This briefing covers the main developments impacting the cannabis industry in the last quarter of 2022, including regulatory updates in all regions, macroeconomic, industry and market updates, as well as new product developments in the cannabis space. We also cover top-performing companies in the cannabis market and also delve into the cannabis industry in Portugal.
This report comes in PPT.
The new law established a new registration process for conducting research on marijuana and for manufacturing marijuana products for research purposes and drug development. The law will ease the lives of scientists who aim to study marijuana for medical purposes, and it will speed up the application process to approve marijuana-related scientific studies. Furthermore, the federal government will have to ensure an adequate and uninterrupted supply of marijuana to scientists who are conducting studies on medical marijuana. This is another important cannabis-related measure from the US President Joe Biden, following the pardon that was given to over 6,000 people convicted of cannabis possession at a federal level.
The three states legalised adult-use cannabis in late 2022. In Maryland, from 1 July 2023, personal possession of up to 1.5oz (43g) of marijuana will be allowed for adults aged 21 or more. The state has one of the highest cannabis consumption rates in the US. In Missouri, legalisation officially started at the start of December, with adults aged 21 or older being allowed to possess a maximum of 3oz (85g) of dried, unprocessed marijuana, or its equivalent. New York is expected to be the next major market in the US. According to the state’s governor, 20 stores were due to open by the end of 2022, but Housing Works Cannabis Co is currently the only active one.
Cannabis consumption lounges are close to becoming regulated in Las Vegas, Nevada. Currently, it is legal to consume cannabis-based products in Las Vegas, but it is illegal to consume them in public places. Licensees will only be allowed to open lounges after a safety inspection is conducted, a licence is granted, and approval is gained from the Cannabis Compliance Board. Regulators stated that the first lounges are likely to open during the summer of 2023.
A recent survey conducted amongst US adults by Pew Research Center showed that 59% of respondents think that marijuana should be legal for both medical and recreational use, and 30% think that it should be legal for medical use only. This suggests that only one in 10 US adults believe that marijuana should not be legal at all. The survey also captured the different opinions by political view, ideology, ethnicity and age. 92% of respondents aged between 18 and 29 years stated that marijuana should be either legal for both medical and recreational use, or just for medical use. Conversely, 16% of the respondents aged 75 years or more stated that marijuana should not be legal at all. When looking at political views, 73% of Democrats stated that marijuana should be legal for both recreational and medical use, compared with only 45% of Republicans.
In November 2022, sales of pre-filled THC vaporiser products were approved in Newfoundland, Canada, after being prohibited in 2019. In early October, Newfoundland and Labrador Liquor Corporation (NLC) notified cannabis businesses that they could start selling the products, which have been available in other provinces since 2019. The first products hit the shelves in mid-November.
In December 2022, Health Canada concluded amendments to the Cannabis Act, not only increasing the possession limits for cannabis beverages, but also easing research and testing requirements. The new regulation increases the public possession limit for cannabis beverages, in order to align with other cannabis products. Currently, adults are allowed to possess up to 17.1 litres (equivalent to 48 355ml cans) for non-medical purposes, whereas previously adults were allowed to possess around 2.1 litres of cannabis beverages, or roughly five 355ml cans.
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