The Green Bright Future of Cannabis: What are the challenges ahead?

Cannabis is legal! The United States has made it legal! We can hardly wait for that day!

It will become our national green holiday! Before the partying begins, we must do the following:

Legalize cannabis at the federal level as a country. Establish federal cannabis laws, policies, and structure. Address diversity and equality, Review and release prisoners who have been charged with cannabis violations. Fair taxation policies.

When it comes to cannabis legislation, the US does not need to waste a lot of time for no reason. It can take a cue from the Canadian government, which legalized cannabis in 2018. While Canada has not been perfect, it is doing a respectable job overall. Here is an overview of what has happened in the Canadian market in the past four years.

OVERVIEW OF CANADA’S LAST 4 YEARS

In 2018, cannabis became legal in Canada. Dispensaries opened and cannabis was being sold to consumers and consumers were demanding more cannabis. There were not enough dispensaries to meet the supply and demand, which led to a shortage of dispensaries in Canada. As a result, more licensed dispensaries opened in Canada, and there became gluttony of dispensaries in some areas. Canadian cannabis growers also overproduced the amount of cannabis needed for the market. The market became flooded with cannabis because of being unable to compete in the market. Price wars began amongst dispensaries, many dispensaries had to close their doors.

The Product Cycle theory states that each product consists of four segments. Introduction of the product to market, growth of the product within the market, maturity of the product in the marketplace, and the decline in demand for the product.

This is a similar scenario to what Canada went through. Licensure expanded across the country, more in some places and less in others. Production grew faster than demand. Prices declined, and those who were no longer able to compete in the market went out of business. Today, the Canadian market is beginning to find some balance in the market. Canada's government is listening to consumers and working with leaders in the cannabis industry. From its Canadian sister, the US can glean some important lessons regarding the management of cannabis within the country.

Adapting Canada's lessons from the past four years to U.S. needs should be the next step. In several states, cannabis has been legalized, and they have faced many of the same challenges as Canada. Some states are only now beginning to legalize cannabis. California's dispensaries have struggled with high rents, taxes, and costs for quite some time. The illegal market has also taken its toll on profits for farmers and corporations. Some have closed their doors. Will federal legalization take place this year? Although I do not possess a crystal ball, I do not think so. There is still quite a bit of work to do for Cannabis to become legal across the country in the next few years. Could you imagine that? day? What would you imagine that day as a nation would be like? That will be an amazing day! When do you think cannabis will be legalized?