Cannabis Investors Hit a High After the Swearing-in of the New U.S. Presidential Administration

Cannabis News Update January 26, 2021

Today in the world of cannabis: New data indicates that cannabis delivery services will be key to the industry’s growth through 2024, cannabis investors hit a high after the swearing-in of the new U.S. presidential administration, and the first cannabis reform bill of 2021 is introduced to the U.S. Congress.

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** First up: In a report by PRNewswire, data provided by ArcView Market Research and BDS Analytics indicates that the recreational and medical cannabis industries will continue to grow through 2024.

According to the data, global licensed cannabis dispensary sales will reach approximately $40.6 billion by 2024, with the U.S. accounting for roughly $30 billion or 73% of the global cannabis dispensing market. Legal recreational cannabis sales will reach about $26.7 billion, and the revenue from medical cannabis sales will reach about $13.9 billion.

In an article by High There, the sales from cannabis delivery services will be among the highest and fastest growing revenue streams.

“What many are considering the next trend for cannabis business, delivery services can help surge revenue for the retailers that jump in to take advantage,” the article reads.

https://www.prnewswire.com/news-releases/cannabis-delivery-services-are-becoming-one-of-the-hottest-revenue-streams-in-cannabis-market-301212932.html

** And next: Bloomberg reports that the Biden/Harris presidential administration along with Democratic control of all branches of the government has led to an investor high in the U.S. cannabis market.

Increased demand for cannabis and CBD products during the ongoing coronavirus pandemic, cannabis legalization measures passing in multiple states in November 2020, and a new presidential administration have renewed hope for cannabis investors.

Following the results of the Georgia runoff election earlier this month, the cannabis company Curaleaf Holdings announced that it had received about $200 million from investors.

“With the election in Georgia, we think there will be faster movement in D.C.,” says Boris Jordan, executive chairman of Curaleaf. “We wanted to be prepared to take advantage of that with more capital on our balance sheet.”

https://www.bloomberg.com/news/articles/2021-01-22/stock-market-investors-high-on-cannabis-stocks-with-democrats-in-control

** Last up: In a report by Marijuana Moment, the first cannabis reform bill of 2021 has been introduced to Congress by Republican Rep. Greg Steube of Florida. The measure, which is identical to the one Steube sponsored in the last Congressional session, would move cannabis from Schedule I to Schedule III of the Controlled Substances Act (CSA).

While President Biden has voiced support for federally rescheduling cannabis, he has stopped short of supporting adult-use legalization outright, although he has said he supports leaving the issue up to the state governments.

Cannabis advocates welcome the rescheduling proposal, although many see it as an incremental improvement. Advocates hope that more comprehensive cannabis reform, including legalization and addressing social inequities, will be considered in the 117th Congress.

Much of that hope lies upon the MORE Act, which would end federal prohibition of cannabis. The bill was sponsored by now-Vice President Kamala Harris. Advocates hope that Democratic control of all government branches will bode well for the approval of the bill.

https://www.marijuanamoment.net/congressman-files-first-federal-marijuana-reform-bill-of-2021/