While the world crumbled under the weight of a worldwide pandemic and the worst economic crisis seen in more than a century, the cannabis industry escaped relatively unscathed. The sector broke sales records month over month, and by the end of the year, five additional states had approved cannabis legalization legislation while the House of Representatives had passed a bill to federally decriminalize cannabis. The year 2020 proved that cannabis could be quite resilient, especially in the face of a historic recession, and that a majority of Americans support cannabis legalization.
In 2021, we can expect additional federal medical cannabis reforms from Congress, such as allowing more comprehensive research into cannabis’ benefits and risks. The two Senate races in Georgia could end in a tie, allowing Republicans to retain control of the Senate. However, the Republican-led Senate will be a constant thorn in the cannabis industry’s side.
So, while the House of Representatives is expected to re-introduce and pass the MORE Act, the Senate may not let it pass. Additionally, we can expect Senate Majority Leader Mitch McConnell to block a federal cannabis-banking relief bill in the Senate.
At the state level, we anticipate New York to pass a cannabis legalization bill. Gov. Andrew Cuomo has long supported cannabis legalization and has said that legalizing the controversial plant could bring in millions of dollars in much-needed tax revenue. Connecticut will consider and pass limited legalization, with the state decriminalizing cannabis early in the year but delaying the rollout of actual sales. New Mexico as well as Pennsylvania will consider adult-use cannabis, but the latter likely won’t pass adult-use legislation until 2022.
The state of Maryland will also consider cannabis legalization. However, as it is home to several federal government agencies, cannabis reform likely won’t happen in 2021.
Prices for cannabis flower will remain strong in mature markets due to increased demand and limited supply. States such as Missouri that recently legalized cannabis will see higher prices in early days, but as the industry matures and the supply starts catching up with demand, prices will gradually reduce and stabilize.
Cannabidiol (CBD) will enjoy great demand in 2021 due to its diverse health benefits. Although the U.S. Food and Drug Administration (FDA) won’t crack down on CBD sales, it will continue to censor CBD companies that make unsubstantiated claims about the medical benefits of their products.
Finally, the industry will see increased investor interest in 2021 thanks to the 65% increase in sales the U.S. cannabis industry reported in 2020. Florida, which only allows medical cannabis, will overtake adult-use Colorado and Washington to become the second-largest legal cannabis market in the country after California.
Realizing the upward trajectory of the cannabis industry, Canadian-based Pure Extracts Technologies Corp. (CSE: PULL) has quickly moved to claim top spot among cannabis compound extraction companies, and it is shining in that role.
NOTE TO INVESTORS: The latest news and updates relating to Pure Extracts Technologies Corp. (CSE: PULL) are available in the company’s newsroom at https://cnw.fm/PULL
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