As 2020 comes to an end, the cannabis industry is reflecting on the enormous amount of growth that has taken place and is basking in its proven resiliency. Despite major obstacles, many cannabis markets reached new milestones.
Alaska's largest city set a new record for cannabis sales in September, Colorado is on track to surpass a record-breaking $2 billion in cannabis sales this year, and Illinois' cannabis tax revenue may soon exceed the state's alcohol tax revenue -- check out the latest!
NATIONAL HIGHLIGHTS
Cannabis Cultivators Reflect On Growth In 2020
Cannabis cultivators in legal state markets faced more challenges than ever in 2020: a global pandemic, wildfires, early freezes - that's in addition to the inherant obstacles that cannabis companies face such as a lack of banking services. Despite these difficulties, cultivators are reporting higher wholesale prices than last year. The pandemic hasn't slowed down consumer demand for cannabis - in fact, it's up year-over-year in many places. (Marijuana Business Daily)
STATEWIDE CHATTER
Alaska
Alaska’s largest city, Anchorage, hit a record $9 million in adult-use marijuana sales in September 2020. The achievement is a 25% increase over 2019 sales, showcasing the overall market growth in the state and highlighting the resiliency of the industry during these challenging times. The state’s Alcohol and Marijuana Control Board is accepting applications for additional retail stores with no deadline for submission. Emergency rules currently allow drive-thru and curbside pickup from retail stores until March. (Marijuana Business Daily)
Colorado
Colorado cannabis sales are expected to surpass $2 billion by the end of the year, which would set a new annual sales record for the state’s long-standing, pioneer cannabis industry. Colorado has already reached $1.8 billion in sales so far, raking in over $355 million in tax revenue. This is yet another example of how the cannabis industry has continued to flourish during one of the most difficult years for other industries, due to the pandemic. (Kiowa County Press)
Illinois
Illinois’ adult-use cannabis tax revenue is already on pace to exceed the state’s alcohol tax revenue. Last month, cannabis taxes generated $23 million – that’s less than $3 million shy of the alcohol tax collected. Cannabis sales have steadily increased since the adult-use market launched on January 1. According to state regulations, the Department of Financial and Professional Regulation may open applications again and award up to 100 additional dispensary licenses in December 2021. (Chicago Sun Times)
Mississippi
The Mississippi Department of Health (MSDH) added a “Medical Marijuana Regulation and Licensure” page to their website, which includes the following statement: “MSDH is currently working to establish production, regulation and licensing structures in time for the target date of August 15, 2021. Initiative 65 requires that regulations for all aspects of the program, including production and licensing for sale, must be in place by July 1, 2021. As we make progress we will keep the public fully informed.” (Mississippi State Department of Health)
New Jersey
On December 17, the New Jersey Legislature successfully passed S21 to establish general rules and regulations for the state’s new adult-use cannabis market. The legislature also passed S2535 to decriminalize cannabis. However, the bills are still awaiting a signature from Gov. Phil Murphy to become law. When asked about the bill on December 28, Murphy said there remains “technical but important things we’re trying to wrinkle out" on the decriminalization bill. According to legislative sources, there is a disagreement over whether there should be penalties for those under 21 who possess or use cannabis. (NJ.com)
Oklahoma
Oklahoma plans to implement a seed-to-sale tracking process for the state’s medical marijuana market in 2021. Every medical marijuana plant and wholesale product package will require a tracking tag and to be recorded in a software program created by Metrc, which is currently used in 15 other marijuana markets in the U.S. The state is also gearing up to launch its own quality-assurance testing lab for medical marijuana, which is expected to be fully operational by February 2021. As Oklahoma’s industry continues implementing additional compliance checks and regulations, you can ensure your dispensary is fully compliant with the help of Unity Rd. (Non Doc)
GET TO KNOW UNITY RD. FROM SOMERSET, NJ.
Unity Rd. in Somerset, NJ, is your premier destination for top-quality cannabis products and exceptional customer service. Located conveniently in the heart of Somerset, Unity Rd. offers a wide selection of premium cannabis strains, edibles, concentrates, and accessories to meet all your needs. Our knowledgeable and friendly staff are dedicated to providing a personalized shopping experience, ensuring you find the perfect products to suit your preferences. Whether you're a seasoned connoisseur or new to cannabis, Unity Rd. is here to guide you on your journey. Visit us today at Unity Rd. Somerset and discover why we're the go-to dispensary in the area.
For more information, check out our website at www.Unity-Rd.com.
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