December Menu: At least 2021 was better than 2020…right?
Celebrities Entered the Arena and Others Expanded
Sha’Carri Richardson Shook Up The Olympics
The Canna Consortium Attended over 50 Shows!
Partner Spotlight: Realm of Caring
Industry Insights
Synthetically Derived Cannabinoids
The cannabis industry was built on chemistry experimentation and innovation. Meaning we are constantly finding out more and more about this amazing plant. 2021 brought on a whole new sector of the industry in synthetically derived cannabinoids. Many of the cannabinoids to hit the market come in minuscule amounts of the cannabis plant and therefore needed to be synthetically created to manufacture a product for consumers. While these innovative products seemed like the newest iPhone hitting the market. The legality of synthetic cannabinoids created many hurdles.
Delta 8 was one of the biggest synthetically derived cannabinoids we saw hit the market. And while it is derived from hemp which is federally legal per the Farm Bill 2018. Many saw an issue as it interacts with the body similarly to Delta-9 or THC. Having no regulatory oversight into dosage, age limit of purchasing, etc. Many states have begun to ban Delta 8 products. However, as Delta 8 slowly bows out, other synthetically derived cannabinoids such as Delta-10, HHC, and THC-O Acetate are becoming more and more present in consumer-facing products.
Psilocybin Decriminalization
As psilocybin and other “magic mushroom” derivatives enter the decriminalization list the interest in the plants’ benefits is increasing. Research into the possible aid in depression, OCD, and PTSD (to name a few) through the use of psilocybin brought mushrooms to the forefront of discussion within the cannabis industry. As an industry already attached to a strong stigma and many refusing to research into the possible health benefits the mushroom industry is looking at the marijuana industry as the leader in bringing an “illicit drug” to the public market (i.e. the Karren’s, Chads, and Brads) Many expect psilocybin to be the hottest topic in the upcoming years as more time and money is poured into research in what psilocybin and other mushroom compounds are capable of.
The Regulatory Roller Coaster
The MORE Act Introduced to The House
One of the biggest regulatory moves we saw in the cannabis industry was the introduction of the Marijuana Opportunity Reinvestment and Expungement Act in May. Introduced by Jarrold Nadler (D-NY) along with Chuck Schumer (D-NY), Ron Wyden (D-Ore), and Cory Booker (D-NJ) hopes to remove marijuana from the Schedule 1 drug list. As well as begin the process of expunging many convicted of marijuana-related offenses. This is fine and dandy but as many always want to look at the fine print in DC the act also imposes a significantly high federal excise tax on all cannabis products.
This causes many in the industry to recoil. This tax would add to an already high state tax rate many businesses deal with. With cannabis industry needing to hike prices to compensate for such high taxes. Many worry that marijuana would stray away from the current gray market to the underground black market once again. Many business owners point out that if this bill is passed it could lead to not only a booming underground market but the only ones that could thrive is Big Pharma. This basically solidifies the “War on Drugs” mentality that many see now as a war on African Americans. With no diversity in the industry and putting everything off books, it seems as though this legalization we’ve always wanted has more so a man behind the curtain.
State Wise Marijuana Legalization Excelled
Connecticut, New Mexico, New York, and Virginia passed the legalization of recreational marijuana. Adding up to a total of 19 states with legalized recreational use. The final three to have a continued ban on anything and all things marijuana are: Idaho, Nebraska, and Kansas (No wonder Dorothy left). We’re keeping an eye on Delaware and Oklahoma which have cannabis on the ballot coming up in the 2022 elections. To see a current list of where each state is at legally in relation to cannabis click here.
Celebrities Entered the Arena and Many Others Expanded
Seth Rogan and Evan Goldberg’s brand Houseplant hit the US of A. Presenting more of a brand than just debuting in a couple of dispensaries across California. Selling everything from vinyl to go along with the different strains to homemade ashtrays and smoking accessories.
Actor Jaleel White aka Steve Urkel made headlines when he announced his brand ItsPurple. Partnering with 710 Labs the brand hit shelves in California on 4/20/2021 with strains such as Purple Urkle.
Even Justin Bieber entered the game with prerolled joints named “Peaches” after his 2021 album. Working with LA-based company Palms, Bieber has been open about the pressure of being a child star and his difficulties with mental health in the past. “I’m a fan of Palms and what they are doing by making cannabis approachable and helping to destigmatize it,”
Franny’s Farmacy Franchises! In June of 2021 Franny Tacy, CEO, and Founder of Franny’s Farmacy announced that her first franchise owner would be Sondra Hellund.
Sha’Carri Richardson Shook up The Olympics
Sha’Carri Richardson shook up the Olympics when she won her qualifying 100-meter race, only to fail a drug test following her win. Forbidding her from going to Tokyo to compete for the USA. However, the unfortunate suspension led to a review within the World Anti-Doping Agency (WADA) into whether cannabis should remain a banned substance. The scientific review will begin in 2022 although cannabis will remain on the prohibited list for the corresponding year.
The Canna Consortium Attended over 50 Shows!
Between our six founding companies and eleven partner companies, we have been present at over 50 conferences, speaking engagements, and networking events. We thank you all for being there and look forward to another year jam-packed with fun and amazing events.
Partner Spotlight: Realm of Caring
Founded in 2013, Realm of Caring (RoC) is an independent 501c3 non-profit organization that serves anyone in need of more information about cannabinoid therapies. Through revolutionary research, innovative education, and empowering global community connections, RoC seeks to facilitate and encourage the mainstream acceptance of transformative, plant-powered therapies to benefit individuals and families and serve healthcare providers as well as the hemp and cannabis industries. Since becoming a formal non-profit in 2013, RoC has cherished a vision that has remained unchanged: the belief that the quality of life matters.
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Teagan is the Marketing & Communications Manager for 710Spirits® and Rocky Mountain Reagents. While continually learning about the cannabis industry and all the possibilities it has to offer she creates content for The Canna Consortium both for blog posts and social media. Make sure to check out @thecannaconsortium2.0 for all industry updates and news.