U.S. cannabis sales stayed strong in April even as broader retail sales fell by double digits, indicating that the March increase in demand was more than just pantry loading. Total U.S. retail sales fell 21.6% in April from the year prior, yet pot sales in several states posted significant year-over-year gains -- in some cases, even bigger than in march when demand spiked ahead of COVID-related shutdowns, according to data firm BDS Analytics.
“Amid recession and social unrest, the cannabis industry sees its moment. Actions by states to reduce criminal penalties for marijuana use and possession are fueling momentum for the broader movement to legalize cannabis and have it serve as an economic engine for cash-strapped coffers, industry members and policy experts say."
“Cannabis which was once demonized by law enforcement and demonized by a lot of society became an essential business. It’s quite a revolutionary shift in people’s mindsets and the country’s viewpoint on an issue.”
Canopy expects the United States, Canada and Germany to account for 90 percent of the global market in three years. Since taking over in January, new CEO David Klein has narrowed the company’s global focus to those three countries amid a sweeping overhaul of the cannabis giant. He sees growth in the company’s core markets reaching $22 billion by 2023, with $60 billion to be unlocked if cannabis sales are permissible under U.S. federal law.
Cannabis is now legal in 33 states. In the last few years, federal legalization has become a political issue and the conversation around taxation and decriminalization has gotten more specific. With a number of bills working in Congress, and one which has passed committee, it appears that federal law may change soon to tax and regulate cannabis. After so much time, why could we finally be close to federal legalization? It’s a culmination of three “R’s”: regulation, revenue, and reform.