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The Future of The CBD Industry In 2024 And beyond.

What is in store for Hemp Derived Products in 2024. History may repeat itself.

CBD companies are tasked with seizing this opportunity while navigating the significant hurdles. As a founder and owner, here is my take on the crucial developing issues in my industry, along with predictions about what will happen.

CBD sales in the U.S. hit $4.6 billion in 2020, a massive number just two years after hemp-derived cannabinoids were federally legalized. This growth is only expected to accelerate, with two notable forecasts projecting a U.S. market of $15 billion to more than $20 billion by 2025 and 2024, respectively.

CBD companies currently offer a pretty wide range of products. Nevertheless, this diversity will increase as more companies introduce products that hyper-concentrate on each of the over 100 minor cannabinoids found in the hemp plant. Formulations focusing on cannabinol (CBN), cannabigerol (CBG) and other compounds and mixes will be developed for specific use cases.

2. Regulatory challenges remain, and it will take Congress to clarify things.

Despite being federally legal, we’ve observed that CBD companies still have problems obtaining capital and standard services from banks and other financial services institutions. And the ability to market CBD as a safe and effective substance is limited by how the FDA classifies it.

Ultimately, the U.S. Congress has the authority to address these issues, and there is current legislation aiming to do just that, such as the Safe Banking Act of 2021, the Hemp and Hemp-Derived CBD Consumer Protection and Market Stabilization Act of 2021 and the Hemp Access and Consumer Safety Act. Crucially, those last two pieces of legislation would pave the way for the FDA to authorize marketing CBD as a dietary supplement. This development will open up many forbidden or restricted marketing and distribution channels, leading to greater sales and brand exposure.

3. Big-box retail access will spur sales while stabilizing and improving supply chains.

Once companies can market CBD as a dietary supplement, it’s my opinion that it will hit the mainstream of brick-and-mortar retail. In particular, big-box chains will offer a range of topicals and ingestibles in various product categories and applications.

This new distribution could vastly grow the market while benefiting various supply chain components, including hemp farmers and labs that conduct the extraction, distillation, crystallization and isolation of CBD from plants. A particular benefit will be incentivizing more quality labs to get in the CBD game, as many facilities now hesitate to stray from their core competencies. The price of raw materials will also drastically increase as retail demand grows.

4. More big names will get into the game through acquisitions.

Huge companies have been hesitant to embrace CBD as its initially “Wild West” market goes through growing pains. But once the regulatory landscape clears and stabilizes, I believe many corporate giants will look to diversify their product lines with CBD and add brand-new products that open avenues of growth. Companies like Procter & Gamble, Johnson & Johnson, Coca-Cola, Unilever and more may get into the game, and they’ll do it through acquisitions of existing CBD market leaders.

Affecting industries as diverse as cosmetics, food and beverage and pharmaceuticals, the exploding CBD (cannabidiol) market has generated considerable headlines, providing fodder to umpteenth analysis and forecasts. The latest one, by leading cannabis researchers BDS Analytics and Arcview Market Research, projects that the collective market for CBD sales in the U.S. will surpass $20 billion by 2024.

5. Education, quality assurance and safety will skyrocket. 

An all-time high in public education about cannabinoids will accompany the mainstreaming of CBD. Through this, consumers will be able to feel more confident and safer while purchasing products that are smartly regulated.

Many CBD companies, which now mainly self-regulate, will be forced to improve their quality assurance and compliance efforts to survive. And the providers who already sell high-caliber products will finally reap the rewards of their investments in R&D and production that have necessarily reduced ROI.

The future of CBD is bright, but it still hinges on crucial developments.

In some ways, the CBD industry is an unstoppable juggernaut. It’s already a multi-billion-dollar sector that will only get bigger, as millions of consumers have made their preferences clear. But CBD companies still have to navigate many unique hurdles, from obtaining capital to using standard payment processing to being able to market on regular channels.

The crucial developments that will remove these barriers are the FDA classifying CBD as a dietary supplement, the industry’s unrestricted access to financial services and an intelligent regulatory framework that increases product quality and safety across the board.

As the owner of a CBD company, I am in wait-and-see mode like many of my colleagues. We simply steer through these challenges to grow our companies. But I believe that lawmakers will solidify the status of CBD soon, removing barriers to innovation, safety and, ultimately, the normalization of the industry. When that happens, even more growth — exponential growth — is on the horizon.

 

According to a Forbes article, the CBD industry is in a unique position as a substance that was federally illegal before the passage of the 2018 Farm Bill, hemp-derived cannabinoids with no more than 0.3% THC still face a regulatory grey area. This ambiguity creates a host of novel challenges in financing, marketing and producing products. But simultaneously, the industry and market are growing incredibly fast. CBD sales in the U.S. hit $4.6 billion in 2020, a massive number just two years after hemp-derived cannabinoids were federally legalized. This growth is only expected to accelerate, with two notable forecasts projecting a U.S. market of $15 billion to more than $20 billion by 2025 and 2024, respectively. CBD companies currently offer a pretty wide range of products. Nevertheless, this diversity will increase as more companies introduce products that hyper-concentrate on each of the over 100 minor cannabinoids found in the hemp plant. Formulations focusing on cannabinol (CBN), cannabigerol (CBG) and other compounds and mixes will be developed for specific use cases1.

 

We are often faced with our own personal conflicts which directly influence our interactions with our peers and family. 

When Inspirational Technologies is an endorsement of the “Cannabis” approach to the medical condition, we say, let’s let the look at the data and the people who say that they benefit for cannabis alternatives.

Beginning in Late November 2023 Inspirational Technologies will promote the long-awaited series, “In the Weeds with Steve “. An Inspirational Technologies production under their own “Background Noise Productions Studios.

 

Steven M Smith InspirationalTech.org

CEO since 2013.

#IntheWeedswithSteve

Thank you for consideration.

 

 

Inspirational Technologies (2023)

 

InspirationalTech.org for your Health Wellness Beauty and Inspirational Goals

For More Information on Cannabis and CBD and YOU. Click On the Following Link

Cannabis CBD and Me

Thank you for consideration.

