The past couple of years have been good for the cannabis industry. The industry managed to weather the coronavirus pandemic much better than other sectors, keeping most cannabis employees working and selling even more cannabis products than before the pandemic. However, the best developments have been on the legal side. Federal lawmakers are working on passing cannabis legislation at the federal level, and several states passed some form of cannabis legalization. Now that 2021 has finally run its course, let’s look at some of the most prominent marijuana reform accomplishments of the year.
Connecticut, which still has a completely green recreational market, has focused a great deal on social equity. The state’s newly enacted cannabis legalization bill led to the formation of the Social Equity Council, which is charged with molding Connecticut’s new recreational industry with social equity and diversity in mind.
Governor Ned Lamont highlighted the council’s efforts, stating that its primary duty would be to ensure equitable access to the lucrative cannabis market and mitigate some of the damage caused by the failed drug war. At the 15-person group’s first meeting, it rubber-stamped a list of geographical areas that were disproportionately affected by the decades-long war on drugs.
New Mexico also passed a cannabis law in 2021. Governor Michelle Lujan Grisham lauded the move, stating that it would greatly benefit the state’s economy. Legalizing cannabis in New Mexico will create thousands of new jobs — 11,000 to be exact, says Grisham. State officials began accepting license applications from businesses that would like to become licensed cannabis producers in August although sales still haven’t begun. In the meantime, adults aged 21 and older can possess up to two ounces of marijuana and grow up to six adult plants for personal use.
Commercial cannabis sales in New Mexico are expected to start this year while over in New Jersey, voters approved an amendment that would legalize cannabis consumption for adults 21 and older. New Jersey Governor Phil Murphy included the move in the state’s list of accomplishments for 2021. Commercial sales still haven’t kicked off as the state is still in the process of implementing the legalization. Home cultivation still isn’t allowed, but the governor has said that he is open to allowing people to cultivate cannabis at home for personal use while the state implements legalization.
Thanks to a near-infinite demand, the nascent cannabis industry is poised to see explosive growth over the next couple of years. Worth at least $20 billion in 2020, the sector is expected to grow at a compound annual growth rate of 32.04% to achieve a valuation of $197.74 billion by 2028.
As the sector grows in value, companies such as American Cannabis Partners, which position themselves well, are likely to take a bigger cut of the pie while others may end up being swallowed in the mergers and acquisitions which will accompany the maturation of the industry.
NOTE TO INVESTORS: The latest news and updates relating to American Cannabis Partners are available in the company’s newsroom at https://cnw.fm/ACP
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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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