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Articles by Eli McVey
Regional Cannabis Business, CBD & Medical Marijuana Legal News
Here are some of the notable stories and events in the cannabis industry to watch for in the coming days.
U.S. Cannabis Industry's Economic Impact Could Hit $130 Billion By 2024
Estimates published in the newly released Marijuana Business Factbook show the total economic impact of legal cannabis sales increasing 181 percent by 2024.
US cannabis industry’s economic impact could hit $130 billion by 2024
Published 32 seconds ago | By Eli McVey American marijuana businesses could pump up to $130 billion on an annual basis into the U.S. economy by 2024, a staggering figure that highlights the true reach of the nation’s cannabis industry. Estimates published in the newly released Marijuana Business Factbook show the total economic impact of legal cannabis sales increasing from $38 billion-$46 billion in 2019 to $106 billion-$130 billion by 2022 – a 181% increase.
Retail cannabis sales surpass NBA revenue, approach prescription pain meds
Published 58 seconds ago | By Eli McVey With revenue of $10.6 billion-$13 billion in 2019, sales of legal adult-use and medical marijuana in the United States topped spending on sleep aids, hard seltzer and toothpaste combined. Total marijuana sales now exceed the National Basketball Association’s annual U.S. revenue and, by 2024, could surpass Americans’ annual spending on craft beer.
As More Brands Enter Cannabis, Retailers Charge 'Pay-to-Play' Fees For Shelf Space
Known as slotting fees, the practice requires brands to pay anywhere from $500 to $15,000 a month for premium space on cannabis retailers' shelves.
Shelf space at a premium as more brands enter cannabis space and retailers use pay-to-play practices
Published 8 seconds ago | By Eli McVey As more brands enter the marijuana products marketplace, competition for retail shelf space in key adult-use markets such as Colorado and Washington state is intensifying. While the number of new brands – and, consequently, the amount of new products – continues to rise, growth in the number of retail stores has not kept pace, according to the 2020 edition of the Marijuana Business Factbook.
US Retail Cannabis Sales On Pace To Rise 40 Percent, Eclipsing $15 Billion In 2020
Total U.S. sales could rise as high as $37 billion by 2023, Marijuana Business Daily data finds. Meanwhile, the coronavirus pandemic has thrown a huge curveball at projections.
Exclusive: US retail marijuana sales on pace to rise 40% in 2020, near $37 billion by 2023
Published 58 seconds ago | By Eli McVey Retail sales of medical and recreational cannabis in the United States are on pace to eclipse $15 billion by the end of 2020, an increase of approximately 40% over 2019 sales figures, according to exclusive projections from the 2020 edition of the Marijuana Business Factbook. Total U.S. sales could rise as high as $37 billion by 2023.
Tepid adult-use cannabis sales in Massachusetts for first week of reopening
Published 3 mins ago | By Eli McVey Recreational marijuana stores reopened in Massachusetts in late May after a state-mandated, two-month shutdown in response to the coronavirus, but sales during the first week were lukewarm. Retailers across the state generated $13.6 million for the week of May 25, up about 60% from the same week in 2019. By comparison, through the first 12 weeks of 2020, adult-use sales were up by an average of 200% from the previous year.
Adult-use marijuana sales show resiliency in May, despite pandemic
Published June 16, 2020 | By Eli McVey More than 2½ months into the coronavirus pandemic, cannabis sales in five of the nations’ largest recreational markets are a mixed bag.
Medical marijuana sales in Oklahoma near $300 million in first five months of 2020
Published 2 mins ago | By Eli McVey Already one of the largest and fastest-growing markets in the country, Oklahoma’s medical marijuana industry broke sales records in both April and May as consumers stocked up on products amid the coronavirus pandemic. In April, sales in Oklahoma shot up to $61.5 million, a 21% increase from March. Sales rose again in May to reach nearly $74 million – a monthly figure that far exceeds that of adult-use markets in Illinois, Massachusetts, Michigan and Nevada.
