A Pandemic, Politics, and Investing in CannabisTrials, turmoil, and triumph have made 2020 a unique year for the cannabis industry.
In an unprecedented year, the cannabis industry has seen unprecedented growth. In this podcast, Matt Carr, the Chief Trends Strategist at the Oxford Club, talks with Kristina Etter about the impact cannabis businesses have seen this year, and what we might expect on Election Night, 2020.
Big Winners in 2020
American cannabis operators are seeing a significant boom. Green Thumb, TruLeaf, CuraLeaf have all reported more than $100,000,000 for quarterly revenue. CuraLeaf is expected to top $200,000,000 in the next quarter.”
The most necessary technology with the most significant opportunity in cannabis isn’t exactly sexy, Carr reminds listeners. The cannabis industry, as one of the most regulated industries in the United States, needs more advanced ERP/ERM software applications to help manage the changing regulations and requirements and create transparency in multi-billion dollar industries.
State-Level Legalization Initiatives
With favorable polling in each, five different states have marijuana legalization on the ballot this year:
- Arizona - Proposition 207
- Mississippi - Initiative 65
- Montana - Initiative 190
- New Jersey - Public Option 1
- South Dakota - Constitutional Amendment A
Carr reviews the variances between the different state initiatives and his predictions for an overall win for cannabis on election night in the podcast. If all five states pass their legalization, cannabis is going to be the biggest winner in November.
Carr believes the pandemic's economic impact is going to force more state leaders to explore cannabis legalization to help recover from the financial downfall of a global epidemic.
Federal Election Outcomes
“The biggest hindrance, without a doubt, is the Senate,” Carr explained. With a change in Senate power, Carr believes that many of the cannabis bills passed by the House will have an opportunity to move forward in the Senate in 2021. However, Carr anticipates that without a Democratic-controlled Senate, it will be a few more years before cannabis sees a federal legalization initiative.
So, what can we do to help the cannabis industry move forward? VOTE.
While voting is the most important thing we can do as cannabis supporters, Carr reminds it’s not all about voting. We need to support the advocacy groups like NORML, NCIA, and the NACB.
Tune in now to hear the rest of the story! Watch now on YouTube, or listen wherever you get your podcasts!