It is natural to be nervous about the new year due to widespread concern about the state of the world and its economy. But despite the uncertainty surrounding these hazy prospects, there is a silver lining for cannabis enthusiasts.
While federal legalization of marijuana did not happen in 2022 as some had hoped, there are reasons for optimism. Cannabis users have a lot to be happy about right now, including the fact that marijuana is now legal for adult use in some red states, significant ballot initiatives are being considered, and support is growing for legalization.
Here are five things to be excited about as 2023 gets underway.
The Sale of Recreational Marijuana Is Now Legal in New York
Cannabis lovers in the Northeast have a reason to celebrate following the state’s legalization of marijuana last year. New York now allows the sale of recreational marijuana from dispensaries.
In fact, New York is expected to be the second-largest state with cannabis sales, according to Matt Hawkins, founder and managing director of Entourage Effect. The proceeds from the sales will support the expansion of the entire industry for many years.
Cannabis Ballot Initiative in Florida
A ballot initiative is attempting to change Florida from a medical cannabis state to a recreational cannabis one. According to Ballotpedia, the ballot initiative needs to gather at least 891,589 signatures by the beginning of February 2024, which will require support from the majority of Floridians.
The amendment, which is expected to take effect in 2024, will allow adults 21 and older to purchase, possess or use cannabis products and accessories for nonmedical personal consumption, either through ingestion, smoking or other means.
However, significant effort will need to be put in this year for the bill to be in effect come 2024. Thus, expect plenty of new developments this year as advocates work to turn conservative-leaning Florida into a state with liberal cannabis laws.
Missouri Legalizes Adult-Use Cannabis
Missouri will be the newest Republican state to legalize adult-use cannabis sales, with dispensaries expected to open beginning Feb. 6, 2023. The legalization of marijuana for adult use in Missouri is currently in the early stages, but by the end of 2023, the state is likely to have a fully operational market.
According to the Missouri Department of Health and Senior Services website, when approved, comprehensive facilities will be able to sell marijuana to people who have patient ID cards as well as primary caregiver ID cards and adults over the age of 21.
Cannabis Is Gaining Popularity
According to ongoing polling, Americans are becoming more open to the idea of legalizing marijuana. In fact, according to some recent statistics, almost 90% of Americans think marijuana should be legal.
According to a Pew Research poll, nearly 90% of Americans believe marijuana should be legalized in some form. The vast majority prefers it to be available for recreational purposes, with only 30% preferring it to be available for medical purposes only. According to the same Pew Research report, only one in 10 people polled thought cannabis should be illegal.
These figures show that Americans have come a long way in terms of mainstream attitudes toward cannabis. Cannabis use is becoming more normalized in many aspects of society as more states relax restrictions each year.
Marijuana Sales Appear to Be ‘Recession Proof’
There have been rumblings of a recession, and many people are preparing for a possible downturn in the economy in 2023. However, not every industry will likely experience a recession’s effects equally. Although marijuana is resilient and its sales grew despite the COVID-19 pandemic, it may not be completely immune to economic downturns but is still not heavily affected as other industries often are.
Rainbow Realty Group president Kylie Shenfeld believes that sales in the cannabis industry will continue to rise this year, following a steady increase during the holiday season. Therefore, despite the possibility of future economic hardship, marijuana sales are likely to remain strong for the foreseeable future.
All these reasons suggest that licensed companies such as Flora Growth Corp. (NASDAQ: FLGC) can look forward to a generally good year if they do their homework and capitalize on any opportunities that present themselves.
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CNW420 spotlights the latest developments in the rapidly evolving cannabis industry through the release of two informative articles each business day. Our concise, informative content serves as a gateway for investors interested in the legalized cannabis sector and provides updates on how regulatory developments may impact financial markets. Articles are released each business day at 4:20 a.m. and 4:20 p.m. Eastern – our tribute to the time synonymous with cannabis culture. If marijuana and the burgeoning industry surrounding it are on your radar, CNW420 is for you! Check back daily to stay up-to-date on the latest milestones in the fast -changing world of cannabis.
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