Florida's medical cannabis market booms despite pandemic, US economic woes
Published 34 seconds ago | By Eli McVey Despite the ongoing coronavirus crisis, Florida’s medical marijuana industry continues to surge, with sales remaining well above pre-pandemic levels. Demand for medical marijuana is at an all-time high, providing yet another example of the durability of cannabis demand in times of economic distress. Over the first 10 weeks of 2020, dispensaries in Florida sold an average of 22,800 ounces of smokable MMJ per week.
North Dakota's medical marijuana program gathers steam, but challenges remain
Published 45 seconds ago | By Eli McVey After a slow start, North Dakota’s budding medical marijuana industry appears to be finding its footing. Limited access to MMJ, the temporary closure of a dispensary in the state’s most populous city and general complications from the coronavirus pandemic still present hurdles to medical cannabis operators, however.
Chart: Medical cannabis sales regain their footing in Ohio despite coronavirus volatility
Published 1 min ago | By Eli McVey Sales in Ohio’s nascent medical marijuana industry steadily improved during the first four months of 2020, despite short-term hiccups caused by the coronavirus pandemic. Through the end of April, roughly $50 million of medical marijuana was sold in Ohio in 2020 – just shy of the $58 million sold for the entirety of 2019. Increasing patient counts drove the sales growth. Currently, Ohio reports that 101,400 MMJ patients have registered.
Medical marijuana sales, patient counts hold steady in Maryland
Published 39 mins ago | By Eli McVey Maryland’s medical cannabis market remains one of the strongest in the United States, with the robust sales and patient increases of 2019 persisting into a tumultuous 2020. Sales in Maryland hit $252 million in 2019, up from $109 million in 2018. Through March 2020, medical marijuana sales in the state eclipsed $91 million, an increase of 86% from the first three months of 2019.
Adult-use cannabis markets see uneven impact from coronavirus crisis
Published 11 mins ago | By Eli McVey While the COVID-19 pandemic continues to dampen adult-use marijuana sales in most U.S. markets, Washington state experienced its strongest month of cannabis sales yet – highlighting the diversity of legal markets. According to point-of-sale data provided by Seattle-based Headset, April 2020 recreational marijuana sales in Washington state eclipsed $106 million, a record for the state.
Coronavirus takes toll on March adult-use marijuana sales
Published 1 min ago | By Eli McVey Recreational cannabis sales in four key markets decelerated in March as the COVID-19 crisis continues to disrupt both the cannabis industry and the broader U.S. economy. According to point-of-sale data provided by Seattle-based Headset, recreational cannabis sales in Colorado and Nevada declined from March 2019 to March 2020, the first time that monthly adult-use sales in either state reported a year-over-year decrease.
Marijuana Industry Statistics, Data and Charts
Number of Danish medical cannabis consumers plummets on CannTrust suspension Published 5 hours ago | By Matt Lamers The number of patients accessing Denmark’s medical cannabis pilot program nearly halved in the third quarter of 2019, largely because of supply interruptions related to Canadian producer CannTrust’s regulatory misconduct. Unique consumers fell to 582 in the July-September period from 1,045 in the April-June quarter, according to Danish Health Authority data published last week.
Recreational cannabis sales in three key markets still falling after initial coronavirus-related spike
Published 3 mins ago | By Eli McVey and Margaret Jackson Despite a couple of temporary sales spikes in recent weeks, adult-use cannabis sales in California, Colorado and Washington state are all suffering from the economic fallout surrounding the coronavirus pandemic. According to point-of-sale data provided by Seattle-based Headset, adult-use cannabis sales were less than those for the same day in 2019 for six consecutive days in Colorado and five consecutive days in Washington state.
Coronavirus prompts shift in US adult-use marijuana product sales
Published 1 min ago | By Eli McVey Not only has the coronavirus pandemic altered how U.S. adult-use cannabis consumers shop, it’s also changed what they’re buying. Edibles sales have surged around coronavirus concerns, coming largely at the expense of pre-rolled joints, and – to a lesser extent – concentrates and topicals. The shift in consumer preferences was both rapid and significant.
