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State of the CANNABIS INDUSTRY (385) 323-9115 [email protected] State Of the CANNABIS INDUSTRY www.viridiansciences.com State Of the MARKET Aside from cryptocurrency, Sales in North America there is simply no other industry changing as rapidly or as unevenly as the cannabis sector. 33% 2016 2017 Troy Dayton, CEO of cannabis analytics firm The Arcview Group HIT $10 BILLION *Arcview Market Research Desember 2017 VIRIDIAN SCIENCE State Of the CANNABIS INDUSTRY State Of the MARKET a report issued by Cowen and Company. U.S. nationwide sales are expected to exceed $75 billion by 2030 “a figure comparable to the sales of soft drinks in 2017.” VIRIDIAN SCIENCE State Of the CANNABIS INDUSTRY State Of the MARKET Among other findings, the report revealed: • California’s medical market is already as big as the total markets in Colorado, Washington, and Oregon combined. • Nevada retailers generated more than $27 million the first month of adult-use sales, according to the Nevada Department of Taxation. • Investment money continues to pour into the cannabis business. VIRIDIAN SCIENCE State Of the CANNABIS INDUSTRY State Of the MARKET According to a report from New York-based cannabis financial advisory firm Viridian Capital Advisors, by the end of November 2017, marijuana companies worldwide had raised approximately $2.7 billion in capital in 2017, almost three times the amount raised in the entirety of 2016. VIRIDIAN SCIENCE State Of the CANNABIS INDUSTRY The Hemp/CBD Market Is Exploding Currently, hemp production in the U.S. is exploding. Hemp production more than doubled in 2017 and appears to be on course to top $1 billion this year. Furthermore, it’s expected to grow to $1.7 billion by 2020. According to cannabis data and analytics firm New Frontier Data, hemp production totaled 25,541 acres (10,336 hectares) in 2017. VIRIDIAN SCIENCE State Of the CANNABIS INDUSTRY US’ First Exchange-Traded Fund (ETF) Launches ETFMG, Alternative Agroscience ETF, recently became the first U.S. traded fund dedicated to investing in marijuana cultivators and distributors. The potential for a marijuana ETF is huge. Individual investors have been clamoring for a good way to get in on the exploding cannabis market. Horizons Marijuana Life Sciences ETF (HMMJ), another ETF which recently launched, trades on the Toronto Stock Exchange. The Horizons ETF has already built up more than $200 million in assets. VIRIDIAN SCIENCE State Of the CANNABIS INDUSTRY Tobacco and Alcohol Want In Both the tobacco and the alcohol industries—two other highly regulated adult markets—are eyeing their potential entry into the cannabiz, not just for vertical growth, but also to stop losses. Cigarette smoking has seen a decline in recent years, some portion of which experts attribute to legal cannabis. And alcohol sales are flagging in states with legal cannabis. In fact, in the tourist town of Aspen, Colorado, cannabis sales surpassed alcohol sales—a first in this country (and probably not the last). Marijuana is sapping tobacco and alcohol sales in two ways. First, they’re taking market share away as cigarette smokers and drinkers choose to forgo those products in favor of cannabis. Second, cannabis has been shown to provide an effective treatment for helping smokers and alcoholics kick the habit. VIRIDIAN SCIENCE State Of the CANNABIS INDUSTRY The State Of the Union There’s quite a bit of activity going on in cannabis politics at the federal level currently. To say that recent events in Washington DC are historic might be an understatement. Even if some new opportunities for cannabis freedom which have arisen lately don’t pan out, they are a sign of the times—and a good sign for the industry. VIRIDIAN SCIENCE State Of the CANNABIS INDUSTRY McConnell’s Hemp Bill US Senator Mitch McConnell recently introduced “The Hemp Farming Act of 2018,” also affectionately known as “The Hemp Bill.” If passed, this legislation would effectively remove hemp—marijuana’s non-intoxicating cousin— from the Schedule I list of the DEA’s controlled substances, forever divorcing hemp from marijuana. VIRIDIAN SCIENCE State Of the CANNABIS INDUSTRY President Trump’s Pledge To Protect MMJ States The Ides of March of 2018 produced some news out of Washington which was so unexpected that some in the industry called it “headspinning.” Colorado Senator Cory Gardner announced that President Donald Trump had pledged to sign into law a bill allowing states to determine their own marijuana legislation, free from federal interference. VIRIDIAN SCIENCE State Of the CANNABIS INDUSTRY Additional Federal Activity In addition to these developments, there Proposed back in August of 2107, the are other pieces of cannabis-related Marijuana Justice Act seeks to remove legislation in the works at the federal level. marijuana as a Schedule I drug under New Jersey Senator Cory Booker’s the Controlled Substances Act, but it marijuana bill, the Marijuana Justice Act, doesn’t stop there. Booker’s bill is also seeks