Data Shows Correlation with U.S. States Legalizing Cannabis & Industry Revenue Growth | Morning Buzz

Data Shows Correlation with U.S. States Legalizing Cannabis & Industry Revenue Growth | Morning Buzz

Cannabis News Update February 9, 2021

Today in the world of cannabis: Former NFL player Marshawn Lynch launches a “diamond-infused” cannabis brand, Canopy Growth’s pet division launches a CBD line for dogs, and data shows a direct correlation between U.S. states legalizing cannabis and cannabis industry revenue growth.

The Morning Buzz presented by TRICHOMES brings you late-breaking news that tells you what’s happening within the cannabis industry. Check in with the cannabis community at TRICHOMES.com
 
** First up: In a report by Mercury News, former NFL player and Oakland, California native Marshawn Lynch has announced the planned launch of their new “diamond-infused” cannabis product line, Dodi Blunts. The line is expected to arrive on shelves in the Bay Area of California in March, with plans to expand into other regions shortly thereafter.

“[The cannabis industry] has the ability to raise up Black and Brown communities — and I intend to lift up those who I can,” Lynch said in a press release. “Plus, dodi allows me to share with the world. What gets me (and my fam) in our zone, so others can get on my level.”

For those who may not know, “dodi” is a slang for gas, which is slang for dank, which is slang for high-quality cannabis.

Customers “will experience the highest, richest potency from palm leaf-wrapped blunts infused with THCa diamonds presented in a reusable blunt tube,” the press release added.

Marshawn Lynch’s new Oakland-focused marijuana brand: ‘Diamond-infused’ blunts

** And next: PRNewswire reports that Canopy Animal Health, a division of the cannabis company Canopy Growth, has announced the launch of SurityPro, a CBD product line geared toward dogs.

Canopy says that the products are scientifically-formulated to support calming, joint health, flexibility, healthy aging and overall physical and mental well-being in dogs of all sizes. All SurityPro products carry the National Animal Supplement Council (NASC) quality seal.

“We are the industry leader in pet CBD research with more than 32 completed studies into the potential use of cannabinoids in pet health. We’re confident in the science behind our products and committed to making CBD soft chews and oils that pet owners can trust and dogs will love,” said Robert Menardi, DVM, Director of Veterinary Educational and Technical Services at Canopy Animal Health.

https://www.prnewswire.com/news-releases/canopy-animal-health-launches-suritypro—a-new-generation-of-cbd-products-for-dogs-301221864.html

** Last up: In a report by PRNewswire, revenue generated by the cannabis industry has continued to grow in direct correlation with more U.S. states implementing medical or cannabis legalization measures.

Data from the research firm IMARC indicates that the legal cannabis market in North America is projected to reach approximately $54.6 billion USD by 2025.

Another report from Grand View Research indicates that the cannabis industry is expected to rise by a compound annual growth rate (CAGR) of 15.5% from 2020 to 2027, eventually reaching approximately $104.9 billion USD in 2027.

By comparison, the legal North American cannabis market was valued at $30.1 billion USD in 2019 and $38.3 billion USD in 2020.

The Grand View Research report said, “As the number of U.S. states legalization is increasing, the market is expected to witness lucrative growth over the forecast period. The U.S. is anticipated to be the fastest-growing country in terms of the market in 2019. This is majorly attributed to high product adoption and utilization owing to government approvals…” “Hence, increasing the support of U.S. citizens regarding the use of medical cannabis will fuel the market growth during the forecast period. Increasing investments in R&D are likely to expand the application in the medical field.”

https://www.prnewswire.com/news-releases/as-additional-us-states-move-towards-legalization-the-cannabis-industry-revenues-continue-to-explode-301222886.html