This year is a new start for many people, but for the cannabis industry, 2019 is only a continuation of its success. From the last midterm election to recent policy developments, you don’t want to miss out on this trending cannabis-related news.
So, what’s new in the cannabis world? Check out these three significant developments:
Farm Bill Passed Congress
This past December 2018, the United States Congress and Senate voted on the fate of the five-year-old Farm Bill, a bill that will legalize the use of hemp (Cannabis sativa L.) among others. In view of the intensifying support for the herb, it is no surprise that it garnered 87-13 votes in the Senate and a whopping 369-47 votes in the Congress.
Analysts believe that this move can help elevate the lives of thousands of American farmers as hemp can potentially be cultivated and harvested. Keep in mind that this plant has applications in many sectors. This includes the textile, automobile, manufacturing and other similar industries.
The next phase for this bill is whether it will be passed into law by the US President.
Nine States Projected to Most Likely Legalize Cannabis
After the legalization of recreational marijuana in nine states (including Washington, D.C.), Americans are anticipating the same move in the remaining states. Well, good news because nine states leaders have expressed the intention to legalize the use of the plant. This includes Connecticut, Illinois, Minnesota, New Hampshire, New Jersey, New Mexico, New York, Rhode Island, and Vermont.
As of January 2019, medical marijuana is legal in thirty-three states. However, some leaders also expressed support for medical marijuana, particularly in states such as Kansas and Wisconsin.
Sales Will Skyrocket
With overwhelming support for cannabis, it is reasonable to anticipate an increase in sales. Research organization Deloitte backs up this projection by releasing their latest forecast. According to them, Canada’s market can reach $7.2 billion by 2019. Statists also anticipates a jump in worldwide spending from US 20.1 billion in 2018 to USD 24.4 billion in 2019.
With legalizations, new products and even innovative discoveries about this miracle plant, 2018 was a successful year. But it is only January, and the cannabis world has already received some good news. This 2019, you might want to strap in your seat belt because it looks like a successful ride for cannabis enthusiasts and businesses alike.