10 Biggest Cannabis News You Missed from May 2024

Welcome to our monthly roundup of the most significant developments in the cannabis industry. As a trusted partner supplying top-notch products to smoke shops nationwide, BDD Wholesale recognizes the critical importance of staying informed about industry trends and news. In this blog post, we will highlight the top 10 cannabis business news stories from May 2024, providing insights and clues that will help you navigate the dynamic landscape of the cannabis market.

In an industry characterized by rapid growth and constant change of use, staying updated is a necessity and a competitive advantage. Business owners and stakeholders can make informed decisions that drive growth and innovation by analyzing the latest trends. From regulatory updates to market expansions and new items, understanding these shifts can significantly impact your business strategies. Let's dive into the significant events that shaped the cannabis industry last month!

 

1. After Accidentally Legalizing Intoxicating Hemp Products, Louisiana Is On Track To Outlaw Them Again.

Louisiana lawmakers are on the brink of dismantling a consumable hemp industry they unintentionally legalized just two years ago. Senate Bill 237, sponsored by Sen. Thomas Pressly (R-Shreveport), passed the House Committee on Administration of Criminal Justice with a narrow 7-5 vote on Tuesday. This controversial bill, opposed by 67 lobbyists and organizations, aims to ban the manufacturing or sale of any products containing THC, the psychoactive compound in cannabis unless they are licensed medical marijuana products. Full story here

 

2. Military veterans included in Minnesota’s social equity cannabis law.

Minnesota military veterans are about to get an ample opportunity under the state's updated cannabis legislation, pending Governor Tim Walz's signature. This change means that over 327,000 veterans will qualify as social equity applicants for cannabis licenses. Previously, these licenses were only available to individuals with cannabis convictions, their families, and those from low-income communities. According to the Minnesota Reformer, this move aims to broaden access and provide more support to those who have served our country. Full story here

 

3. Travel on High: Cannabis tourism is continuing to grow.

Cannabis tourism is evolving rapidly, offering a variety of unique experiences beyond just purchasing and consuming cannabis. This growing sector now includes wellness activities like cannabis yoga, culinary experiences with infused dinners, and cultural tours in regions famous for their cannabis history, such as California's Emerald Triangle. As more states legalize cannabis, these tourism options become more diverse and integrated into broader cultural and wellness trends. Dive into the future of cannabis travel and explore the exciting opportunities awaiting enthusiasts.  Full article here

 

4. Daily marijuana use outpaces daily drinking in the US, a new study says.

Did you know that for the first time, more Americans are using marijuana almost daily than drinking alcohol that often? It's been a long time coming, about 40 years in the making, as recreational cannabis became mainstream and legal in nearly half of the U.S. states. In 2022, around 17.7 million people reported using marijuana daily or near-daily, compared to 14.7 million daily drinkers. Back in 1992, less than 1 million people were daily marijuana users. It's a pretty fascinating shift, don't you think?  Full story here

 

5. Cannabis Use Before Bedtime Does Not Cause Next-day Impairment Of Cognitive Ability Or Driving Performance, Study Shows.

A new study is saying that if you use marijuana before bed, it doesn't affect how you perform the next day. They tested things like simulated driving, cognitive tasks, and mood and found minimal impact. This comes from a larger research project on THC and CBD's effects on insomnia. They looked at 20 adults with diagnosed insomnia who don't use marijuana regularly. So, it seems that a little pre-sleep cannabis might not mess with your next day's activities as much as you might think. Full story here

 

6. Connecticut,  Iowa pass new hemp restrictions, and low-dose beverages are safe.

Connecticut and Iowa have passed new restrictions on hemp-derived products, limiting the amount of THC allowed. In Connecticut, new laws set a cap of 1 milligram of THC per serving, dropping to 0.5 milligrams in 2025, but allow up to 3 milligrams per 12-ounce beverage. Iowa's new legislation limits THC to 4 milligrams per serving and 10 milligrams per package, with added penalties for violations. These changes aim to regulate the market while allowing low-dose beverages to thrive. Full story here

 

7. Adult-Use Cannabis Generates Over $20B in State Tax Revenue.

The latest report from the Marijuana Policy Project reveals that adult-use cannabis has generated over $20 billion in state tax revenue since legalization began in Colorado and Washington a decade ago. This significant economic impact underscores the financial benefits of legal cannabis markets, which support state budgets and fund essential services. As more states adopt legalization, the positive fiscal effects continue to grow, highlighting the value of regulated cannabis industries. Full story here

 

8. Why replacing alcohol with weed is a growing trend in the US.

A new study shows that daily marijuana use has surpassed daily alcohol consumption in the U.S., reflecting a significant shift in how people unwind. In 2022, about 17.7 million Americans used marijuana daily, compared to 14.7 million who drank alcohol every day. This trend highlights the growing acceptance and legalization of cannabis across the country and opens up new discussions about wellness and lifestyle choices. Full story here

 

9. Marijuana Use Linked To Increase In Light Physical Activity, Study Challenging ‘Lazy Stoner’ Stereotype Finds.

A recent study challenges the "lazy stoner" stereotype by linking marijuana use to increased light physical activity. The research found that cannabis users tend to engage in more light exercise compared to non-users. This finding suggests that marijuana might not hinder physical activity as previously thought but could encourage a more active lifestyle. This new perspective adds to the evolving understanding of cannabis and its effects on daily life. Full story here

 

10. California-based marijuana delivery service Eaze faces foreclosure.

Eaze, which is the most significant cannabis delivery service in California, is in danger of being seized by its lender after a legal dispute over ownership. The company still needs to repay a loan from tech investor Jim Clark, who now holds a position on the company's board of directors. In August 2022, a company jointly owned by Clark provided Eaze with a $36.9 million loan, granting Clark the authority to take control of Eaze if it did not meet its monthly revenue targets. Full story here

 

Conclusion

May 2024 was a month of significant advancements and developments in the cannabis industry. These events highlight the sector's dynamic nature, from legislative changes and market expansions to innovative trends and research breakthroughs. Staying informed about these trends is essential for making strategic business decisions and staying ahead of the competition.

For those looking to leverage these insights, visit our website at BDD Wholesale to explore our extensive range of products. Whether you're restocking or seeking to introduce new product lines, BDD Wholesale is your trusted partner in ensuring your business remains competitive and well-equipped to meet market demands. Join us in navigating the future of the cannabis industry with confidence and success!

By keeping a pulse on the latest news and trends, you can better position your business for growth and innovation. We invite you to stay connected with us for more updates and insights into the cannabis industry. Let’s continue to grow and succeed together!