10 Biggest Cannabis News You Missed from August 2024

Welcome to the August 2024 edition of our 10 Biggest Cannabis News blog!

This month has brought a wave of essential updates and transformative changes across the cannabis landscape, and we've got the most impactful stories in one place. From exciting new developments in the adult-use market to major legislative moves, there’s no shortage of news shaping the industry’s future. Whether you're a cannabis business owner, investor, or enthusiast, these updates will help you stay informed on the latest trends.

This month, we’re spotlighting a variety of groundbreaking stories—from Ohio’s record-setting adult-use sales launch to potential cannabis legalization in North Dakota and even the internal struggles in Missouri over hemp-derived THC bans. There's also exciting movement on the federal front, including cannabis MSOs taking on the IRS and efforts to reschedule cannabis at the national level. Dive into the top stories setting the stage for what’s next in the cannabis world, and stay ahead of the curve with our August roundup!

So, settle in and explore our comprehensive look at the most crucial cannabis news of August. Whether you're strategizing your next business move or keeping an eye on the industry’s growth, this list is packed with must-know information. 

Let’s dive into the top 10 cannabis stories, making waves and setting the stage for what’s to come!

1. CDC Data: U.S. High School Cannabis Use Declines  

Over the past decade, cannabis use among U.S. high school students has dropped significantly, according to new CDC data. Prevention efforts and shifting attitudes toward marijuana might be driving this decline. This trend is encouraging, signaling that fewer teens are experimenting with cannabis, which could impact future public health initiatives and cannabis regulations nationwide.  Read more here

2. Americans Favor Marijuana Use in Olympics Over Alcohol and Tobacco  

A recent poll reveals that more Americans believe Olympic athletes should not be disqualified for marijuana use compared to alcohol or tobacco. As cannabis continues to be normalized across the country, public opinion is increasingly favoring the removal of marijuana as a disqualifying factor in sports. This shift reflects broader changes in how cannabis is perceived, especially concerning performance and health in athletics.  Find out more here

3. Cost vs. Sustainability: What Drives Cannabis Consumers?  

A new study shows that while many cannabis consumers appreciate sustainable practices, price is often the deciding factor when choosing products. With the high cost of eco-friendly production methods, some companies struggle to meet consumer demand for both affordability and sustainability. This ongoing challenge highlights the need for innovative solutions in the cannabis industry that can balance cost with environmental responsibility.  Learn more here

4. Lockhart, Texas to Vote on Cannabis Decriminalization in November  

This November, voters in Lockhart, Texas, will decide on a proposal to decriminalize cannabis possession. If passed, this measure would reduce penalties for small amounts of marijuana, aligning with the nationwide trend toward cannabis reform. A successful vote could set the stage for broader decriminalization efforts in other Texas cities and potentially impact state-level policies.  Read more here

5. Ohio's Adult-Use Marijuana Market Kicks Off with Strong Sales 

Ohio’s newly launched adult-use marijuana market has had an impressive start, with early sales exceeding expectations. Industry insiders are optimistic about the market's growth potential, as demand for legal cannabis continues to rise across the state. This initial success sets a promising tone for Ohio's cannabis industry, which is expected to expand significantly in the coming months.  Check out the full story here

6. Cannabis MSOs Set for Legal Battle with IRS Over 280E  

Multi-state cannabis operators (MSOs) are gearing up for a potential legal showdown with the IRS over Section 280E, which prevents companies from deducting expenses related to the sale of controlled substances. This issue poses a significant financial challenge for the cannabis industry, and the outcome of this fight could shape the future of taxation for cannabis businesses across the U.S.  Read more here

7. Farm Bill and Rescheduling Spur Cannabis Lobbying Surge  

With potential changes to cannabis rescheduling and the upcoming Farm Bill, the cannabis industry is ramping up lobbying efforts. Advocates are pushing for reforms that could reshape the market, particularly in areas like hemp regulation and cannabis banking. The next few months will be critical as industry leaders and lawmakers debate these key issues.  Learn more here

8. North Dakota Voters to Decide on Cannabis Legalization in November  

This November, North Dakota voters will have the chance to vote on a cannabis legalization measure that could allow adult-use marijuana. If approved, the measure would make North Dakota the next state to legalize recreational cannabis, signaling a growing trend of reform across the U.S. as more states embrace legalization efforts.  Find out more here

9. Missouri’s Hemp-Derived THC Ban Stalled by Republican Infighting 

Internal conflicts among Republican lawmakers have delayed efforts to ban hemp-derived THC products in Missouri. The ongoing disagreements have hindered progress on this proposed legislation, leaving the future of delta-8 THC and other hemp-derived cannabinoids uncertain in the state.  Read the full story here

10. Nevada Takes Steps to End Marijuana Penalties for Athletes 

Nevada officials are moving to stop penalizing MMA fighters and boxers for marijuana use, reflecting the growing acceptance of cannabis in the sports world. This shift could have a significant impact on athletes who have historically faced penalties for using cannabis, and it aligns with the broader trend of relaxing cannabis-related restrictions in professional sports.  Read more here

So, it’s clear that the industry is buzzing with much movement lately. From Ohio’s record-breaking adult-use sales to North Dakota’s upcoming legalization vote, these are still trembling times for cannabis enthusiasts and businesses alike! Staying informed is more important than ever, especially as the market continues to expand and evolve.

We’ve also seen major legal battles, like the IRS showdown with MSOs and Missouri’s struggles over hemp-derived THC bans, showing just how crucial it is to keep up with the shifting regulations. Remember, it doesn’t matter if you’re a business owner or just love to stay in the loop; this month’s news may show the expansion of new markets and changing customer behaviors.

 

Before you go, ensure you’re ready to meet your best-sellers by browsing BDD Wholesale to re-stock with the latest and best products. Our top-notch shipping and carefully curated selection will keep you ahead of the competition. Thanks for reading, and we’ll see you next month with more exciting cannabis updates!