CBD: coming to a retail store near you
About every 5 years, U.S. congress introduces a new Farm Bill to replace the previous; adding potential changes that will impact trade, food, and agriculture.
In 2018, those changes included the legalization of hemp at the federal level – making it possible for farmers to purchase and commercially grow and sell production-grade hemp, which lacks the psychoactive effects produced by cannabis.
Since then, well-known brands from a handful of industries have jumped on board, offering CBD-based products online and in-stores.
The hype has built enough to convince pharmacy store-chain giants, like Walgreens, to sell a wide-variety of products across more than 1,500 stores. It’s rival, CVS, has also recently announced their own CBD-based products – which can be purchased in 8 different states, including Illinois.
The recent CBD-buzz has led some market forecasters to predict a potential market value of exceeding $16 billion by 2025.
Social-consumption bill in Colorado passes first test
The bill would allow for hotels, dispensaries, and cafes to apply for licensing that would allow tourists and locals to smoke and consume cannabis in a designated area within company grounds.
Cannabis cafes and public-use is one of the hottest trends in 2019’s first handful of lawmaking sessions; the state of Alaska recently made history by becoming the first state to legalize social-use, leaving representatives from Denver hopeful that Colorado soon follows suit.
Support for adult-use continues to expand in Illinois and Pennsylvania
Lawmakers and advocates in Pennsylvania and Illinois are hoping to end prohibition by the end of this year.
Multiple bills within both states currently sit within state legislatures, waiting to be debated and voted on in the near future.
A key-House committee is expected to vote on SB 350 in Pennsylvania within the coming weeks, while lawmakers in Illinois continue to hash out the final rules and regulations behind their highly anticipated adult-use market.
New Jersey’s adult-use bill stalls, again
Lawmakers in New Jersey can’t seem to agree on what an adult-use market would look like.
For the third time this year, a plan to legalize adult-use cannabis has once again stalled.
Gov. Phillip Murphy, along with a handful of key-Democrats, supported a bill that was expected to pass this week – but without enough votes in the House, the bill will have to wait until lawmakers reconvene in May.
Taxation, total amount of product per consumer, and home grow were among the highly debated regulations that lawmakers failed to agree on. Another key-topic, social equity, has gained support from key-democrats but has faced backlash from Republican opposition; under the current bill, the state would feature one of the more progressive adult-use bills that guarantees the inclusion of minorities and People of Color.