2024 Cannabis: Legal Reforms, Market Growth, and Postless Disposable Vape
Since the DEA confirmed news that it was proposing cannabis move from Schedule I to III of the CSA, aligning with the U.S. Department of Health and Human Services (HHS) recommendation and report submitted to the DEA in August 2023, many have debated what happens next. To clarify the cannabis industry’s state, we found the most relevant trends and statistics for 2024. In this blog, you’ll see marijuana’s legal facts, market growth and opportunities, and the latest postless disposable vape trends. Let’s dive into the findings.
2024 Sets the Stage for Historic Cannabis Reform
In this election year, there are significant implications surrounding cannabis. The decisions made in 2024 may represent the biggest reform in federal cannabis policy in the past 40 years.
Here’s a timeline of notable moments that may impact cannabis this year:
– October 6, 2022 — President Joe Biden issues a statement . He said, “No one should be in jail for using or possessing marijuana.” He announced he would pardon all prior federal offenses for simple possession of marijuana. The President urged all state governments to follow this action. He also mentioned reviewing cannabis’ Schedule I designation..
– Aug. 29, 2023 — A letter from the Department of Health and Human Services to Anne Milgram, of the Drug Enforcement Administration (DEA) leaks to Bloomberg. The letter calls for rescheduling cannabis as a Schedule III drug under the Controlled Substances Act.
– Sep. 13, 2023 — A report by the Congressional Research Service (CRS) finds the DEA will “likely” reschedule marijuana as it would be improbable for them to contradict the HHS recommendation.
– Dec. 22, 2023 — President Biden issues a proclamation that further pardons people who have certain cannabis-related convictions under federal law and also grants clemency to 11 individuals who the President said are serving disproportionately long sentences for nonviolent drug offenses.
– Jan. 4, 2024 — The DEA confirms it is reviewing the cannabis rescheduling recommendation.
– Jan. 12, 2024 — The U.S. government releases documents related to its ongoing review of marijuana’s status under federal law. These documents provide the first official confirmation that health officials recommended the DEA reschedule cannabis. This officially confirms for the first time that health officials have recommended the DEA place cannabis in Schedule III of the Controlled Substances Act (CSA).
Key Statistics and Cannabis Market Trends in 2024
Cannabis Economic Impact: $115.2 Billion Boost in 2024
According to the MJBizFactbook, for every $10 consumers and patients spend at dispensaries, an additional $18 will be injected into the economy.
MJBizDaily
Local economic growth is fueled by cannabis sales, benefiting the same neighborhoods where the products are sold.
Millennials capture nearly half of every dollar spent on Cannabis in the US
Artrix team notes the millennial age group is the largest demographic of cannabis consumers, capturing 46.2% of every dollar spent on weed.
However, Gen Z is the fastest-growing group of marijuana users, which is quickly eating away at the dominant market share of Millennials. Year-over-year, these young adults’ percentage share of total cannabis sales has grown by 11.3%.
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SMBs are the engine of the cannabis economy
The contractions of the cannabis industry created a realignment in the sector following the industry’s early explosive success.
Laura A. Bianchi, founding partner of Bianchi & Brandt, discussed the current market situation in a recent Trend Report. She stated, “We’ve been entrenched in the hyperactive cannabis M&A environment for many years. After the massive, unexpected pandemic bump and the crash of cannabis markets coast to coast, we’re now in The Great Correction.”
Instead of blockbuster acquisitions, the focus of M&A activity is now on small and midsize businesses (SMBs).
Laura continues in the trend report, explaining “Savvy businesses are looking for mutually beneficial partnerships that allow them to maintain a foothold in the market to ride out this correction. Many of these smaller cannabis businesses are merging for basic survival. Some are finding that their new partnerships are helping them thrive in these conditions.”
Central Postless Disposable Vape Design: A Mainstream Vaping Trend
The postless design enhances the vaping experience by offering a clog-free dual air channel structure instead, ensuring a smoother and more reliable draw. This design reduces contact between the central tube and the oil, and usually includes a clear window that showcases the oil, allowing vapers to see the quality before the first puff.
The Cubox: The Best Choice for Postless Disposable Vapes
This type of vaping device, exemplified by products like the Cubox from Artrix, aligns perfectly with current cannabis market trends. Firstly, its postless design has a clear window that shows the oil’s purity. This reduces contact between the oil and the central tube, enhancing safety.
The Cubox eliminates buttons and unnecessary setups, providing a hassle-free, intuitive vaping experience. Ergonomically designed with rounded curves and customizable paint finishes, it ensures maximum comfort and user satisfaction. Additionally, its state-of-the-art etching flat ceramic heating technology and dual air channel system deliver a pure, consistent, and smooth vaping experience.
