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Marijuana trade group urges retained Canadian prime minister to change policies

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With Mark Carney retaining his role as Canada's prime minister, the Cannabis Council of Canada is calling on the Liberal government to implement policy changes to ensure the country's marijuana industry continues to grow.

Carney, a former central banker, initially was sworn in March 9 to replace Justin Trudeau, and Canadian voters on Monday gave the Liberal a full term in office.

Canada's cannabis industry wasted no time trying to get on Carney's agenda.

"Canada likes to position itself as a global leader in legal cannabis – but since legalization in 2018, the federal government has failed this industry and the tens of thousands of hardworking Canadians it supports," Cannabis Council of Canada (CCC) President Paul McCarthy said.

"With a new government in office, it's time for action. The cannabis industry deserves the same attention and support as any sector of our economy."

The price of cannabis in Canada has dropped from about $10 per gram in 2018 – after the nation legalized the world's first recreational market with Trudeau's support – to $3 per gram today, according to the CCC.

Here's what the CCC is asking Carney's government to do. Read story >

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Cannabis industry will add $123.6 billion to US economy this year

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The total U.S. economic impact of regulated marijuana sales could top $123.6 billion in 2025, about 9% more than last year, according to a newly released MJBiz Factbook update.

While the overall industry continues to struggle – especially in some Western states – expanding markets such as New York and Ohio will add stability going into 2025.

Direct medical and recreational marijuana sales are estimated to reach $35.3 billion in 2025 with an additional $88.3 billion added to the broader economy.

Hopes for a breakthrough moment in 2024 never came for the cannabis industry as Congress failed to pass meaningful reform and the U.S. Drug Enforcement Administration fumbled reclassifying marijuana as a legitimate medicine.

That said, recreational marijuana is available in 24 states, with markets such as Minnesota opening soon.

Eastern markets such as New York and Ohio have yet to reach their full potential, and declining sales in California and Colorado somewhat stabilized last year.

The only thing that could destabilize the cannabis industry in 2025 is a broader economic recession, which seems more likely now than it did at this time in 2024. Read story >

How can marijuana consumption lounges turn a profit?

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On paper, the idea seems sound: Customers spending time and gobs of money at a welcoming and exciting place to congregate that's centered around cannabis instead of alcohol.

But as illustrated by the recent closure of Las Vegas' first marijuana consumption lounge after just a year in business, market conditions and onerous regulations mean it's still challenging for cannabis social spaces to turn a profit, industry observers told MJBizDaily.

"For years, lounges have always been talked about as some kind of game change for dispensaries, but it just hasn't come to pass," said Alex Freedman, the president of the California Cannabis Operators Association.

While successful stores sometimes appreciate the additional allure of a lounge, "businesses that have made it their core are struggling," he added.

"The hype that surrounded lounges six years ago hasn't matched the reality that's set in."

That "reality" should serve as a wake-up call for regulators and policymakers still tweaking rules in various states. Read story >

More Headlines

• Maryland governor approves cannabis consumption lounges but with no smoking. Read story >
• New Mexico operator loses lawsuit over insurance coverage of medical marijuana. Read story >
• Michigan trade group wants state to quit issuing new cannabis business license. Read story >
• Court scraps Alabama medical marijuana licensing again.
  Read story >
• Tilray is exiting New Zealand's medical cannabis market to focus on Australia. Read story >
• Why cities in regulated marijuana markets still don't host an official 'weed week'. Read story >

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MJBizDaily is the leading resource for the cannabis industry, cited by The Wall Street Journal, Forbes and Harvard Business Review. MJBiz also produces the No. 1 cannabis business conference, MJBizCon.

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