Cannabis industry news roundup

2020 is a very tough year for most of the industry due to the pandemic, while the cannabis industry is growing rapidly, with significant sales increase vs. year 2019.

MARKET20192020PROJECTED 2025
Global14.4 B21.3 B47 B
US10.7 B17.9 B45.9 B
CANADACAD1.2 BCAD2.6 BCAD8.1 B

Global Cannabis Sales Topped $21B in 2020

A recent BDSA report found that global cannabis sales reached nearly $21.3 billion last year.

Global cannabis sales reached nearly $21.3 billion in 2020, an increase of 48% over the previous year’s $14.4 billion in sales, according to BDSA. The analytics firm forecasts global cannabis sales will grow to $55.9 billion by 2026, representing a compound annual growth rate (CAGR) of more than 17%.

The more mature markets in the U.S. saw accelerated growth in 2020, BDSA said, noting that Colorado grew by 26% – double its 2019 rate – while Oregon expanded by 39%, 18% more than its 2019 rate. Medical and adult-use markets that launched in 2019 and 2020 contributed $1.6 billion in spending in 2020, BDSA said, with $422 million in medical cannabis sales and nearly $1.2 billion in adult-use.

Canada, the largest national market which legalized cannabis federally in 2018, grew by 61% in 2020 to more than $2.6 billion. 2020 marked the first year of “Cannabis 2.0,” which included edibles and concentrates. BDSA estimates by 2026 Canada’s sales will increase to about $6.4 billion, a CAGR of 16%.

-ganjapreneur

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Alabama is poised to become the 39th state in the nation to legalize a medical cannabis market

Alabama is poised to become the 39th state in the nation to legalize a medical cannabis market after lawmakers there passed a landmark but restrictive measure last week.

The governor must now decide whether to sign the bill into law.

Alabama

Medical marijuana legalization in Alabama is now in the hands of Gov. Kay Ivey, a Republican.

Gina Maiola, a spokeswoman for the governor, told the Associated Press that Ivey is sensitive to how emotional the issue is and “will give it the diligence it deserves.”

The House was seen as the biggest hurdle, but that chamber ultimately passed the bill by a large margin of 68-34 after hours of debate and a filibuster that delayed the vote by two days.

– MJBizDaily

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CBG gets safety approval for inclusion in EU cosmetics database

The European Commission has added cannabigerol (CBG) to the EU’s cosmetic ingredient database (Cosing), clearing the compound as safe for use in health & beauty products.

CBG works with the CB1 and CB2 endocannabinoid receptors, which are located in the skin. Proponents say the hemp-derived compound has anti-inflammatory, antibacterial, and antioxidant properties that help the endocannabinoid system maintain healthy skin function.

Once CBG enters the epidermis, it penetrates to the basal and subcutaneous skin layers where it helps calm inflammation, reduces blemishes, purifies pores, balances oil production and enhances cellular turnover.

-HempToday

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