Adult-use cannabis sales plunge after briefly hitting new heights on coronavirus concerns
Published 3 mins ago | By Maggie Cowee , Eli McVey and Bart Schaneman Adult-use marijuana sales plunged over the weekend, only a few days after skyrocketing to new heights as consumers prepared for fallout from coronavirus.
Recreational cannabis retailers' sales surge during coronavirus pandemic
Published 10 mins ago | By Bart Schaneman and Eli McVey Recreational marijuana retailers throughout several markets in the U.S. saw a dramatic spike in sales in recent days, according to new data, an unambiguous sign that the coronavirus pandemic is prompting consumers to stock up on products. The run on cannabis stores may come from the fear that marijuana shops will be closed indefinitely, similar to measures taken in several states to shutter bars and restaurants.
California lags other adult-use markets in per-capita marijuana sales
Published 6 mins ago | By John Schroyer and Eli McVey While California has the potential to be the largest legal cannabis market in the world, the state still lags other recreational markets in per-capita sales – due in large part to the continued prominence of the illicit marijuana market and restrictive regulations. California’s per-capita cannabis sales by the second year of operations only added up to $70 per customer.
Montana medical marijuana patient count continues rapid growth
Published 5 mins ago | By Eli McVey Montana’s medical cannabis program – already one of the largest in the nation on a per-capita basis – posted year-over-year, double-digit patient count growth in January. While a series of new rules set to go into effect in 2020 threatens to introduce short-term instability for the state’s rapidly expanding industry, over the long term they are expected to bring Montana’s medical marijuana regulatory scheme more in line with other programs in the United States.
Arizona's medical marijuana market marches forward in 2019 with more patients, higher sales
Published 1 min ago | By Eli McVey Continual, steady growth has characterized Arizona’s medical marijuana market for the past few years, and 2019 was no exception. Arizona’s MMJ program added nearly 34,000 patients to its rolls over the course of the year – an 18% increase over 2018. The percentage of medical marijuana patients as a portion of the state’s population now stands at 3%, one of the highest in the nation.
This State Sold Record $1.4 Billion in Cannabis Last Year
January 29, 2020 4 min read This story originally appeared on Marijuana Business Daily Sales of adult-use cannabis in Colorado eclipsed $1.4 billion in 2019, a record for the state that likely was propelled by new customers entering the market. Recreational marijuana sales were up 16% in 2019, marking the first time that sales growth accelerated from year to year in any adult-use cannabis market, not just Colorado’s.
More consumers boost Colorado's recreational marijuana market in 2019
Published 1 min ago | By Eli McVey Sales of adult-use cannabis in Colorado eclipsed $1.4 billion in 2019, a record for the state that likely was propelled by new customers entering the market. Recreational marijuana sales were up 16% in 2019, marking the first time that sales growth accelerated from year to year in any adult-use cannabis market, not just Colorado’s.
Recreational Marijuana News
Bills would legalize adult-use marijuana in New Mexico Published 6 hours ago Proposed legislation in New Mexico would legalize recreational cannabis sales in the state. Cities and counties could not opt out, even if they don’t approve of adult-use cannabis sales, under the proposed bills, although they would retain control with local zoning restrictions and hours of operations for the retailers.
first year of medical cannabis sales in Ohio
Published 1 min ago | By Eli McVey Ohio’s medical marijuana industry pulled in nearly $60 million in its first year of sales, with increased access to dispensaries and falling prices making up for the market’s sluggish start. Roughly 50% of the state’s total medical marijuana sales came in the last quarter of 2019, but it wasn’t enough to drive sales to the heights of other, similar medical cannabis markets that launched in the past couple of years such as Maryland and Pennsylvania.
Marijuana Sales, Funding & Banking News
Marijuana businesses raise millions of dollars by cashing out of real estate through sale-leaseback deals Published January 6, 2020 | By John Rebchook Large cannabis companies increasingly are selling their own cultivation, processing and storage facilities and immediately leasing them back as a way to instantly raise tens of millions of dollars at a time when outside financing is scarce.
