I really fought myself putting together a file Festivus After all that went wrong with the cannabis industry in 2021. Instead, I want to focus on the positives of 2022 as the industry continues to mature and expand throughout the United States and beyond. With 2021 coming to a close, here’s what I’m looking forward to using cannabis next year:
Federal legal reform
2021 was a fiasco when it comes to federal legislation. We’ve gotten enough verbal rants from Democrats about how legalization and reform will be our top priority. None of that has come to fruition, and it appears that Democrats have actively fought against some meaningful banking reforms by Elimination of the Safe Banking Act as part of the NDAA. I still have hope that the proposed legislation like states reform law It will make its way to reality in 2022.
tax reform in california
You take California on its head over and over again because Destroy the cannabis licensing program. The state has all kinds of issues related to licensing backlogs, onerous regulatory red tape, overwhelming local control, and of course some of the highest cannabis taxes out there. While the COVID recovery has been the star of the state for a long time, I hope cannabis tax reform will gain some attention given the state of the industry that high taxes are a major barrier to competing with the illegal market. Although I do not agree with any scheme”tax revolution“I totally agree with changing these laws and lowering taxes in 2022.
New York hemp
New York is perhaps the most exciting country on the horizon regarding the launch of lLong-awaited adult use program. We’ve watched the state and are waiting patiently like everyone else to get things started. We hope that New York learns from the mistakes of other countries and only borrows good state law and policy at the same time. I really see 2022 as the year of construction for New York hemp, which will be a great opportunity for the country to develop its program in close coordination with stakeholders of all kinds.
Other states coming online (including by legislative vote!)
It used to be that the legalization of cannabis only happened through Voters Initiatives. It is not so anymore. There are a number of states where solid cannabis legalization bills are making their way through legislatures. This is an incredibly good sign that cannabis no longer has to wait for “democracy in action” to see change. Additionally, more states are certainly preparing to court legalization through voter initiatives in the November 2022 elections. Delaware (adult use), Oklahoma (adult use), Mississippi, North Carolina, Wyoming and Pennsylvania (adult use) remain just a few examples. on this list.
Cannabis mergers and acquisitions at all levels will continue to thrive
There were a lot of cannabis mergers and acquisitions in 2021 (just check out the latest Pfizer deal, which made a lot of headlines), but 2022 is likely to be an even bigger year for deals in space. MSOs It has been aggressively seeking acquisitions in many states in 2021, and I doubt it will slow in 2022 as more states come online for adult use. Plus, if we get any form of federal legalization (or the return of SAFE Banking) in 2022, it’s sure to spur dealmaking. Don’t forget, if you’re buying a cannabis company, Make sure you do it the right way!
International hemp is recovering
We recently made a file webinar With Clifford Chance we’ve examined several international markets that have hemp in the mix. There is no doubt that international trade around cannabis will continue to recover in 2022 and that more countries around the world will consider legalization or medical treatment. A short list of exciting recent examples Malta and Germany, And Luxembourg.
As usual, it’s not all bleak for American hemp even after a tough year for federal legal reform. I sincerely look forward to what 2022 brings to the industry. Onwards and onwards!
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