President Biden, please just take a look at the data: In a world where Americans can barely agree on anything, other than maybe their dislike of politicians, there is one clear unifier—weed. The latest surveys put support at over 60% for national recreational cannabis legalization, and 90% for national medical marijuana legalization. With even “conservative” states like Montana getting ready to pass cannabis legalization via their legislature, it's perhaps time that the Federal government follows suit and allows Americans the freedom to enjoy cannabis for recreation.
Marijuana Business Daily
The wave of legalization that is sweeping the United States is growing to a tsunami! Already this year New York, Virginia, and New Mexico have legalized cannabis, and Rhode Island, Connecticut, and Delaware could be up next. It is also a possibility that we might see the larger markets of Pennsylvania and Minnesota open up to recreational legalization, but it's less of a certainty given Republican control of the local legislatures.
Not only do Americans on the whole support legalization of cannabis, but they are also more likely to consume cannabis personally. Since 2018, the number of adults in the U.S. who consume cannabis has increased by 56%. That means 25% of all Americans have used cannabis within the last year. Before we know it, a nice pre-rolled joint will be a great housewarming gift anywhere in the States.
Marijuana Business Daily
While no brands in cannabis can truly say that they carry national cache, some companies have developed beachheads in the United States’ largest cannabis markets. It is noteworthy, however, that only 2 brands control over 50% market share -- Major, a 100mg THC cannabis beverage available in Washington State, and local dispensary-branded cannabis in Colorado (so not actually a brand at all). Limited brand penetration in and across markets shows that there is still a lot of white space available in cannabis. We believe that this competitive landscape will continue to allow for rapid market disruptions.
Following his success in brand building in the wine & spirits industry, Jay-Z set his sights on the cannabis industry with the launch of his cannabis brand, “Monogram”. This launch follows an investment in The Parent Company (NEO:GRAM.U) (OTCQX: GRAMF) and his inclusion on The Parent Company leadership team as “Chief Visionary Officer.” With previous celebrity endorsements in cannabis falling flat, it is still to be seen whether or not Jay-Z can bring credibility to this newly merged company and give their falling stock valuations support (GRAM is down 42% since its high in January, in comparison to just a 10% decrease in MSOS under the same time period). Will consumers be willing to pay a premium price not only for premium cannabis but for the “Good Life” as designed by Jay-Z?
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