Illinois' new adult-use marijuana market to attract fierce competition
Published 1 min ago | By Eli McVey The start of the new year will launch a flurry of activity for Illinois’ recreational cannabis industry, a sizable new market that will unleash stiff competition for business licenses and could eventually reach $2.5 billion in annual sales. On Jan. 1, recreational sales will begin through existing medical marijuana dispensaries in the state. The next day, applications for 75 new retail cannabis licenses are due.
Cannabis industry, MJBizCon continue growth trends
Published 1 min ago | By Eli McVey MJBizCon 2019, a conference hosted annually by Marijuana Business Daily, attracted more than 31,500 cannabis professionals to the Las Vegas Convention Center Dec. 11-13, a 14% increase from 2018 and a record turnout. The event also offered expanded preconference and other events, bringing the total registered attendees to 33,000. MJBizCon is often viewed as a bellwether for the broader industry.
First year of adult-use cannabis sales in Massachusetts doesn't disappoint
Published 1 min ago | By Eli McVey Massachusetts’ recreational marijuana industry recorded nearly $400 million in its first full year of sales, a strong initial sum given the dearth of retail stores throughout the state. But the market has significant room for growth, which will come as regulators approve more applications and access to the legal market improves.
Oklahoma medical marijuana industry on pace to hit $350 million
Published 1 min ago | By Eli McVey In less than a year, Oklahoma’s medical marijuana industry went from nonexistent to one of the largest and most valuable cannabis markets in the nation. According to tax receipts released by the Oklahoma Tax Commission, sales of medical marijuana in the state stood at just over $258 million through the first 10 months of 2019 and are on pace to eclipse $350 million by the end of the year – far surpassing analysts’ wildest expectations.
Missouri's medical marijuana market draws thousands of applications
Published 1 min ago | By Eli McVey A rush of applicants – including several – are vying for plant-touching licenses in Missouri’s highly anticipated medical marijuana market. More than 2,200 applications were submitted for only 338 cultivation, manufacturing and dispensary licenses in the state, where annual sales could eventually reach $300 million. That translates to roughly one license for every seven applications. However, businesses were not restricted to submitting a single application.
Illinois recreational cannabis stores will be few and far between
Published 1 min ago | By Eli McVey Recreational cannabis sales are set to begin in Illinois at the start of the new year, but a lack of retail stores threatens to curtail the rollout of what could eventually be a $2.5 billion market. Limited access to adult-use cannabis stores in the first few months of rec sales is not atypical for the launch of a new recreational market.
How Medical Cannabis Programs Fare In States With Recreational Markets
Recreational marijuana has impacted how medical marijuana has been used, and this chart shows the effect. October 24, 2019 3 min read This story originally appeared on MJBizDaily The legalization of recreational cannabis can put a big dent in a state’s pre-existing medical marijuana market.
Chart: How medical cannabis programs fare in states with recreational markets
Published October 15, 2019 | By Eli McVey The legalization of recreational cannabis can put a big dent in a state’s pre-existing medical marijuana market. Patient counts in Colorado, Massachusetts, Nevada and Oregon – the only states with both an active recreational marijuana industry and a pre-existing MMJ patient database – have all suffered in the months and years since the launch of an adult-use market in each.
Marijuana vape sales rebounding in some key markets
Published October 1, 2019 | By Eli McVey Vape sales appear to be stabilizing in most major recreational cannabis markets in the United States in the wake of the vaping health crisis, but with more bans and sales restrictions on the horizon the rebound could prove short-lived.
With rec sales on the horizon, Illinois' medical cannabis program surging
Published 15 mins ago | By Eli McVey Illinois’ medical marijuana program is experiencing its most significant and sustained period of growth yet, nearly three years after sales began in the state. From August 2018 to August 2019, patient counts in the state nearly doubled, from approximately 44,000 to more than 83,000.
