Recent Developments in the Cannabis Industry: Business, Legalization, and More

Cannabis News Roundup – Jun 6 2023
June 9, 2023

Recent Developments in the Cannabis Industry: Business, Legalization, and More

Cannabis News Roundup

The cannabis industry continues to evolve with significant developments in business, legislation, and societal impacts. Here’s a roundup of the latest news:

Mergers and Acquisitions: A New Era

A recent report by Bianchi & Brandt, a corporate law firm, reveals shifts in the cannabis industry’s M&A trends. With a focus on small and medium-sized businesses, the industry is moving away from its initial frenzy of high valuations and informal deals to a more stable environment. This correction is seen as vital for the long-term sustainability of the industry.

Legislative Progress and Challenges

  • Florida: The Florida Supreme Court appears likely to allow a cannabis legalization proposal on the 2024 ballot, marking a significant step forward in the state’s cannabis policy.
  • Maryland: Marking a milestone in social equity, Maryland has opened its first round of adult-use cannabis licensing, prioritizing social equity applicants.
  • South Africa: In a significant international move, South Africa’s National Assembly has approved a bill to legalize personal cannabis use.

Economic Impacts and Studies

A study suggests that legalizing adult-use cannabis in Ohio could lead to approximately $260 million in net societal benefits, highlighting the potential economic impact of cannabis legalization.

International and Regional Developments

  • Switzerland: As part of a pilot program, two legal cannabis stores will open in Switzerland.
  • Germany and New York: Cannabis legalization is advancing in Germany, while New York plans to issue additional licenses.

Industry and Labor Relations

The National Labor and Relations Board (NLRB) has approved a settlement between a Missouri cannabis company and a union, reflecting the growing importance of labor relations in the cannabis sector.

Hybrid Tech – Cannabis Engineering and Consulting

Looking to navigate the complex world of cannabis business? Hybrid Tech offers expert engineering and consulting services tailored to the unique needs of the cannabis industry. From facility design to compliance, their team provides the insights and solutions you need to thrive in this rapidly evolving market. Learn more about how Hybrid Tech can help elevate your cannabis venture today at Hybrid Tech.