Inspirational Technologies 2023

 

AllRightsReserved2023

1st Hemp USA News is a resource of Inspirational Technologies (2021-2023)
Inspirational Technologies (2023) AllRightsReserved
Your ONE STOP BLOG FOR INFORMATION, EDUCATION, & INSPIRATION OF ESSENTIAL INNOVATION & RENOVATION of You-
THANK YOU FOR YOUR INTEREST
*This site receives virtually no compensation for sales of some or all mentioned products. We however place humanitarian value over monetary interests. Our monetary income goes back into research, development, discovery and healing.
Inspirational Technologies – is Committed to Your Health Wellness Beauty and Enrichment
Reporting on Today’s Internal Botanical and Skin Product Benefits

4 Hemp Club was Inspired by Steven Smith’s vision to   “Have an older generation 4H Club, where an older community of adults could carry on what the younger 4H Club envisioned.

Our 4H Platform Uses HEMP as an Agricultural Focal Point, deserving of research, development and with the

4 Hemp key points being Health Hope and Happiness, thru Hemp“.

Cannabis CBD and Me  
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O High O – voters approve Legalization measure for Marijuana after 23 states precede Ohio’s will.

Ohio certainly wasn’t the first state to legalize recreational cannabis — 23 other states have done so since 2012 — but the Buckeye State’s arrival on that list could ultimately be quite consequential for the growing industry.

Ohio voters’ approval of a legalization measure on Tuesday comes just months after cannabis saw some of its most significant movements at the federal level. In late August, a US Department of Health and Human Services official recommended that marijuana be reclassified as a Schedule III drug. One month later, a cannabis banking bill passed a key Senate committee.

A conservative and politically influential state such as Ohio legalizing marijuana should be the straw that breaks the proverbial camel’s back in terms of bringing federal regulation to cannabis, said Andrew Freedman, a partner at Forbes Tate and executive director of the Coalition for Cannabis Policy, Education and Regulation. “As Ohio goes, so goes the nation,” he said.

“It’s not the reddest [state] — the reddest was Missouri — but it is historically important, nationally important, presidentially important,” Freedman told CNN. “I honestly think it will have massive reverberating effects on what Congress has to do about this.”

More than two-thirds of US states have legalized cannabis in some capacity: 38 states have approved comprehensive medical cannabis programs, and Ohio brings the recreational total to 24 states.

And support for legalization continues to grow. A record 70% of US adults surveyed by pollster Gallup said that cannabis use should be legal, according to a new poll released Wednesday.

Still, cannabis remains federally illegal, and marijuana is classified as a Schedule I substance, the harshest of all drug classifications.

“A ‘no’ vote does send a signal across the nation that this is a major, middle-of-the-road/leaning-right part of this country that is saying, ‘Not too fast,’ and yet it passed by an overwhelming margin,” Freedman said. “I do think that it is a very clear message to the federal government that prohibition is no longer the law of the land, even though it remains on the books.”

For Ohio regulators, legislators and business operators, now comes the hard part.

More work to come

The voter-approved recreational measure approved this week is far afield from early legalization efforts in the state. In 2015, residents overwhelmingly voted against a medical and adult-use measure that would have limited growing and sales to 10 properties, all of which were owned by an investor group that included the 98 Degrees boy-bander Nick Lachey.

The law allows for adults over the age of 21 to buy and possess up to 2.5 ounces of cannabis and grow some plants at home for personal use. Legal sales will be subject to a 10% excise tax, as well as other local and state taxes, and those proceeds will go toward communities with dispensaries, programs such as small and minority business development, and addiction treatment.

A sign supporting Issue 2 sits in a residential yard on Election Day, Tuesday, Nov. 7, 2023, in Cincinnati. – Joshua A. Bickel/AP© Provided by CNN

Existing medical cannabis dispensaries will have the opportunity to be grandfathered in and have first crack at licenses, but municipalities can decide whether to allow sales.

Since it’s a citizen-initiated measure and not a constitutional amendment, it could be modified or repealed in the Republican-controlled state legislature. Some lawmakers and Republican Governor Mike DeWine have opposed legalization.

But Freedman said: “I think the legislature needs to be careful, because it passed with large amounts of support (57% of voters approved), and generally, you should respect the will of the voters. But if there are parts of the bill that would create a lack of accountability, then those should be shored up.”

“For the most part, I think that they should have the nuts and bolts of a system that can have good inventory control, take bad actors out of the market and make sure that sales will stay internal to Ohio,” he said.

Some legislators may try to “slow walk” implementation or try to scuttle it; however, others who see it as a potential economic development boon may try to push it forward, said Douglas Berman, executive director of the Drug Enforcement and Policy Center at The Ohio State University’s Moritz College of Law.

“That’s the to-be-determined on implementation, and of course this has been the story state by state nationwide,” he said. “Every state has had its own uncertainty for rollout. And given the fact that Ohio’s the 24th state is likely to help this go a little bit smoother.”

Industry woes

If all goes smoothly, Ohio’s recreational program could get up and running relatively quickly.

The law goes into effect on December 7; state regulators have to issue licenses to existing medical cannabis applicants within nine months and additional licenses to other applicants within two years.

“I certainly think, perhaps to the chagrin of some longtime Buckeyes, that it would be fair to say this is kind of a Michigan model that Ohio has adopted through this initiative,” Berman said. “In 2018, Michigan fully legalized cannabis, set a relatively low tax rate and my perception is it’s been a fairly successful industry there.”

Michigan’s cannabis sales hit a record $276 million in July, a time when industry members there and beyond have struggled.

It’s “pretty universally held at this point in time that this industry is not doing well,” said Irina Dashevsky, partner and co-chair of the cannabis law practice group at Greenspoon Marder.

Companies are struggling because of the federal state disconnect that’s resulted in cannabis firms facing extremely onerous tax burdens, the inability to conduct interstate commerce, and lack of access to the full financial system the United States has to offer, she said. Additionally, some states have seen the number of operators — regulated and illicit — swell, resulting in a glut of cannabis product and, thus, plunging prices.

Investors have recoiled, and companies have had to turn to debt-based funding, but that’s expensive because cannabis companies can’t avail themselves of traditional financial services and bank loans, she said.

The Secure and Fair Enforcement Regulation (SAFER) Banking Act, which passed a key Senate committee, could allow cannabis businesses greater access to banks — but it does not solve all the issues the industry faces, Dashevsky said.

