As we approach the threshold of 2024, the cannabis industry in several states anticipates noteworthy transformations. Come with us as we delve into the future and unveil intriguing predictions for the cannabis markets in New York, Ohio, and Minnesota.
New York Predictions For 2024:
As the curtain rises in 2024, here are some key predictions for New York’s cannabis market:
Room for More Legal Stores
Lots of new stores are opening up, and more people are finding out about legal ways to buy stuff, making the market grow even faster than we thought. That clearly means the legal weed market in New York is getting bigger and could be worth a whopping $13 billion by 2027. This means more jobs and lots of tax money for the state, hence it would be profitable for both people and the economy.
Can Expect Weed Drinks:
Besides the regular weed, there’s a prediction that drinks with weed will become really popular in 2024. This is going to be new for people and it would offer more shops and jobs in the cannabis industry. This can also have a positive impact on the New York economy.
Regulations Can be More Strict
As the cannabis industry is growing day by day, there will be more rules about taxes, safety, and how businesses can advertise to ensure every business owner adheres to the rules rigorously.
Medical Marijuana Transition
Companies that were all about medical weed are gearing up to join the recreational party. That means more choices for the consumers. This shift could spice up the market, but some companies might have to hustle through some financial challenges.
More Scope for Social Equity Applicants
New measures will make the cannabis industry more inclusive, supporting entrepreneurs who faced challenges due to past drug laws.
Big Players Might Try Their Luck in Recreation
Multi-state operators (big companies in multiple states) will face challenges but might have the upper hand in understanding and trying their luck in the New York market.
Advanced Online Systems
The way these stores work is getting better with technology. Consumers can order online, and get stuff delivered to their doors, and they can use fancy systems to track everything. With better technology, buying cannabis and cannabis-related products would be easy for the consumers.
In a nutshell, in 2024, we expect the marijuana sector in New York to keep growing, with more stores, new products, and challenges that the industry will work hard to overcome.
OHIO Predictions 2024:
Predictions for Ohio’s Cannabis Market in 2024
As the cannabis industry in Ohio takes a giant leap forward with the approval of adult-use cannabis production and sales, the stage is set for a transformative journey in 2024. Here are some cannabis predictions for the Ohio market.
Home Grow and Delayed Dispensary Sales
As of December 7, 2023, Ohioans gain the right to cultivate up to six marijuana plants individually or 12 per household without a license. However, the thrill of personal cultivation precedes the availability of recreational marijuana in dispensaries, expected to hit the shelves only by late 2024.
Preference to Social Equity applicants
With the trend seen in other legalized states, Ohio may consider implementing social equity initiatives within its cannabis framework. These initiatives aim to address historical disparities and create opportunities for communities that were disproportionately affected by cannabis prohibition.
Legislative Uncertainties and Potential Changes
Despite the approval, Ohio’s legislature retains the power to tweak the law, opening avenues for discussions on taxation, safety, and product regulation. Lawmakers, like Speaker Jason Stephens, emphasize the priority of funding law enforcement, sparking debates on the allocation of cannabis-related revenues.
What are other predictions:
- Ohio might legalize cannabis entirely by the end of 2024, especially after witnessing the positive impact it’s had on nearby states.
- As more people get into the weed business, other types of businesses that help with money, following rules, and using technology might also grow. This means we could see more companies offering services to support the cannabis industry, like helping with the rules, handling money, and using technology.
- Keep an eye on federal developments. While cannabis remains federally illegal, shifts at the national level could impact state policies. Advocates hope for potential changes, such as rescheduling or decriminalization, which could have ripple effects in Ohio.
2024 Cannabis Predictions for Minnesota:
Let’s take a peek into what’s expected in the 2024 Minnesota cannabis market:
Major Changes in Medical Program
Minnesota’s medical cannabis program, which has been in place, is set to undergo positive changes. Starting August 1, the enrollment fee for medical cannabis patients will be waived, making it more accessible. Additionally, the option for initial certification visits via telehealth will be available, enhancing convenience for patients.
To further ease the experience for medical cannabis patients, recertification of medical conditions will shift from an annual requirement to once every three years, effective March 2025. This change aims to reduce the administrative burden on patients.
Expected High Sales
Following the legalization, BDSA predicts substantial growth in total cannabis sales. With a Compound Annual Growth Rate (CAGR) of 68% from 2023 to 2027, the total sales are estimated to reach $875 million in 2027. The initial year of adult-use sales, 2024, is expected to contribute significantly, with a projected total of $177 million.
Regulatory Changes for CBD Products
While Minnesota’s hemp program remains unchanged, the adult-use legislation introduces regulatory oversight for CBD products. The Office of Cannabis Management, formerly the Minnesota Department of Health, will oversee CBD regulations by 2025. This move ensures quality control and consumer safety in the growing CBD market.
As we step into 2024, the cannabis market in New York, Ohio, and Minnesota promises excitement, growth, and transformation. While these predictions give us a sneak peek at what could unfold, let’s keep in mind that these predictions are just educated guesses based on today’s trends. The real deal might turn out differently, influenced by the decisions of lawmakers, what people think, and unexpected happenings down the road.
Cheers to a green and prosperous 2024!