Industry Voices: Perspectives
A recent issue of Marijuana Venture featured insights from dispensary owners and farmers across the country, shedding light on what they expect for the cannabis industry in the coming months.
Sasha Nutgent, Retail Director, Housing Works Cannabis Co
“In 2024, we learned how quickly the New York cannabis market can grow and be profitable with now over 200 legal dispensaries open, but we’ve also learned the challenges dispensary owners have faced, especially as it relates to taxes and 280E. While the cannabis industry is similar to traditional retail, the profit generated can do more for business owners and marginalized communities once the tax laws are adjusted. In 2025, for New York. I expect and hope to see a shift in the regulations surrounding cannabis marketing, robust loyalty programs for customers of rec-use dispensaries, and more funding for small business owners seeking entry into the industry.”
Regulations and Banking: A Steep Climb
The laws and legal precedents shaping 2025 will determine how New York and other newly legalized states approach federal banking practices. While changes loom on the horizon, we haven’t yet reached the turning point. I’m looking for impactful changes to appear soon.
The cannabis and CBD marketplace is transforming, incorporating mushrooms and other psychedelic products. However, federal banking and legalization laws remain a significant bottleneck. Without these changes, growth may stall, leaving the industry to merely “thrive in place.”
Federal Legalization: Is It the Solution?
While federal legalization could bring sweeping changes, it’s not a panacea. Factors like product safety, purity, and the future of small growers remain crucial. I continue to favor my local farms.
Corporate farming practices often sideline smaller, organic growers. If cannabis follows the same path as other mass-produced industries, concerns about pesticides and carcinogens will rise. The comparison to corporate farming of cattle and poultry is a stark warning: mass production can compromise quality and ethical standards.
The Impact of Policy Changes
New administrations bring new rules. With that in mind, here are some potential developments:
David Craig, Chief Marketing Officer, Illicit Gardens:
- Rescheduling of Cannabis: Following the Department of Health and Human Services’ 2023 recommendation and ongoing DEA review, cannabis may move from Schedule I to Schedule III or a similarly less restrictive designation. This change could significantly alter taxation, banking, and research parameters.
- SAFE Banking and Federal Reforms: The long-stalled SAFE Banking Act could finally pass, enabling federally regulated banks to serve cannabis businesses without fear of penalty. By 2025, cannabis businesses could gain more streamlined access to financial services, reducing cash-on-hand issues and normalizing operations.
- Research and Intellectual Property: Easier access to federally approved cannabis for research could lead to more clinical trials, increased patent filings, new pharmaceutical formulations, and FDA-approved cannabinoids for specific medical uses.
State-Level Progress and Public Perception
While individual states continue to adopt the Farm Bill for CBD hemp production, medical research plays a pivotal role in reshaping public opinion. Data increasingly supports cannabis’ medical benefits for conditions like chronic pain, migraines, PTSD, and sleep disorders.
The senior population, once hindered by prohibition, is now one of the strongest advocates for cannabis. These pioneers are growing for their own health and well-being, proving that this industry has deep roots and a promising future.
What You Can Do
The cannabis industry stands at a crossroads. After decades of misinformation, the time for change is now. Whether it’s through federal reforms, state-level progress, or community advocacy, the momentum is undeniable. Stand strong for the leaders and those who help move this industry forward. Become involved by proudly participating. Your voice counts.
Tag: Trends
#Cannabis, #CBD, #Mushrooms, #SeniorMarketplace, #BestCopyNow