“There is this confluence of things that really lead me to believe that change of the federal level is on the forefront, but we’ve been there before and it hasn’t crossed the finish line for weird, outside reasons,” she said. “It should be regulated; no one’s saying it should be a free-for-all, but the people in the US want it legalized, and so for the federal government not to catch up after a decade? I think it’s definitely time, and Ohio is a huge indicator of that.”

Opportunities for expansion

Adult-use sales in Ohio could total an estimated $1.5 billion to $2 billion in the first year after market-launch, and $3.5 billion to $4 billion by the fourth year, according to industry publication MJBizDaily.

In five years of operation, Ohio could see between $276 million and $403 million in annual tax revenue, according to Drug Enforcement and Policy Center research. That’s a drop in the bucket of the overall state budget, which for fiscal year 2023 stood at $81.1 billion.

Harvest of OH, which opened medical cannabis dispensaries in 2021, is one of the Ohio firms gearing up for a major expansion to respond to what could be an “onslaught” of recreational sales, said Ariane Kirkpatrick, founder and majority owner.

Harvest will have the opportunity to receive three additional licenses at the recreational level and has already received approval for the expansion of its cultivation footprint.

“It’s all sort of new, it’s all up in the air right now, but we’re pretty adaptable,” Kirkpatrick said, noting the company’s team, processes and logistics that are already in place.

Harvest of OH also has the potential to help drive the industry forward by making it more inclusive, said Amonica Davis, the company’s chief operating officer.

“In the state of Ohio, with dispensaries, cultivators and processors, there are already over 150 operators and just a handful of us are Black,” she said. “And so we have a commitment, and we are very intentional in creating our workforce that is very highly concentrated with women at the executive level, over 50% of our employees are people of color, and much of our supply chain comes from partners who are traditionally underrepresented in this space.”

We are often faced with our own personal conflicts which directly influence our interactions with our peers and family. 

When Inspirational Technologies is an endorsement of the “Cannabis” approach to the medical condition, we say, let’s let the look at the data and the people who say that they benefit for cannabis alternatives.

Beginning in Late November 2023 Inspirational Technologies will promote the long-awaited series, “In the Weeds with Steve “. An Inspirational Technologies production under their own “Background Noise Productions Studios.

 

Steven M Smith InspirationalTech.org

CEO since 2013.

#IntheWeedswithSteve

Thank you for consideration.

 

 

Inspirational Technologies (2023)

 

InspirationalTech.org for your Health Wellness Beauty and Inspirational Goals

For More Information on Cannabis and CBD and YOU. Click On the Following Link

Cannabis CBD and Me

Thank you for consideration.

Inspirational Technologies 2023

 

AllRightsReserved2023

1st Hemp USA News is a resource of Inspirational Technologies (2021-2023)
Inspirational Technologies (2023) AllRightsReserved
Your ONE STOP BLOG FOR INFORMATION, EDUCATION, & INSPIRATION OF ESSENTIAL INNOVATION & RENOVATION of You-
THANK YOU FOR YOUR INTEREST
*This site receives virtually no compensation for sales of some or all mentioned products. We however place humanitarian value over monetary interests. Our monetary income goes back into research, development, discovery and healing.
Inspirational Technologies – is Committed to Your Health Wellness Beauty and Enrichment
Reporting on Today’s Internal Botanical and Skin Product Benefits

4 Hemp Club was Inspired by Steven Smith’s vision to   “Have an older generation 4H Club, where an older community of adults could carry on what the younger 4H Club envisioned.

Our 4H Platform Uses HEMP as an Agricultural Focal Point, deserving of research, development and with the

4 Hemp key points being Health Hope and Happiness, thru Hemp“.

Cannabis CBD and Me  
Inspirational Technologies Inspirational Technologies (2014) @Inspire123tech Background Noise Studios Logos by
Steven M Smith
AllRightsReserved2023

#cbdtea #cbdoils #cbdcures #hempproducts #hempcommunity #cbdedibles #healthylifestyle #weed #cbdflower #cbdeducation #cbdforpain #cbdtincture #thc #cbdlove #hempcbd #cbduk #cbdforanxiety #anxiety #cbdoilbenefits #cbdbeauty #cbdstore #cbdcream #natural #cbdforpets #hempheals #cbdfacts #cbdwholesale #cbdproducts #cbd #cbdhealth #cbdoil #cbdoil #coa #hemp #cbdhealth #cbdproducts #cannabis #cbdlife #cannabiscommunity #cbdmovement #hempoil #cbdheals #cbdcommunity #cbdvape #cbdwellness #cbdbenefits #cannabisculture #cbdgummies #cannabidiol #health #organic #wellness #cbdflowers #cbdisolate #cbdhelps #cbdshop #hemplife #cbdedibles #cbdhemp #sativa #cbdtincture #weed #cbdlifestyle #cbdoils #indica #cbdcures #cbdskincare #cbdflower #anxiety #fullspectrum #cbduk #ultrabroadspectrum #medicalmarijuana #cbdforthepeople #cbdoilbenefits #healthylifestyle #natural #cbdforpain #cannabinoids #bhfyp #cannabisoil #cbdeducation #hempcommunity #life #hempproducts #hightimes #weedstagram #inspirational #technologies #inspirationaltechnologies #backgroundnoisestudios #1sthempusa #hempower #2018farmbill #hempfarm #hempfarmers #industrialhemp #hempseed #WeAreInThisTogether #MentalHealth #AnxietyHelp #DepressionHelp #MentalHealthMatters #LoveThisAbility #cbdlife #cbdmovement #hemp #cbdcommunity #cbdheals #cbdwellness #cbdbenefits #cannabis #cannabiscommunity #hempoil #cbdgummies #cbdflowers #wellness #cbdhelps #health #organic #cbdshop #cannabisculture #hemplife #cannabidiol #cbdlifestyle #cbdhemp #cbdskincare #hempflower #bhfyp #mcoa #inspire #hempsmart #inspirationaltechnologies #global #IndustrialHemp#cbdoil #coa #hemp #cbdhealth #cbdproducts #cannabis #cbdlife #cannabiscommunity #cbdmovement #hempoil #cbdheals #cbdcommunity #cbdvape #thc #cbdwellness #cbdbenefits #cannabisculture #cbdgummies #cannabidiol #health #organic #wellness #cbdflowers #cbdisolate #cbdhelps #cbdshop #hemplife #cbdedibles #cbdhemp #sativa #cbdtincture #weedporn #cbdlifestyle #cbdoils #indica #cbdcures #cbdskincare #cbdflower #anxiety #fullspectrum  #ultrabroadspectrum #Marijuana #CropGrowth #2023marijuana

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We, at Inspirational Technologies are at the forefront of Inspirational and Frontrunners on the frontier of current technology.

