While slow news days don’t exist in the cannabis industry, the seven weeks leading up to the Cannabis Business Times December press date have been particularly lively.
It began with President Joe Biden’s surprise three-step cannabis reform plan announcement Oct. 6, which included pardons for simple cannabis possession at the federal level and a review of cannabis’s Schedule I status in the Controlled Substances Act. Then, on Nov. 8, there was the Election Day excitement over Missouri and Maryland legalizing adult use, only to be tempered by the ballot losses in Arkansas, North Dakota and South Dakota. The following week, a committee and subcommittee in the U.S. House organized a hearing titled “Developments in State Cannabis Laws and Bipartisan Cannabis Reforms at the Federal Level,” and Congress passed the bipartisan Medical Marijuana Cannabidiol Research Expansion Act, keeping cannabis in the national spotlight.
The mix of highs and lows has been a lot to unpack, and editors at CBT have been publishing news updates as they are available.
We’ve also reached out to plant-touching cannabis businesses to ask what some of these developments mean for them, putting this flurry of headlines into context. And what we’re hearing from MSOs to microbusiness owners is that while every incremental step toward full federal legalization is something to be celebrated, not much will change for their day-to-day operations until banking reform becomes a reality and the IRS Code Section 280E burden is lifted.
With inflation driving up costs for most goods and price compression a reality for many markets, as outlined in Sales Trends, times are tough. And history tells us that real relief could take a while. In 2020, after cannabis legalization ballot initiatives passed in five states—New Jersey, Arizona, South Dakota, Mississippi and Montana—many predicted federal legalization and, at the very least, banking reform, would be within reach by 2022. Well, here we are, and those efforts remain stalled. In the meantime, people are still getting arrested and losing out on housing and job opportunities. And business owners are running companies and making decisions amidst all the uncertainty.
That’s why, in addition to bringing you the most relevant industry news, CBT publishes educational articles, webinars, and columns regularly with suggestions and advice to move your business forward. And, ahead of a new year, CBT dedicates much of its final print issue to practical, actionable tips.
The December 2022 edition has more than 30 tips, covering vital business topics from hiring to considerations for going public, and cultivation guidelines from selecting containers to properly storing cannabis to extend its shelf life.
CBT Editor Theresa Bennett also tells the story of Gibby’s Garden, a family-owned microbusiness in Massachusetts, detailing their experience navigating state licensing and regulations, COVID-19, oversupply and the resulting price declines—all realities that many cannabis cultivators face. Because in addition to tips and takeaways, connecting through common challenges by sharing real, honest stories from cannabis companies is one of the best paths toward solutions when so much is out of operators’ control.
As Kim Gibson, co-founder of Gibby’s Garden, notes in this month’s cover story: “As much as possible, rub elbows with others walking the same path. Share what works, what challenged you. It is best to embrace that we small establishments are not competitors, but are walking this journey together.”
