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The marijuana capital markets have experienced a whirlwind over the past few years – and this year's elections around the nation show little sign of affecting the capital markets no matter who comes out on top.

Historically, investors have shown high hopes for the cannabis industry, particularly in the wake of evolving state-level legalizations.

Yet the capital markets have changed dramatically.

As of October, cannabis stocks such as the AdvisorShares Pure US Cannabis ETF (MSOS) are down more than 85% from their all-time highs.

Despite this sharp decline, the regulated U.S. marijuana market is larger than ever, growing from $27 billion in 2021 to an anticipated $32.1 billion by the end of 2024, according to the MJBiz Factbook.

In the aftermath of the 2020 U.S. election, cannabis investors (largely retail) flooded the market, banking on federal reform under the Biden administration.

However, with little reform progress during the administration's first two years and the onset of high inflation and a rapidly rising interest rate environment in 2022, capital markets continued their downward spiral.

For the first time in history, five of the oldest U.S. cannabis markets experienced year-over-year sales declines in 2022 and 2023.

Despite these setbacks, the investment opportunity in cannabis has never looked brighter. Read story >

More Headlines

• 25 participants tapped for DEA's marijuana rescheduling hearing. Read story >
• Arizona cannabis operators can start delivering to adult-use consumers Nov. 1. Read story >
• California report spotlights potential risks of high-potency marijuana. Read story >
• Virginia chooses Metrc to run state's medical cannabis seed-to-sale tracking. Read story >

E L E C T I O N   W E E K

Will the grass be greener for the marijuana industry in 2025?

Join MJBizDaily Reporter Chris Roberts and special expert guests to sort through the results of the 2024 presidential and state elections and dive deep into insights on how the outcomes will impact the U.S. cannabis market. Register now >

More 2024 Election Coverage

• Get Briefed - MJBizMagazine High Stakes Election issue
• Keep Up with the Headlines - MJBizDaily Election Coverage
• Tune in Live - Election Recap LinkedIn Live
• Attend MJBizCon Sessions - Full Conference Agenda

Big-picture view of global cannabis markets

E U R O P E

2 German cities to launch adult-use sales pilot in 2025

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Legal adult-use cannabis sales will launch in two German cities in early 2025, but there's a catch: Only a few thousand buyers will be allowed to participate, and they'll be part of a pilot project.

This development is arising after Germany earlier this year became the largest European country to legalize recreational cannabis.

Germany's adult-use law approved in February - it went into effect April 1 - ended prohibition and was billed as legalization, but it did not create a legal groundwork for the commercial sales of recreational cannabis to consumers.

But starting next year, a pilot project will allow limited legal adult-use sales at a few outlets in the German cities of Frankfurt am Main and Hanover.

Both cities will be part of a five-year project. Read story >

C E N T R A L  A M E R I C A

Costa Rica awards 57 licenses for cultivation, production of hemp derivatives

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Two years after beginning the process, Costa Rica has finalized the licensing for businesses seeking to cultivate and produce hemp-derived products.

The Central American country's Ministry of Agriculture and Livestock (MAG) awarded 57 licenses for the two categories.

The licenses are good for six years.

Most of the licenses have been awarded to businesses in Costa Rica's capital city, San Jose, and the province of Guanacaste, according to MAG data. Read story >

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More Headlines

• CPAs offer 280E guidance to Treasury, IRS ahead of marijuana rescheduling. Read story >
• Funding shortage for LED rebates leaves cannabis lighting vendors on hook. Read story >
• New York City's illicit marijuana crackdown is unconstitutional, judge rules. Read story >

A G E N D A

MJBizCon Conference Agenda Now LIVE!

It's time to celebrate the launch of the most comprehensive MJBizCon to date — we're talking 200+ speakers and four full days of sessions.

This year we're doubling down on our International Regulatory Roundups conference track. Below are a few session highlights. (Check back each week for more.)

INTERNATIONAL REGULATORY ROUNDUP

Crafting an Authentic Brand in the Cannabis Industry

Friday, Dec. 6 • 10:50-11:30 a.m.

Stefan Fritsch

Founder, Grünhorn

Stefan Fritsch is the Founder and Chairman of Grunhorn, Germany's largest cannabis online pharmacy, accounting for one fifth of filled scripts in that market. As a cannabis pharmacy, Grunhonr offers doctors and patients the largest possible selection of medical cannabis flowers from various manufacturers in order to ensure appropriate therapy and treatment.

Chief Executive Officer, CANNAVIGIA

Timo spent more than 15 years helping businesses to innovate business models and starting new ventures. His passion for accelerating business transformation—combined with a childhood affinity for cultivation—ultimately led him to the horticulture and cannabis industry. Today, he serves as CEO at CANNAVIGIA supporting cannabis cultivators and other players along the supply chain with software and consulting services.

Dr. Constantin von der Groeben

Co-founder & Managing Director - DEMECAN

Dr. Constantin von der Groeben is a lawyer and one of the co-founders and Managing Director of DEMECAN, the only independent German producer of medical cannabis operating under the mandate of the Federal Institute for Drugs and Medical Devices (BfArM). Dr. von der Groeben is well-connected within the German and European cannabis industries and maintains close contacts with political decision-makers. He aims to provide patients in Germany with access to medical cannabis of the highest pharmaceutical quality, "Made in Germany." 

W E B I N A R

Join us Tuesday, Nov. 12 for "Scaling Success: Building a Profitable Cultivation Business,"  presented by GrowGeneration and moderated by MJBizDaily. This in-depth session will explore how cultivators can: 

• Optimize operations and build cost-efficient, profitable grow facilities, 
• Explore the critical role product innovation plays in increasing yields while simultaneously lowering input costs, 
• Streamline operations from facility design to ongoing grow management.

Learn from the expert team at GrowGeneration plus guest influencer growers offering tips and case studies on how to achieve higher levels of productivity and profitability. 

R E S O U R C E S

• MJBizMagazine Nov/Dec issue: Breaking Through: Profitability
• SAVE! Fuel Your Fire at MJBizCon, Dec. 3-6 – Get tickets by 11/14
• Gain new leads + land big deals at MJBizCon – Book a booth
• Make informed decisions with MJBiz Factbook – Get data
• MJBiz Free Cannabis 101 Course – Sign up and start learning
• MJBizDaily Reports and Buyers Guides – Download
• MJBiz Media Kit – Advertise with us

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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MJBizCon 2024

Dec. 3-6, 2024  l  Las Vegas  |  Register Now