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2024 Cannabis Industry Updates

Welcome Spaced Cadets! This blog is going to be covering some upcoming news and trends coming in 2024. Follow along to see what’s going on in the cannabis industry!

 

Legalization 

Last year Ohio was the 24th state to legalize recreational marijuana. Ohio allows 21 years and up to possess 2.5 ounces of flower and 15 grams of concentrates. For growing plants, someone can have six up to twelve for people with two 21 years in the household. Indiana and Wisconsin are planning to propose a bill to legalize medical marijuana, while the only three states that have no program at all are Kansas, Nebraska, and Idaho.

 

Future

2024 could be a potential breakthrough for cannabis while we have 24 states legalized in adult use, we need ten more states to have Congress re-look at Cannabis for a possible reform in the way cannabis is scheduled as a Scheduled I substance to a Scheduled III substance recommended by Health and Human Services. If that were to happen it would not fully legalize marijuana, but it would allow for more cannabis research. The states looking to gain progress this year are Florida, Pennsylvania, North Carolina, and Georgia. 

 

Trends

As our industry is growing, so is funding for more cannabis research. Two universities are furthering their research into mental health, depression, anxiety, and pain management and how they deal with cannabis. There is going to be more research and focus on the minor cannabinoids including a few of these CBN, THCV, and THCP. Universities and researchers are diving further into cannabinoids because people want to know about what is being consumed in their body and are more curious about what makes THC or CBD.

 

Sports

I believe sports are headed in a great direction for the use of Cannabis! The NBA agreed with the players’ union last year July 2023 that will go for seven years allowing them to use marijuana and CBD products and allowing them to invest in CBD Companies. In 2019 the MLB started allowing players to use cannabis on personal time and not during team-related events. The NFL allowed use during the offseason but still prohibited during the regular season in 2020. The NCAA is looking to remove cannabis from their banned list this year. Why can’t athletes enjoy Cannabis with us?

 

I believe 2024 is going to be a great year for Cannabis and to get rid of that negative stigma. There are a lot of positives looking into this year for the industry, expansion, and research.







Sources


Bink, Addy. “Map: Where Marijuana Will – and Won’t – Be Legal in 2024.” KXAN Austin, KXAN Austin, 29 Dec. 2023, www.kxan.com/news/map-where-marijuana-will-and-wont-be-legal-in-2024/


Blakeney, Tatum. “Looking Ahead: 10 Cannabis Industry Trends in 2024 - Viia Hemp.” Viia Hemp Company, 3 Jan. 2024, viiahemp.com/blog/looking-ahead-10-cannabis-industry-trends-in-2024/


Malyshev, Alex, and Sarah Ganley. “With 2023 in Rearview Mirror, What Should the Cannabis Industry Expect ...” Reuters, 9 Jan. 2024, www.reuters.com/legal/litigation/with-2023-rearview-mirror-what-should-cannabis-industry-expect-2024-2024-01-09/


Miller LLP, Ice. “Will 2024 Be the Year the U.S. Finally Federally Legalizes Cannabis? A Look Back to 2023 and What’s Coming in 2024.” Ice Miller LLP, 11 Jan. 2024, www.icemiller.com/thought-leadership/will-2024-be-the-year-the-u-s-finally-federally-legalizes-cannabis-a-look-back-to-2023-and-whats-coming-in-2024


Boivin, Paola. “NCAA Considers Removing Cannabis from Banned List during Convention in Phoenix.” Cronkite News, 17 Jan. 2024, cronkitenews.azpbs.org/2024/01/12/ncaa-legislation-cannabis-athletes/


“Understanding Marijuana Rules in the NBA’s New Collective Bargaining Agreement.” Global Sports Advocates, LLC, www.globalsportsadvocates.com/blog/nba-relaxes-cannabis-rules-for-players.cfm. Accessed 18 Jan. 2024. 


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