canna BUZZ
Several States Legalize Cannabis Post-Election
Add four more states to the list of legal recreational weed after voters in Arizona , Montana , New Jersey , and South Dakota cleared cannabis for adult use , bringing the total number of states that have approved it for that purpose to 15 . “ They passed overwhelmingly ; they were not close races ,” says John Hudak , a cannabis policy expert and deputy director at the Brookings Institution . “ This is a resounding win for cannabis .” Most industry estimates peg Arizona and New Jersey as billion-dollar markets in a few years . Bethany Gomez , managing director for the Brightfield Group , projects that the U . S . recreational and medical cannabis industry will post more than $ 24 billion by the end of 2021 and notch $ 45 billion in sales by 2025 . Incoming President Joe Biden ’ s campaign pledged to end cannabis criminalization nationally and enact some form of medical marijuana legalization . A recent poll shows 81 percent of Americans aged 18-29 support the policy change .
UN Votes to Remove MMJ from Drug List
A United Nations commission recently voted to remove cannabis for medicinal purposes from a category of the world ’ s most dangerous drugs , a move that should clear the way for an expansion of marijuana research and medical use . The narrow vote ( 27-25 with one abstention ) removes cannabis and cannabis resin from Schedule IV ( which includes addictive opioids like heroin ) of the 1961 Single Convention on Narcotic Drugs . Experts say the vote will have no immediate impact on loosening international controls because governments still have jurisdiction over how to classify cannabis . But many countries look to global conventions for guidance , and UN recognition is a symbolic win for advocates of drug policy change who say international law is out of date . The change will most likely bolster medical research and legalization efforts around the world . “ The medical cannabis wave has accelerated in recent years already , but this will give it another boost ,” says Martin Jelsma , drugs and democracy program director at the Netherlands-based Transnational Institute . image courtesy of sweetwaterbrew . com
Aphria Taps into U . S . Brewing Company
Canadian cannabis producer Aphria recently agreed to purchase SweetWater Brewing Co . for $ 300 million , giving the company a foothold in the burgeoning U . S . market that is currently off-limits to Canadian LPs . SweetWater , based in Atlanta , makes 420 Extra Pale Ale and other 420-branded drinks that emulate the flavor of cannabis strains . Founded in 1997 , the company has distribution in 27 states and Washington D . C . The deal includes $ 250 million in cash and $ 50 million in stock and has been approved by Aphria ’ s board of directors . Aphria CEO Irwin Simon is looking ahead to some form of federal legalization in America . “ I think legalization will happen in some way or the other , and now Aphria has a foothold ,” says Simon . Until legalization does happen , he noted that Aphria will have an asset in the U . S . that is growing and complements its business . The deal was closed at the end of November 2020 .
Wholesale Cannabis Oil Prices Trickling Down
Wholesale prices of cannabis and hemp oil have fallen from 2019 , according to industry executives , reflecting rising oil production in America that has more than offset an uptick in cannabis sales amid the coronavirus pandemic . The drop in oil prices reflects several market factors working simultaneously . Demand increased after dozens of states declared businesses essential , allowing them to stay open during the pandemic . Consumers stocked up and continued to drive sales . In response , cultivators have been growing plenty of raw cannabis , from which oil is derived . That has put downward pressure on oil prices — despite strong demand for oil-derived products like concentrates , edibles , and vape pens . In California , a kilogram of cannabis distillate oil sells for around $ 5,000 per kilogram , down from about $ 5,600- $ 6,000 before the COVID outbreak . Hempderived CBD crude oil is selling for below $ 200kg , down from $ 400- $ 500 before the outbreak . And high-potency cannabis oil sells for about $ 7-9 per gram , down from $ 11-12 in 2019 .
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