape pen cartridges.

Every one of the deaths is sad and unfortunate, which is why it has been frustrating for the cannabis community to see many mainstream media outlets and cannabis opponents using the deaths of these individuals to help spread misleading anti-cannabis propaganda.

In recent weeks hundreds of illnesses and half a dozen deaths have been reported across the country, with e-cigarette device usage being pointed to as the likely cause. Some cases involve consumers that have reported using cannabis vape pen cartridges and some involve consumers that reported having only used nicotine-based vaping products.

For whatever reason, THC vape pen cartridges have largely become the focus of mainstream media coverage and accusations from opponents. The fact of the matter is that no one at this point is 100% positive what is causing the illnesses and deaths. Consumers and cannabis companies have to wait for more information to become known.

As previously mentioned, some of the cases involve THC cartridges and some do not. Some cases involve the dilutant additive vitamin E acetate and some do not. Vitamin E acetate and other additives are the most likely suspect, and if that proves to be true, then THC has nothing to do with the situation other than the cannabinoid was also present (in some of the cases).

Illegal, unregulated cannabis cartridges have been flooding the United States, especially in illegal jurisdictions. It’s easy to understand why vape pen cartridges are popular among consumers – they are very convenient, indiscrete, and easy to pack around and use. However, for some consumers, those illegal cartridges have come at a terrible cost to their personal health, and in certain cases, potentially their lives.

When someone purchases a cannabis vape pen cartridge from an unregulated source, there’s no telling what could be contained inside of the cartridge. It’s not the THC that is the issue, it’s whatever else may be in the cartridge. The list of ingredients may or may not even include THC.

Even from regulated sources, there are a lot of compounds that can be used that are not prohibited, including dilutants that are used to make the vape pen oil thinner and therefore easier for devices to turn into vapor.

Consumers should definitely be concerned about vape pen cartridges, and about what they inhale in general. However, that concern needs to be tempered. If you live in an illegal state, you should probably avoid vape pen cartridges altogether since there’s no real way to know what is inside of them.

People may claim to have acquired the cartridges from regulated sources, but that is not always the case, with the most obvious sign being that the packaging has cartoon characters on it. Packaging that could be appealing to children is not allowed in legal markets.

For consumers that purchase vape pen cartridges from legal, regulated dispensaries where they live the best approach is to know where the oil inside of the cartridge came from, what ingredients were used, and specifically if any additives have been put into the cartridge such as ‘natural terpenes’ or dilutants.

Terpenes can be sourced from something natural but that doesn’t necessarily mean that they are safe. After all, you inhale it in vapor form if you are consuming it via a vape pen cartridge, and not eating it in its original form. That’s not to say that every additive is unsafe, but until more research is conducted and definitive scientific conclusions are reached it’s best to err on the side of caution.

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About the International Cannabis Business Conference

International Cannabis Business Conference events are the premier cannabis events for entrepreneurs across the globe. With events in Canada, the United States, Switzerland, Spain, and Germany the International Cannabis Business Conference is where the world meets cannabis. Find out more at InternationalCBC.com and on Twitter, Facebook, and Instagram.

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Luxembourg – The New Home Of Recreational Cannabis Crypto Models?

Written by ICBC Staff on . Posted in Business.

By Marguerite Arnold

Not only did Luxembourg just make some cannabis news lately by setting a two-year timeframe to legalize cannabis for adult-use, but another kind of reform also seems to be on the horizon. The small country of just under half a million people also seems to be looking at cryptocurrency models right now.

In fact, as of October, Price WaterHouse Coopers will begin to accept Bitcoins as payment. Could the Luxembourg market, in fact, become the new center of all things cannabis and crypto in Europe?

The answer – anything is possible.

However, given the more advanced state of regulatory structure around both developing industries, it is likely that if and when crypto and tokenization models are tested in Luxembourg, whether or not they are paired with cannabis in some way, the spectacular flameouts seen in the American crypto cannabis markets several years ago is less likely albeit still possible.

The excitement about recreational cannabis reform in Europe, of any kind, may do silly things to crypto associated with any cannabiz associated with the same.

While the tokenization of cannabis certainly represents one way to deal with many supply chain problems, it is not an automatic fix. The engineering of the blockchain, the specific processing involved, and how it solves not one, but multiple pressing problems are all issues that impact how usable platforms are, what is actually tokenized, what information that token contains, as well as its potential functionality within the ecosystem.

Nevertheless, the proximity of the two reforms leaves the door open for ingenuity, if not creativity to start cooking in Luxembourg’s nascent crypto canna kitchen.

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About the International Cannabis Business Conference

International Cannabis Business Conference events are the premier cannabis events for entrepreneurs across the globe. With events in Canada, the United States, Switzerland, Spain, and Germany the International Cannabis Business Conference is where the world meets cannabis. Find out more at InternationalCBC.com and on Twitter, Facebook, and Instagram.