Dry January's growing popularity among young Americans could benefit cannabis sales and the growing cannabis industry.
Amid this year's month-long trend of abstinence among adults, sales at three major U.S. liquor chains hit their lowest post-pandemic levels. Specifically, alcohol sales in the first week of this year fell by 52%, the highest on record.
34% of adults ages 21 to 24 and 24% of adults ages 25 to 34 use CBD or cannabis products to replace alcohol consumption. Traditional markets like Oregon and Colorado also tend to see the strongest sales increases in the first months of the year.
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“As a side note, a lot of people who come into our dispensary say they're buying more cannabis because they're not drinking in January,” he said. Curaleaf Holdings (CURLF) CEO Matt Darling said: reported by bloomberg.
As more states move forward with cannabis legalization, it will be exciting to dig into the data to learn more about how consumer trends regarding cannabis form factors fared during January. . That being said, it would be unwise to assume that many of the alcohol industry's major investors won't participate in Dry January. The alcohol industry is eyeing cannabis in a rescheduled world of federal legalization and is likely to be very actively involved.
Government review supports reclassification of cannabis
January felt like 100 days instead of just 31, but it ended with a promising step in the right direction. Recently, the Department of Health and Human Services (HHS) shared: document We support the recommendation to reclassify cannabis as a Schedule III substance under the Controlled Substances Act (CSA).
“Considering the eight factors that determine the control of a substance under 21 USC 811(c), the Food and Drug Administration (FDA) recommends placing marijuana on Schedule III of the CSA. National Study on Drug Abuse The agency has submitted the enclosed document (prepared by FDA's Controlled Substances staff and is the basis for FDA's recommendations) and concurs with FDA's recommendations. ”, the document states.
This wide-ranging report also acknowledges the medical benefits of the cannabis plant and indicates that cannabis is no more harmful than alcohol, which is an unregulated substance.
“Although marijuana abuse produces clear evidence of harmful outcomes such as substance use disorders, they are relatively uncommon and less harmful than some other comparable drugs,” the report said. There is one passage.
HHS First Recommendation reschedule cannabis It was designated as a Schedule III substance in August last year. Six months later, the publication of this review highlights the need to reschedule cannabis once again. However, the Drug Enforcement Administration (DEA) has not made any definitive progress on rescheduling the substance.
As the calendar turns to February and the industry waits for some action on Capitol Hill, some questions remain. These include why it is federally illegal and why the DEA has not yet acted.
Justice Department seeks dismissal of lawsuit challenging federal legalization
A new page has been turned in efforts to legalize cannabis federally.
In October, four state-licensed cannabis companies enlisted the help of Boies, Schiller, and Flexner to fight the federal illegality of marijuana.This lawsuit challenges the 2005 results Landmark decision of Gonzalez v. Leitch They argue that the Controlled Substances Act is unconstitutional and stifles business growth nationwide.
“The application of the CSA to legal state-run cannabis businesses is an unconstitutional overreach of national sovereignty that has resulted in decades of harm, business failures, job losses, and unsafe working conditions.” Darren Weisspresident of Verano, one of the cannabis companies named in the lawsuit.
Two months later, Justice Department lawyers argued that the lawsuit lacked merit and could delay marijuana's reclassification under the Controlled Substances Act.
“However, the court should not even reach the merits of the case because the plaintiffs do not have standing to challenge the CSA. To challenge the law before it takes effect, the plaintiff must demonstrate a substantial risk to future enforcement. No.” The motion says:. “Plaintiffs' claims that their companies are harmed by other federal laws and policies whose constitutionality is not at issue here also argue that some third parties choose not to deal with federal laws and policies on their own.'' Plaintiff's assertion that the CSA is also not sufficient to entitle Plaintiff to challenge the CSA.
While the Justice Department's motion to dismiss the case is not surprising, it is heartening to see industry leaders challenging cannabis prohibition at the federal level. To create change and end the criminalization of cannabis, industry leaders need to take action and put pressure on federal authorities, which is difficult to do through legislative channels. It is hoped that the efforts of these four plaintiffs will encourage others to explore legal avenues to create change in the future.
Most Americans support federal legalization of marijuana
Support for federal legalization of cannabis continues to increase. A recent poll conducted by the Talance Group revealed the intentions of 1,000 likely voters regarding the repeal of federal marijuana prohibition. Almost 60% of survey participants said they want the federal government to legalize marijuana in all 50 states. Additionally, 35% of respondents not only want to see an end to marijuana prohibition, but also “strongly” support federal legalization.
Efforts to end cannabis prohibition are gaining support from both sides of the political spectrum. 67% of Democrats and nearly half of Republicans support legalizing marijuana nationwide. Similarly, age was not a dividing line in the push to repeal cannabis prohibition. While 67% of respondents between the ages of 18 and 44 support repealing marijuana prohibition, 47% of survey participants ages 65 and older also support federal legalization.
American voters want change. On the topic of marijuana legalization, voters are evenly divided by age, political party, and gender. But as people go to prison, businesses struggle, and advocates work tirelessly in hopes of building a brighter future, federal officials continue to move slowly in considering policy changes. .
Fortunately, there is still time to make progress on this issue. The DEA could act on recommendations from the Department of Health and Human Services and reclassify cannabis as a Schedule III substance. As time goes on, you'll wonder what the good reasons are for taking so long to act on recommendations.