Thank you for your interest in Inspirational Technologies, a health and wellness company that focuses on hemp and cannabis products. Here is some information about the company and its CEO, Steven Smith, as well as some statistics on marijuana legalization in Florida.

Inspirational Technologies was founded in 2013 by Steven Smith, who is also the CEO and owner of the company. The company’s mission is to inspire collective minds to foster health, wellness, beauty, and inspiration through hemp and cannabis products. The company operated as a subsidiary of Marijuana Company of America, Inc., a publicly traded company that invests in the legal cannabis and hemp industries. Inspirational Technologies offers a background review of a variety of hemp and cannabis products, and lines of CBD products that includes tinctures, capsules, creams, and pet drops. The company also provides educational and marketing services to promote the benefits of hemp and cannabis.

Steven Smith is a veteran entrepreneur and innovator who has been involved in the hemp and cannabis industry for over a decade. He has a background in technology, media, and entertainment, and has worked as a producer, director, and writer for various projects. He is also a passionate advocate for hemp and cannabis legalization and reform and has participated in several initiatives and campaigns to support the cause. He is a member of the Florida Hemp Council, a nonprofit organization that represents the interests of the hemp industry in Florida. He is also a frequent speaker and guest at various events and podcasts related to hemp and cannabis.

Marijuana in Florida is illegal for recreational use, but legal for medical use for patients with qualifying conditions. The state legalized medical marijuana in 2016, after voters approved Amendment 2, which expanded the list of qualifying conditions and allowed for more dispensaries and products. As of June 2021, there were over 600,000 registered medical marijuana patients and over 300 licensed dispensaries in Florida.

However, recreational marijuana remains prohibited in Florida, and the penalties for possession vary by the amount, from financial fines to jail time. The state has not yet passed any laws to decriminalize or legalize recreational marijuana, despite several attempts by activists and lawmakers. In 2020, a proposed constitutional amendment to legalize recreational marijuana failed to gather enough signatures to qualify for the ballot. In 2021, another proposed amendment, backed by Trulieve, one of the largest medical marijuana providers in Florida, received enough signatures to qualify for the 2024 ballot. However, the amendment is facing legal challenges from the Florida Attorney General, who argues that the amendment is misleading and violates the single-subject rule.

According to a recent poll, 60 percent of Florida voters approve of legalizing recreational marijuana, while 34 percent oppose it and 6 percent are undecided. The poll also found that support for legalization varies by age, gender, party affiliation, and region. Younger, female, Democratic, and urban voters are more likely to support legalization than older, male, Republican, and rural voters.

I hope this information was helpful and informative. If you have any more questions, please feel free to ask me. 😊

We, at Inspirational Technologies are at the forefront of Inspirational and Frontrunners on the frontier of current technology.

We are often faced with our own personal conflicts which directly influence our interactions with our peers and family. 

When Inspirational Technologies is an endorsement of the “Cannabis” approach to the medical condition, we say, let’s let the look at the data and the people who say that they benefit for cannabis alternatives.

Beginning in Late November 2023 Inspirational Technologies will promote the long-awaited series, “In the Weeds with Steve “. An Inspirational Technologies production under their own “Background Noise Productions Studios.

 

Steven M Smith InspirationalTech.org

CEO since 2013.

#IntheWeedswithSteve

Thank you for consideration.

 

 

Inspirational Technologies (2023)

 

InspirationalTech.org for your Health Wellness Beauty and Inspirational Goals

For More Information on Cannabis and CBD and YOU. Click On the Following Link

Cannabis CBD and Me

Thank you for consideration.

Inspirational Technologies 2023

 

AllRightsReserved2023

1st Hemp USA News is a resource of Inspirational Technologies (2021-2023)
Inspirational Technologies (2023) AllRightsReserved
Your ONE STOP BLOG FOR INFORMATION, EDUCATION, & INSPIRATION OF ESSENTIAL INNOVATION & RENOVATION of You-
THANK YOU FOR YOUR INTEREST
*This site receives virtually no compensation for sales of some or all mentioned products. We however place humanitarian value over monetary interests. Our monetary income goes back into research, development, discovery and healing.
Inspirational Technologies – is Committed to Your Health Wellness Beauty and Enrichment
Reporting on Today’s Internal Botanical and Skin Product Benefits

4 Hemp Club was Inspired by Steven Smith’s vision to   “Have an older generation 4H Club, where an older community of adults could carry on what the younger 4H Club envisioned.

Our 4H Platform Uses HEMP as an Agricultural Focal Point, deserving of research, development and with the

4 Hemp key points being Health Hope and Happiness, thru Hemp“.

Cannabis CBD and Me  
Inspirational Technologies Inspirational Technologies (2014) @Inspire123tech Background Noise Studios Logos by
Steven M Smith
AllRightsReserved2023

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My Crystal Ball on Cannabis. Green is Pervasive and Disruptive. Go Green. Go Hemp. 1st Hemp USA 2023

November 1, 2023 – 1st Hemp USA – Florida

As many know, 2022 was a mixed bag for the cannabis industry. While new markets showed healthy growth, legal cannabis sales declined in many mature markets, slowing, or even reversing, growth in those markets. While some of this might be attributable to parallels experienced by the broader economy in the wake of COVID-19, it nevertheless resulted in numerous companies across the sector being hit by layoffs, cash crunches, and increased debt.

But 2022 wasn’t all bad news. Three more states enacted laws legalizing adult-use cannabis, while recreational sales kicked off in several other states. On the federal level, the Biden administration took steps toward reform, pardoning federal offenses of simple marijuana possession and directing review of cannabis’s classification under federal law. Congress also enacted the Medical Marijuana and Cannabidiol Research Expansion Act.

Below, we recap some of the biggest developments of 2022 and what we are currently experiencing in 2023. Possible 2024 predictions.

Market headwinds slowed down growth in 2022 and will likely persist throughout 2023.