to legalize cannabis at the federal meant to undo damage done from level. The bill recently garnered support decades of criminal charges involving from U.S. Senator Ron Wyden, a fellow marijuana. marijuana reformer, and also Bernie Sanders, among others. VIRIDIAN SCIENCE State Of the CANNABIS INDUSTRY In other Federal news: • The U.S. Department of Veterans Affairs implemented a new policy encouraging doctors with to talk more about marijuana with veterans. • Republican support for cannabis continues to grow and has reached a majority. • The Koch Brothers publicly reprimanded Jeff Sessions for rescinding the Cole Memo, saying he was stomping on states’ rights. VIRIDIAN SCIENCE State Of the CANNABIS INDUSTRY The State Of the States The news is just as exciting on the state and local level. Although there are always setbacks, for the most part, there has been massive forward movement on cannabis freedom for both medicinal users and recreational users. VIRIDIAN SCIENCE State Of the CANNABIS INDUSTRY California Kicks Off RMJ The biggest news this year is coming out of California, which kicked off recreational marijuana sales on January 1st. It’s been a bumpy road for cannabis for many decades, and the start of recreational sales was no exception. The dust still has not settled. California was the first state to allow legal sales of medical marijuana in 1994, long before anyone dreamed of legalizing recreational cannabis. However, with the passing of Proposition 64 in November of 2016, it’s now all but certain that cannabis will soon be one of the state’s staple crops. After the first quarter of 2017, California’s sales are on track to break $4 billion for the year. According to a report in The Cannabist, year-over-year, sales increased 31 percent in 2016 and another 15.3 percent in 2017, putting marijuana sales at $1.5 billion for 2017. VIRIDIAN SCIENCE State Of the CANNABIS INDUSTRY Nevada Also Kicks off RMJ The Silver State began selling recreational cannabis six months before California in the summer of 2017. Initially, the state of Nevada had projected its marijuana industry to hit $50 million in the first year. But, according to this latest report, the state is on track to sell $60 million worth of both MMJ and RMJ. Currently, Nevada is selling roughly $1 million worth of cannabis per day. Tourism is likely to be playing a prominent role in the success of Nevada’s cannabis market. VIRIDIAN SCIENCE State Of the CANNABIS INDUSTRY Vermont Makes History, Passes Legalization Legislation In a history move, lawmakers in the state of Vermont become the first US state to legalize marijuana via legislative action—as opposed to a voter initiative. The action came only two weeks after US Attorney General, Jeff Sessions trashed the Cole Memo. The law has no provisions for building a regulated market. The state will permit the possession of up to one ounce of marijuana and a maximum six plants beginning July 1. VIRIDIAN SCIENCE State Of the CANNABIS INDUSTRY In Other States… Much is also happening in other states—so much that we can’t possibly cover it in this article. But here are a few bullet points on happenings around the country: • Colorado sales neared the $1.5 billion mark in • New Hampshire decriminalized cannabis, 2017. making it the 22nd state to do so. • “Arizona Medical Marijuana Reform Act” sailed • Virginia is considering a bill that could through the Senate. legalize CBD for medical use. • The first social use club opened in Colorado. • New Jersey Gov. Elect has pledged to • A Utah medical cannabis petition surpassed legalize cannabis. signature requirement. • Texas opened its first low-THC dispensaries. • At least four states are expected to have • Pennsylvania launched its medical marijuana-related measures on ballots this year. marijuana program. • In the Northeast, New York, New Jersey, and Connecticut are all considering legislation VIRIDIAN SCIENCE State Of the CANNABIS INDUSTRY International Canada Likely To Pass Recreational Cannabis Legislation VIRIDIAN SCIENCE State Of the CANNABIS INDUSTRY International Uruguay First Country To Sell MMJ In Pharmacies VIRIDIAN SCIENCE State Of the CANNABIS INDUSTRY International Republic of Georgia, Decriminalized In November, the constitutional court of the Republic of Georgia decriminalized cannabis use, ruling that it is unconstitutional to prosecute someone for consumption. Although growing and consumption are now permitted, the sale and purchase of cannabis is still illegal. VIRIDIAN SCIENCE State Of the CANNABIS INDUSTRY International Catalonia Makes It Legal Cannabis was legalized completely for the Spanish region of Catalonia. As of July, cultivation, consumption, and distribution of cannabis is legal for members of designated cannabis clubs which will be regulated by the government. VIRIDIAN SCIENCE State Of the CANNABIS INDUSTRY International Mexico Goes Medical In June, Mexican President Enrique Peña Nieto signed a bill to legalize medical cannabis.
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