🌿 Leaflet: Happy New Year! 🌿canabodial
Happy New Year! Welcome back to our weekly newsletter, which outlines recent cannabis news you need to know about related to entrepreneurship, finance, legal, medicine, science, and technology.
Cannabis vape companies are using tech-based solutions to boost sales. Alabama and New Mexico advance conversations around state-wide legalization. A new study takes a look at how cannabis legalization correlates with opioid prescriptions.
Be sure to join us at a CannaGather in your city, where we continue to network and explore the latest progress in our communities as the reach of cannabis increases.
Know someone who is just as cannacurious as you are? Be sure to share this newsletter to keep them in the loop!
// CannaGather Calendar
January 7 // Los Angeles, CA // CGLA 2020 Kickoff
January 16 // Baltimore, MD // Social Consumption and Trendsetting in the 2020s
January 21 // New York, NY // January CannaGather
Since the vaping crisis, cannabis companies with vape products have suffered from a lack of consumer confidence and a dip in sales. Many of these companies have implemented technology solutions to combat this issue. Paul Botto, co-founder and president of New York-based cannabis tech platform Lucid Green, notes that “it all comes down to trust and transparency,” especially for the cannabis industry.
These four tech-based solutions (expanded on by Marijuana Business Daily), are available to entrepreneurs looking to bolster their vaping businesses:
- Providing certificates of analysis (COA) such as testing results via smartphone technology.
- Including QR codes with smartphone apps to help consumers monitor dosing, usage, etc.
- Encrypting cartridges to combat counterfeit vape products. That helps to separate legal products from the illicit market, which many industry watchers blame for the vape crisis.
- Going beyond state testing requirements to ensure products are safe.
What This Means and Why You Care: Cannabis entrepreneurs in all areas have been negatively effected by the vaping crisis began. As time goes on, we can see the sales inching upward, but the damage is still fresh. Innovative solutions like these tech-based ideas will be needed to rejuvenate the industry.
Market Activity in December
Here’s a look at some of the big cannabis moves from this month:
Holistic Industries, one of the largest cannabis operators in the United States, announced a $20 million investment in Madison Heights for its Michigan headquarters. They are also teaming up with the estate of Grateful Dead legend Jerry Garcia to release the Jerry Garcia 2020 cannabis collection.
FSD Pharma announced their listing on the Nasdaq under the ticker HUGE.
Green Growth Brands and MXY Holdings (Moxy) announced the termination of its proposed business combination as the market adjusts to the changing macro environment.
Tilray announced that their merger with Privateer Holdings closed on December 12.
What This Means and Why You Care: In spite of the tough year for the cannabis market, reports show that many investors and executives are optimistic about the future of cannabis. The industry continues to stay active.
New State-Level Developments
Alabama could be one of the next states to adopt a medical marijuana program after the majority of a panel (the Medical Cannabis Study Commission) created by the state’s legislature recommended legalization. The senate approved a bill earlier in the year to legalize cannabis for “therapeutic purposes,” but this was reduced to just creating a commission after it became clear the measure would not pass the House. This panel released a report and approved a draft bill which calls for an Alabama Medical Cannabis Commission for licensing businesses and tracking the medical cannabis system. The committee also calls for support of research into additional applications for cannabis and hemp as well as potential social equity components.
A poll released this month shows that 75% of New Mexico voters support legalization. Support was stronger in New Mexico than any other state polled in 2019. According to the data, almost all Democrats and most Independents were in favor. Almost half of Republicans were on board too. According to Marijuana Moment, the poll provided some additional insight: “Legalization supporters are more likely to be persuaded by doctors and medical patients. But opponents are more likely to be persuaded by law enforcement and religious leaders.”
What This Means and Why You Care: More states are getting involved in cannabis legalization discussions. No matter how things pan out on the federal-level, 2020 looks like it will be another big year of state-level expansion.
// Medicine, Science, & Technology
New Scientific Studies
According to new research, patients will regularly choose cannabis over prescription opioids, and doctors prescribe less opioids in states with legal medical and recreational use. In their study published in the Journal of Health Economics, researchers at the University of Alabama School of Law and Vanderbilt University Law School concluded that “these laws also reduce the total days’ supply of opioids prescribed, the total number of patients receiving opioids, and the probability a provider prescribes any opioids.”
What This Means and Why You Care: The first study provides evidence that the creation of legal cannabis programs correlates with a drop in legal opioid use. This point is an important factor when making the case for furthering legalization nation-wide.
Join Us! We’re All in This Together
Here at CannaGather, we encourage everyone to get involved. Interested in joining us? We are looking always looking for:
- Market Leaders in new locations
- New team members in our existing locations (folks who want to help with sponsor sales or spreading the word to new attendees)
- Sponsors for our events and newsletter
You can email CannaGather founder Josh Weinstein at email@example.com for more info.
Written by Justin Bernstein