Marijuana Business Factbook 2019

1 © Copyright 2020, Marijuana Business Daily , a division of Anne Holland Ventures Inc. You may NOT copy this Factbook, or make public the data and facts contained herein, in part or in whole. For more copies or editorial permissions, contact CustomerService@MJBizDaily.com or call (720) 213-5992, ext. 1. National Cannabis Industry Facts, Figures & Trends Though the status quo remained largely unchanged in 2018, the U.S. cannabis industry scored some major victories, laying the groundwork for substantial growth in 2019 and beyond. Former U.S. Attorney General Jeff Sessions ― who stunned the marijuana industry by ripping up Obama-era protections for state-legal MJ businesses ― resigned in late 2018, easing industry concerns that the Department of Justice would unleash a crackdown on marijuana businesses. Shortly thereafter, the 2018 midterm elections brought three new legal cannabis markets into the fold, including medical markets in Missouri and Utah and recreational in Michigan. This came on the heels of a significant development in Oklahoma, which earlier in the year passed one of the most liberal medical marijuana laws in the country. That momentum has carried over into 2019, as lawmakers in both Georgia and Virginia passed medical marijuana measures that ― while limited in scope ― will provide further opportunities for growth. The 2018 midterm elections also flipped the U.S. House of Representatives, which is now controlled by Democrats. Federal marijuana policy reform bills seeking to make major changes to issues such as banking and taxation have received significantly more attention, though the odds of any bill making it through the U.S. Senate still appear slim. Last year also saw a huge uptick in the number of cannabis businesses turning to the public markets to access capital. In 2018, 34 U.S.-based cannabis companies listed on the Canadian Securities Exchange, more than all previous years combined. Meanwhile, Canada’s largest cannabis companies found their way onto major public markets in the United States in 2018. Cronos Group and Tilray now trade on the Nasdaq, while Aphria, Aurora Cannabis and Canopy Growth received listings on the New York Stock Exchange. With the number of medical and recreational markets expanding, talk of federal marijuana policy reform intensifying and access to capital increasing, the future is bullish for retail marijuana sales ― the main metric we use to chart the industry’s performance. Chapter 1