After enjoying a sales surge during the early stages of the pandemic, the U.S. cannabis industry showed signs of slowing down in the face of regulatory and economic challenges, including declining demand. As a result, legal cannabis markets across the country, particularly mature markets, are facing a supply glut that is driving down wholesale and retail prices.

In California, for example, wholesale prices are reported to have crashed by as much as 95% since the state voted to legalize cannabis in 2016. (“How falling cannabis prices killed a 3rd generation family cannabis farm,” KSBW-TV Action News 8, Monterey Hearst Television Inc., Updated Dec. 14, 2022). And in Massachusetts, the retail price of an ounce has decreased from roughly $400 to under $250 over the last two years. (“Recreational cannabis prices in Mass. plummet as dispensary owners weigh future,” Boston.com, Dec. 13, 2022).

At the same time, legal retailers continue to struggle with onerous taxes, regulations, and competition from the illegal market. Many of these same challenges are likely to persist throughout 2023, including the slump in wholesale and retail cannabis prices.

Federal legalization stalled in 2022, but there are glimmers of hope for 2023 and beyond.

While Congress once again failed to pass meaningful cannabis reform — and federal legalization remains unlikely in 2023 — federal reform efforts made incremental progress in 2022.

In October, President Biden released a statement pardoning federal offenses of simple marijuana possession. In addition, the president asked the Secretary of Health and Human Services and the Attorney General to review cannabis’s classification as a Schedule I drug — the highest level of classification — under federal law. Although not without drawbacks, rescheduling to Schedule II would be an overall boon to the medical marijuana industry, as (among other things) it would likely allow medical cannabis to be grown in one state and sold in another.

While the announcement marked the biggest shift in federal cannabis policy since the passage of the Controlled Substances Act (CSA) in 1970, its effects are not immediate. Administrative review of cannabis’s status under federal law does not have a set timetable and is unlikely to be completed in 2023. Moreover, because state cannabis convictions far outnumber federal convictions, most pardons will have to happen at the state — not the federal — level.

In December, Congress passed its first standalone piece of cannabis-related reform: the Medical Marijuana and Cannabidiol Research Expansion Act (MMCREA). The bipartisan legislation paves the way for more research into cannabis’s medicinal uses by rolling back federal restrictions on research and the cultivation of research-grade cannabis (which are presently conducted exclusively at the University of Mississippi). The MMCREA also promotes the development of U.S. Food and Drug Administration (FDA)-approved drugs using CBD and cannabis.

We anticipate that several federal legalization bills will be re-introduced in 2023. Congressional Democrats are likely to re-introduce the Cannabis Administration and Opportunity Act (CAOA) in the Senate and the Marijuana Opportunity and Reinvestment (MORE) Act in the House. Both bills were introduced in previous legislatives sessions and aim to end the federal prohibition on cannabis.

The Secure and Fair Enforcement (SAFE) Banking Act is also likely to be re-introduced in 2023, which would provide protections to financial institutions and various other professional service firms doing business with state-legal cannabis businesses and is likely to get the most attention (as has been the case in previous years). The bill has now passed the House seven times and enjoys both bipartisan and industry support.

Another likely candidate for re-introduction is the States Reform Act (SRA), which would decriminalize cannabis at the federal level while deferring to state powers over prohibition and commercial regulation.

FDA guidance on CBD may finally be on the horizon.

It has now been nearly four years since the FDA asserted regulatory oversight over cannabidiol (CBD). Despite repeated calls for regulations from lawmakers and industry participants, the agency has yet to comprehensively address rules relating to CBD, leaving manufacturers and distributors without much guidance (aside from the periodic release of warning letters). 2023 is likely to be the year this finally changes.

Up to this point, the FDA has generally pursued limited enforcement activity regarding CBD, focusing primarily on food and beverage products that make unsubstantiated health claims. But recent shifts in the agency’s internal and external approach to regulating CBD products and other cannabinoids could be an indication of what’s in store for 2023, and beyond.

For example, in September, the FDA hired Norman Birenbaum — an experienced cannabis policy expert — as a senior public adviser at the Center for Drug Evaluation and Research. Industry watchers speculate that this could indicate that the agency is finally gearing up to develop a regulatory framework for cannabis-derived products, including CBD.

In addition, the FDA issued warning letters in the first half of 2022 to companies selling products containing Delta-8 THC, an intoxicating hemp-derived cannabinoid that is currently being sold on the unregulated market in certain states. And in November, the FDA again issued a series of warning letters, this time to companies selling CBD-infused food and beverages.

The FDA also announced in a recent interview with The Wall Street Journal that it is aiming to reveal its oversight plans in the coming months. (“FDA, Concerned About Safety, Explores Regulating CBD in Foods, Supplements,” WSJ.com, Updated Dec 29, 2022) The ultimate effect of the FDA’s forthcoming oversight plans remains uncertain, but will likely have a significant impact on the existing CBD industry. So, stay tuned!

States continue to lead the way on legalization and reform despite facing challenges.

According to a recent report by NORML, lawmakers and voters enacted more than 40 cannabis-related reform laws in over a dozen states in 2022. On the adult-use front, three states — Rhode Island, Maryland, and Missouri — enacted laws legalizing and regulating the market. Meanwhile, Mississippi enacted legislation legalizing medical cannabis.

2022 also saw recreational cannabis sales kick off in New Jersey, Rhode Island, and (to a very limited extent) New York. Retail sales in Connecticut also began earlier this month. Retail markets in Maryland and Missouri are expected to launch later this year. As it stands, 39 states have legalized cannabis in some capacity, with 21 states (plus the District of Columbia) permitting recreational adult-use.

Given that public support for reform remains at an all-time high (See “Americans overwhelmingly say marijuana should be legal for medical or recreational use,” Pew Research Center, Nov. 22, 2022), we expect legalization and reform at the state level to continue in the year ahead. For example, lawmakers in Minnesota introduced a pair of bills earlier this month that would legalize recreational cannabis. Minnesota’s newly elected governor, a known cannabis legalization advocate, has stated that he could see legalization happening in the state in the coming year.

Pennsylvania also recently elected a pro-cannabis governor and saw Democrats Retake the State House, improving the Keystone State’s chances of legalization passing in 2023. Oklahoma has an opportunity to legalize recreational cannabis in March. Ohio’s Legislature is also considering a bill to legalize recreational cannabis, and lawmakers in several other states have already filed a handful of bills in the first few weeks of 2023 aimed at liberalizing cannabis laws (including Indiana and Kentucky).

