Looking Back At Top Cannabis Industry Developments In 2024
Welcome to the last Trade To Black podcast of the year! Before we look forward towards 2025, we’ll count down some of the top developments we saw happen in the cannabis industry in 2024.
10. – Ohio Recreational Cannabis Went Live in August
Ohio’s move to legalize adult-use cannabis on August 6, 2024, was a monumental moment for the industry, particularly as it became one of the first major red states to embrace recreational marijuana usage. The rollout of the framework is facing some delays, but the market potential in the state, and the possible ripple effect it might have, is a reason to be excited.
9. – Green Thumb Industries Acquired Agri-Fi
This strategic acquisition in November led to an 800% surge in Agri-Fi’s stock. GTI plans to pivot into hemp-derived beverages, leveraging partnerships like Barstool’s Pink Whitney success.
8. – New York Hit a Billion-Dollar Run Rate in December
New York’s cannabis market is maturing rapidly, with increased retail density and a crackdown on illegal dispensaries through Operation Padlock. This positions New York as a cornerstone of the US cannabis market.
7. – Germany’s Pillar One Went Live April 1
Germany decriminalized cannabis and initiated recreational pilot programs as the first phase of their legalization framework, setting a precedent for the EU. With a population of 80 million, it’s a market twice the size of California.
6. – Biden Falls Short on Cannabis Reform
While President Biden initiated rescheduling, he didn’t deliver on broader cannabis reform promises, leaving the industry to hope for 2025 progress under the new administration.
5. – The FOIA Release of HHS’s 252-Page Report in January
Matt Zorn’s FOIA request unveiled a crucial document comparing cannabis to alcohol. This provided a solid evidence base for future rescheduling and descheduling efforts.
4. – The OLC Memo That Validated The Rescheduling Process
The Office of Legal Counsel’s memo supported HHS’s two-step process for rescheduling cannabis, strengthening the legal foundation for reform.
3. – The ALJ Hearing Announcement in September
The Administrative Law Judge hearing allowed industry stakeholders to contest rescheduling impacts. Set to begin in January 2025, it’s a critical moment for the industry.
2. – Florida’s Amendment 3 Fails on Election Night
Despite 58% voter support, the amendment fell short of meeting Florida’s 60% threshold, delaying one of the country’s largest potential markets and impacting industry sentiment.
1. – Trump’s Pro-Cannabis Stance
Donald Trump’s endorsement of Amendment 3 marked a notable shift, emphasizing banking reform, state rights, and decriminalization. His stance could shape 2025 cannabis policies.
Looking ahead to 2025, tune in to hear our predictions in both the US and Canada. We anticipate a transformative year for the industry. Do you? Come visit our socials to join the conversation.