Sales dip for adult-use cannabis vape products on health scare news
Published 2 mins ago | By Eli McVey and Bart Schaneman Recreational marijuana vape product sales are suffering in the wake of a nationwide health scare that caused several deaths and hundreds of illnesses. The shares of vape sales in California, Colorado, Nevada and Washington state’s recreational markets have declined significantly since the first vape-related death was reported in late August, according to Headset, a Seattle-based provider of data and analytics to the cannabis industry.
California cannabis market experiences license contraction in 2019
Published 1 min ago | By Eli McVey and John Schroyer Before January 2018, when California launched its legal recreational cannabis market, estimates of how many dispensaries peppered the state’s landscape were in the thousands. But once state licenses were required – and with that, express local city or county approval – the number dropped dramatically, to just a few hundred.
Not all cannabis social equity programs are equal
Published 16 mins ago | By Eli McVey There is no one-size-fits-all approach to addressing equity and diversity in the marijuana industry. While a growing number of states have included social equity provisions in their marijuana programs, they’re approaching the issue in a variety of ways – with varying results. On the recreational side of the industry, California, Illinois and Massachusetts all made social equity a key component of marijuana legalization.
Newer marijuana markets embrace social equity programs
Published 1 min ago | By Eli McVey Increased attention by lawmakers, regulators and the general public regarding lack of diversity in the cannabis industry prompted a growing number of states to include social equity provisions in their marijuana policies. Of the 18 states that legalized medical or recreational cannabis sales since 2016, six have taken considerable measures to boost diversity in their marijuana programs.
Chart: Women Account for More Than a Third of Marijuana Business Executives
The percentage of women top executives in the cannabis space is still far higher than the national average for all businesses. August 5, 2019 3 min read This story originally appeared on Marijuana Business Daily Nearly 37% of the senior-level jobs at cannabis companies are held by women, according to a Marijuana Business Daily survey.
Women account for more than a third of cannabis business executives
Published July 31, 2019 | By Eli McVey Nearly 37% of the senior-level jobs at cannabis companies are held by women, according to a Marijuana Business Daily survey. Although the number of women holding top spots has vacillated since 2015, the percentage of women top executives in the cannabis space is still far higher than the national average of 21% for all businesses in the United States, according to the MJBizDaily survey conducted in June.
Research: Most U.S. Cannabis Cultivators Choose to Compete on Quality Rather Than Cost (Chart)
Many wholesale growers are focusing on cannabis quality, though market forces tend to favor those who reliably supply low-cost cannabis. July 19, 2019 2 min read This story originally appeared on MJBizDaily Many wholesale cannabis growers choose to compete on quality, even while market forces favor growers who can reliably supply low-cost cannabis.
Chart: Most wholesale cultivators competing on marijuana quality
Published 1 min ago | By Eli McVey Many wholesale cannabis growers choose to compete on quality, even while market forces favor growers who can reliably supply low-cost cannabis. Nearly half of U.S. cultivators are attempting to make high-quality flower their key differentiator, according to the recently released 2019 Marijuana Business Factbook. But with flower sales on the decline, the market likely will prove unable to sustain that proportion of growers competing on those grounds alone.
Retail marijuana sales rival Taco Bell, NFL
Published June 4, 2019 | By Eli McVey With revenue of $8.6 billion-$10 billion, 2018 sales of legal recreational and medical cannabis in the United States topped spending on e-cigarettes, the Fortnite video game and Goldfish crackers combined. The data – published in the 2019 edition of the Marijuana Business Factbook – highlights how quickly the legal U.S. marijuana industry has grown.
Illinois lawmakers approve adult-use cannabis program that could hit $2 billion in sales
Published 4 mins ago | By Jeff Smith and Eli McVey Illinois on Friday became the country’s first state to legalize recreational marijuana cultivation and sales through its Legislature, a landmark move that paves the way for the creation of one of the nation’s largest adult-use cannabis markets offering “huge” business opportunities.
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