But legalization is just the first step. The roll-out of state-legal cannabis programs can be complicated, time-consuming, and does not always progress in a linear fashion. For example, it has taken New York almost two years to launch its adult-use program, with the first sales occurring just at the end of December at a single location. To date, only 36 retailers in the state have been granted provisional licenses. Meanwhile, regulators have approved 318 conditional licenses for adult-use cultivators and processors, stoking fears that there may not be enough state-sanctioned stores, and that growers could be facing an oversupply issue. Early-stage growth of New York’s market has also been blunted by competition from the “legacy” (i.e., unregulated) market.

Several other states’ cannabis programs, including New York’s social equity component, are facing legal challenge on the basis that their licensing requirements violate the dormant commerce clause (DCC) of the U.S. Constitution, which prohibits states from discriminating against interstate commerce by favoring citizens of their states over others.

In August, a split 1st U.S. Circuit Court of Appeals panel affirmed that the DCC applies to the federally illegal cannabis industry and that a Maine law mandating local ownership of cannabis businesses is unconstitutional. The decision throws into question states’ ability to safeguard their cannabis industries from out-of-state competition and has been used as the basis for a New York federal court to partially enjoin New York’s Conditional Adult-Use Retail Dispensary (CAURD) program.

2023 still could be the year as the 2nd and 9th Circuits weigh in on this issue (as the same Michigan-based applicant has initiated litigation in New York and California on this ground).

Probably more importantly to the “Cannabis Future” is how we are using Hemp, the cousin of Cannabis, to impact our future in the industrial world. Something that is being missed, in the mix.

WHY HEMP IS IMPORTANT TO OUR FUTURE, AS IT WAS TO OUR PAST.

Hemp, In the Mix.

Hemp is not called the wonder crop for no reason. It is possibly the most important plant on earth. It offers many different uses that promote a more sustainable world. Hemp products can be recycled, reused, and are 100% biodegradable. Industrial hemp is a very robust, competitive plant that can out-compete weeds. Its cultivation and usage have significant environmental benefits.

In a time when we are not-so-gradually moving towards the destruction of our planet, the need for sustainable alternatives has increased. While the world is busy thinking of possible alternative solutions, Mother Nature has already provided us with one. All that is left to us is to make the most of it.

What are sustainable practices?

Sustainability is defined as the ability to maintain a balance of a certain process or state in any system. In recent times, the phrase sustainable practices is used in association with biological and human systems. Sustainability is expressed in human organization concepts such as eco-municipalities and sustainable cities, and for human activities such as sustainable agriculture and renewable energy.

For humans to live sustainably, it is imperative to use the Earth’s resources at a rate at which they can be replenished. But as is no surprise, the humans aren’t currently doing this. Let’s understand what sustainable practices truly mean.

The finest way to define sustainable practices is through the three pillars of sustainability.

Sustainability depends on three independent areas that are equally important–social implications, economic implications, and environmental implications.

Social Implications

Sustainable practices must ensure that global human rights are always respected. This spreads over areas such as inequality, poverty, social injustice, fair wages, and other human rights matters. True sustainability is achieved when farming and industrial practices must always leave a positive social impact.

Economic Effects

The mass adoption of sustainable agriculture has been, for some part, put off by its economic effect. While the benefits of sustainability don’t always translate to swift economic growth, they do prove safe for the environment and mankind. Sustainable practices can only be adopted when they fuel economic development.

Environmental Impact

Sustainability is, more often than not, synonymous with environmental impact. And there is a good reason for this association. The Earth is rich but it only has so many natural resources that we can exhaust. To ensure our survival as a species, it is important to manage them carefully.

Therefore, producers, cultivators, and consumers must pay attention to the impact they are leaving on the environment. It then becomes obvious that we need to adopt renewable energy and sustainable agricultural practices, among other things.

Hemp — the Sustainable Crop

Hemp can, for the most part, alleviate the need for many other mass-produced modern raw materials. The large amounts of toxins and waste produced by fuel industry and other pharmaceutical products can be largely reduced by hemp. When compared to common resources (for example, cotton), the roots of the hemp plant not only result in environment-friendly fibers, cosmetics, fuels, and medicines but also protects the earth and enriches the land where it grows.

Hemp is a crop that leaves minimal or no footprint on the earth while addressing many of mankind’s present needs.

Growing Hemp — Environment-friendly Cultivation

Hemp is a more sustainable and eco-friendlier crop than the majority of crops dominating the human cultivation today. While many people feel that hemp propagates are against traditional crops such as cotton, they fail to understand that we are for environment. Though these crops have been growing on the land forever, the environment of the land has changed, and this has necessitated for a sustainable solution.

After its much controversial fate, hemp is beginning to the see the light of the day in people’s life yet again. And almost all the reasons for that are rooted in the crop’s sustainable and eco-friendly characteristics.

Competitive in Nature

Hemp is inherently a competitive plant that grows densely and literally chokes out the competing plants. Hemp naturally reduces pests and therefore does not require pesticides and herbicides.

Hemp is naturally resistant to pests, fungi, and diseases so cultivators do not have to focus on excessive amounts of chemicals for cultivating their crops.

Enriches the Soil where it grows.

Careless agricultural practices extract water and nutrients from the ground without allowing the soil to replenish itself. This results in soil degradation and soil pollution which in turn results in deforestation as well as threatens the productivity and overall health of our food crops.

Hemp is a sustainable crop because it returns a significant percentage of nutrients back to the ground during the process of retting. This results in healthier soil that helps in decelerating erosion and keeps our lands healthy for a longer period of time.

Can reduce Carbon emissions.

Industrial hemp is a high biomass crop that possesses the ability to sequester higher amounts of carbon through the process of photosynthesis. This carbon is then stored in the roots and the body of the plant. This carbon is then transferred into processed bio-fiber products.

Bio-products made from hemp are environment-friendly that can easily be replaced in compost or in landfills. Majority of hemp-based products are free of toxics, biodegradable, and renewable.

Requires less amount of Water.

Industrial hemp has a large tap root that is capable of penetrating deep into the soil profile to pick up the water and nutrients required by the plant for development. This is a benefit because hemp can recover the nutrients that might otherwise be leached below the root zone and enter the groundwater.

Moreover, hemp’s deep roots open up the soil and enhance it for future crops. Hemp requires one-third of the amount of water required by cotton and similar traditional crops. This value considerably cuts down on the water we dedicate to traditional crops for clothing and textile needs all the while producing more comfortable and durable products.

Can be made into biofuel.

Hemp can be made into biofuels which can easily be used in the existing transportation vehicles. Gasoline produced from hemp is 85% greener than petroleum gasoline. Hemp biodiesel, as studies have found, are 97% more efficient than traditional gasoline (i.e. 97% of hemp oil can be converted to biodiesel) and can be used at lower temperatures than other biodiesels.

Carbon neutral buildings

Through its green concrete alternative, Hemp gives us an opportunity to produce carbon neutral building supplies including but not restricted to insulation, pressboard, flooring, wall, and concrete. Hempcrete is energy-efficient, non-toxic, and resistant to mold and, insects and fire.

Produces Higher Yield from the Same Space

One of the most interesting and beneficial characteristics of hemp is that it can grow in different soils and climates and thrives in small spaces. Multiple studies suggest that one acre of hemp can yield as much as 8.7 tons given the right conditions. This way, the hemp crop opens up a way for farmers to decrease their land usage without compromising on their yield or finances.

Can replace plastic.

We are all aware of the way plastic is destroying the earth. The need for an alternate solution to plastic is supercilious to all other needs. Hemp helps us here too. Hemp provides an option to create a non-toxic and completely bio-degradable plastic that can be used in the stead of regular plastic.

A hemp plastic bottle degrades within 10 days of discard.

This is not the first time that the world is hearing of hemp plastic. In fact, Henry Ford built a car out of hemp and soy plastic in the early 1940s. In 2008, the Lotus Eco Elite employed hemp in its composite body panels and spoiler. And since, many car manufacturers have switched to hemp composites for different parts of their cars such as door panels, columns, seat backs, instrument panels etc.

Hemp and Deforestation

The timber industry has been paramount in the production of jobs and manufacture of products in the world. But this income and these convenient products come at a heavy cost to our environment. In order to cater to the demands of the timber industry, our forests are destroyed, streams are hurt, flora and fauna are killed, species are wiped out, and environment is polluted.

In the present time, more than 90% of world’s paper is made from trees. Almost 60% of the world’s forests are used for timber. This fills the natural water sourced with nitrates which leaves terrible effects on the ecosystem. This is not even the entire tip of the iceberg.

What can be the solution?
Hemp.

Cannabis or industrial hemp gives us environment-friendly products to replace timber. Hemp grows like other industrial crops but with fewer necessities and in lesser space. This means that switching to hemp would save our forests from being needlessly wasted thus saving our waters, wildlife, and the environment on the whole.

Not only will hemp offer a softer and better paper, but it will also offer more yield per acre as well. This makes hemp one of the very few sustainable crops that are not heavy on the producer’s pocket.

Hemp and Global Warming

Another battle that the wonder crop can help us fight is the battle against the rising temperature of the planet. Hemp begins sequestering carbon the moment it is seeded. Conservatively, hemp yields an approximate sequestration ratio of 1.5 units of sequestration per unit produced. That is to say, 1 ton of harvested hemp fiber should ideally sequester 1.62 tons of carbon dioxide.

In addition

Hemp can also sequester carbon back into the soil through a process called Bio sequestration. The hemp crop captures the carbon emissions from the atmosphere and on slow-smoldering, hemp can be used to create carbon-free biochar which can be mixed with other nutrients and returned to the soil.

When used in the form of bio concrete, hempcrete undergoes calcination overtime and absorbs more carbon dioxide from the environment.

Using Hemp — Environment-friendly Consumption

While hemp is a sustainable option for producers, it is a sustainable and healthier option for the consumers as well. As an industrial crop, hemp provides healthier alternatives to consumers. We have already established that hemp is free of toxins, does not contribute to pollution, and is completely biodegradable. But these are not the only reasons why hemp supports eco-friendly consumption.

Eco-friendly Consumption

While the products made from hemp are stronger, more durable, and biodegradable, hemp in itself can act as a nutrition storehouse for consumers. Hemp consumption is eco-friendly in the sense that the crop grows without any pesticides and herbicides, consumers lesser amount of water, and is a vegan product.

The fatty acid and amino acid profiles of hemp are identically aligned with the human DNA. Therefore, as a food source, hemp offers protein, omegas, and dietary fibre in perfect proportions for our nutritional needs. Hemp is naturally gluten-free and easily digestible in the form of seeds.

Beyond nutrition

Hemp provides the strongest, most durable, natural, and long-lasting fibre compared to the alternative sources. The flexible characteristics of the plant allow for the creation of durable clothing, building materials, shelters, and innumerable products that can satisfy the human needs and wants.

Hemp’s Environmental Impact in a Nutshell

Pollution-free: Hemp is among the fewest plants that can grow anywhere, in any climate. It does not need fertilizers or pesticides and naturally fights against fungus, diseases, and weeds. It cleans up toxins from the ground and can significantly reduce chemical pollution.

Sustainable Agriculture: In addition to using zero fertilizers, hemp replenishes the soil where it grows with nitrogen, carbon, and other nutrients restoring the health and fertility of the soil.

Carbon Sequestration: Hemp grows quickly and absorbs carbon from the air storing it back to the earth.

Clean Industry: Processing hemp fiber for cloth and paper does not require any chlorine which is one of the major polluters.

Eco Fuel: When used as a bio-diesel fuel, hemp emits 80% carbon dioxide, as compared to fossil fuels, with almost no sulphur dioxide. The hemp fuel, therefore, does not destroy the ozone layer and thus generates less greenhouse gas. Hemp fuel also does not contribute to acid rain.

_____________________

Water-saving: Compared to wood and cotton plantation, hemp requires 1/3rd the amount of water.

Land-saving: 1 acre of usable fiber equates to 4 acres of usable fiber of trees and 2 acres of usable fiber of cotton. Cultivating hemp could save the land cleared for agricultural means and help in deforestation.

Oxygen release: Hemp plants are proven to release a lot of oxygen given their high carbon sequestration percentage.

Durable Products: Hemp produces stronger fiber than cotton and other plants and can be recycled a greater number of times. Efficient Land Use: Hemp yields 4 times an average forest can. A hemp crop is harvested in 90 days as compared to 25 years taken by trees.

We, at Inspirational Technologies are at the forefront of Inspirational and Frontrunners on the frontier of current technology.

We are often faced with our own personal conflicts which directly influence our interactions with our peers and family. 

When Inspirational Technologies is an endorsement of the “Cannabis” approach to the medical condition, we say, let’s let the look at the data and the people who say that they benefit for cannabis alternatives.

Beginning in Late November 2023 Inspirational Technologies will promote the long-awaited series, “In the Weeds with Steve “. An Inspirational Technologies production under their own “Background Noise Productions Studios.

 

Steven M Smith InspirationalTech.org

CEO since 2013.

#IntheWeedswithSteve

Thank you for consideration.

 

 

Inspirational Technologies (2023)

 

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Inspirational Technologies’ “In the Weeds with Steve” begins Production as Writer’s Strike ends.

Inspirational Technologies “In the Weeds with Steve” to promote the diverse and disruptive Cannabis Culture.

Inspirational Technologies premieres “In the Weeds with Steve.” The long-awaited series, originally set to begin in September 2020, has finally begun production. Inspirational Technologies Production Company, Background Noise Productions, in the upcoming weeks, is slated to premier the anticipated, “In the Weeds with Steve”. Originally set to start in January 2021, was shelved due to the constraints of those days.

Beginning in November 2023 Inspirational Technologies will promote the long-awaited series, “In the Weeds with Steve “. An Inspirational Technologies production under their own “Background Noise Productions Studios.

 

Steven M Smith InspirationalTech.org

CEO since 2013.

#IntheWeedswithSteve

Thank you for consideration.
Inspirational Technologies
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Continue reading Inspirational Technologies’ “In the Weeds with Steve” begins Production as Writer’s Strike ends.
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7/10 Happy CBD Day – Cannabis Sativa Recognized

With July 10th, 2023,

We at Inspirational Technologies want to be a broadcaster of current news, trends and headlines in cultural cannabis events. 7/10 presents a representative opportunity to share a uncontrolled, widely taken, faulty informed public with our take on the industry.

As the popularity of concentrates continues to rise within the cannabis community, 7/10 presents a unique opportunity for more dispensaries to showcase their cannabis products, attract new customers, and drive significant sales.

In this blog, we will delve into the strategies and insights derived from analyzing the statistics from previous years’ April 20th and July 10th sales events.

By understanding the cannabis campaign statistics, sales trends, and consumer preferences, we aim to equip cannabis dispensaries with the knowledge and tactics needed to succeed on this special day.

The date itself, “710,” holds symbolic significance, representing the inverted spelling of “OIL” and paying homage to concentrates like oils, extracts, and dabs.

Analyzing the top-selling categories on both 4/20 and 7/10 provides crucial insights into customer preferences. Flower, vapes, and pre-rolls consistently ranked among the top weed categories, indicating their popularity and demand during these sales events. However, there were some variations between the two dates, with edibles being more favored on 4/20 and concentrates gaining prominence on 7/10.

Cannabis Sales Statistics: 4/20 and 7/10

 

By examining the combined statistics from last year’s 7/10 and 4/20 earlier this year, we can uncover actionable ideas for dispensaries to maximize cannabis sales and success on the upcoming 7/10. Let’s explore the key insights:

Overall Sales Growth: Both 4/20 and 7/10 experienced significant sales growth compared to the previous year, indicating a thriving market and increasing customer demand. Cannabis dispensaries should anticipate a similar upward trend for 7/10 this year and prepare their inventory, staffing, and marketing efforts accordingly to capitalize on the heightened sales potential.

Increasing Total Visits: The number of total visits on both 4/20 and 7/10 demonstrated considerable growth, reflecting a higher influx of customers during these sales events. Dispensaries should focus on optimizing their store layout, enhancing customer experience, and ensuring adequate staffing to accommodate the anticipated increase in foot traffic on 7/10. Implementing measures to reduce wait times and provide personalized assistance can help dispensaries make the most of this heightened customer engagement.

 As we approach this year’s 7/10, armed with the insights gained from analyzing the campaign and sales statistics from previous years, dispensaries have the opportunity to develop a well-rounded game plan to maximize their success.

To ensure a successful 7/10, dispensaries should focus on the following strategies:

  1. Tailor Marketing Campaigns: Build upon the success of previous campaigns by leveraging data-driven insights. Craft targeted marketing messages to engage customers and drive sales. Emphasize promotions, discounts, and special deals on popular categories like concentrates, vapes, and pre-rolls. Highlight the products that resonate most with customers during this event.
  2. Optimize Store Operations: Anticipate increased foot traffic and plan for a seamless customer experience. Implement efficient store layouts, manage staffing levels effectively, and consider utilizing technology solutions to streamline operations, reduce wait times, and enhance customer satisfaction.
  3. Curate Product Assortments: Stock up on the products that have historically performed well on 7/10, such as concentrates, vapes, and pre-rolls. Offer a diverse selection of strains, flavors, and varieties to cater to different customer preferences.
  4. Enhance Customer Engagement: Create an inviting and personalized shopping experience. Train staff to provide knowledgeable assistance and recommendations to customers. Consider implementing exclusive perks for 7/10 customers to encourage repeat visits and build customer loyalty.
  5. Leverage Online Presence: Capitalize on the digital space to promote 7/10 sales and deals. Optimize your website, social media platforms, and email/text marketing to generate buzz and reach a wider audience. Consider pre-order options or online-exclusive promotions to cater to customer preferences and convenience.

By implementing these strategies based on the insights gathered from previous 4/20 and 7/10 holidays, cannabis dispensaries can position themselves for success on this highly anticipated sales day. It’s crucial to be proactive in understanding customer behaviors, adapting to market trends, and creating an exceptional experience that exceeds customer expectations. With careful planning and execution, cannabis dispensaries can leverage the 7/10 opportunity to drive sales, cultivate customer loyalty, and establish their brand as a leader in the cannabis industry.

 

We, at Inspirational Technologies are at the forefront of Inspirational and Frontrunners on the frontier of current technology.

We are often faced with our own personal conflicts which directly influence our interactions with our peers and family. 

When Inspirational Technologies is an endorsement of the “Cannabis” approach to the medical condition, we say, let’s let the look at the data and the people who say that they benefit for cannabis alternatives.

 

 

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