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America in Miniature Goes Green: Maryland’s Journey to Adult-Use Cannabis | 9.7.23 | Policy Matters

 

Introducing “Policy Matters” – an insightful new #IndustryEssentials webinar series dedicated to unraveling the intricate world of regulatory and policy dynamics within the cannabis industry. As the cannabis landscape continues to evolve, staying informed about the latest regulations and policies impacting Main Street cannabis operators is crucial for success. Join us for a series of engaging discussions where regional regulators, industry leaders, legal experts, and policy influencers come together with NCIA leadership to shed light on the most pressing issues facing cannabis professionals.

Are you curious about the intricacies of launching an adult-use cannabis market in record time? In the debut episode of our new Policy Matters webinar series we delved into the strategic aspects of designing a thriving cannabis market while meeting regulatory standards. In this exclusive session, NCIA Policy Co-Chairs Khurshid Khoja and Michael Cooper were joined by Will Tilburg, Director of the Maryland Cannabis Administration and President of the Cannabis Regulators Association, to explore invaluable insights into the objectives that drive cannabis regulators and the pitfalls they strive to avoid. Discover the pressing enforcement challenges that are top of mind for cannabis regulators in 2023 and gain a clear understanding of the evolving landscape.

Don’t miss this opportunity to gain an understanding of how policy matters in the fast-paced cannabis sector. Stay informed, stay ahead, and be part of the conversation that’s shaping the future of cannabis policy. Tune in today and empower yourself with the knowledge to thrive in this dynamic industry.

Panelists:

Will Tilburg
Director | Maryland Cannabis Administration
President | Cannabis Regulators Association

Khurshid Khoja
Principal | Greenbridge Corporate Counsel

Michael Cooper
Managing Member | MadisonJay Solutions

Session Chapters & Discussion Outline

00:12 – Session Intro

02:29 – Moderator & Panel Intro

03:40 – Launching an Adult Use Market in 2023 | Were there lessons from the existing medical market and others around the nation that you identified as important, both success stories and pitfalls to avoid?

07:23 – Launching an Adult Use Market in 2023 | What allowed you to move so efficiently and what lessons would you highlight for industry and regulators in new markets rolling-out in the future?

12:48 – Launching an Adult Use Market in 2023 | What are some priorities you have for the months ahead?

16:55 – Launching an Adult Use Market in 2023 | What advice would you give to future regulators on building relationships within the executive branch to prioritize these issues?

22:20 – Social Equity | Can you talk about reserving the first round of adult-use cannabis licenses exclusively for social equity applicants and other recent milestones or developments working with the Office of Social Equity?

28:56 – Social Equity | How has Maryland worked to make its medical cannabis industry more equitable and ensure these goals aren’t undercut as they have been with similar licensing preferences in other states?

34:04 – Enforcement | How did the state set up its enforcement plan? How do you strike a balance in a new market between a complete absence of enforcement and protecting public health?

37:34 – Enforcement | What are some key enforcement priorities for you looking ahead?

41:40 – CANNRA | Can you talk about the Cannabis Regulators Association (CANNRA) purpose, membership, and goals?

44:39 – CANNRA | What are the priorities or goals for your tenure as CANNRA president?

47:20 – Federal Reform & Regulation | What is Maryland doing to address the hemp-derived cannabinoids issue as it relates to protecting public health and unfair competition with adult-use cannabis licensees?

52:10 – Federal Reform & Regulation | As a state regulator, how did you receive the recent HHS recommendation for rescheduling of cannabis to Schedule III?

54:56 – Federal Reform & Regulation | Commons Concerns Amongst CANNRA Membership Surrounding Rescheduling Recommendations

56:34 – Federal Reform & Regulation | What is the optimal division of labor between state and federal government if cannabis is completely descheduled in the future?

57:57 – Final Thoughts | Will Tilburg

59:40 – Final Thoughts | Khurshid Khoja & Michael Cooper

01:01:00 – Session Outro & Upcoming NCIA Activities

01:06:19 – Member Appreciation Credit Sequence

U.S. Cannabis Business Conditions Survey Report Reveals Critical Concerns for the Cannabis Industry in 2022

by Beau Whitney, NCIA’s Chief Economist

As the largest national trade association of the cannabis industry, NCIA works to advocate for and advance the interests of hundreds of member businesses. The recent publication of the Whitney Economics U.S. Cannabis Business Conditions Survey Report offers a granular look at how respondents are feeling, and what they are worried about. 

Survey description

There were a total of 396 respondents to the Whitney Economics U.S. Cannabis Business Conditions Survey. Respondents were either licensed cannabis businesses or ancillary businesses to the cannabis industry, and were from 20 states across the country. According to the report, the objective of the survey was to “establish a baseline of data, and identify the successes and the challenges that operators in the industry are facing.” 

The survey examined policy, regulatory issues, industry successes, and overall industry sentiment using questions around demographics, questions intended to definitively answer a specific question, and questions with the opportunity to offer multiple responses or comments. We are pleased that NCIA members participated in the survey. Because this survey is intended to be conducted on a quarterly basis moving forward, we expect that a growing number of the NCIA membership will want to participate.

Key Takeaways From the Survey

  • Only 42% of respondents are turning a profit. Further, in terms of profitability, female respondents and non-white respondents are faring much worse than white, male respondents. 
    • While 58% of businesses overall are not making a profit (either breaking even or losing money), 62.5% of female-run businesses are not turning a profit and 67.8% of BIPOC businesses are not turning a profit. 
  • Lack of banking, market volatility, and state & federal taxation are the key issues facing cannabis operators. 
    • 72% of respondents stated that access to banking and other financial services was the top issue facing them.
    • Smaller operators are struggling by being pulled in two different directions. On one side is the competition from the illicit market that competes for the same customers as the smaller operators and the other side is the ever presence of big businesses looking to consolidate the market.
    • Taxation is an issue that impacts all businesses regardless of size. Cannabis operators run the risk of being taxed out of business. State policymakers are focused on state issues without considering the impact of federal policy and federal policymakers are not considering the state policy. This lack of a unified tax policy is creating strain on business operators. 
  • The concerns of the industry are weighing heavier on the minds of operators than are the successes, and this is impacting industry sentiment.
    • Business owners are quite proud of their accomplishments over the past year, from increasing opportunities for women and minorities, to doing more for their workers and educating an ever-increasing clientele.
    • Despite this success though, cannabis operators’ concerns far outweigh their feeling of success and this is impacting the overall sentiment.
    • The word cloud on the successes tells a compelling story.

We are very excited that we have now established a baseline of new data that reflects operator sentiment and business conditions. This can help support the narratives with data when having policy discussions at the state and federal levels and to help shape strategy for operators in this space.

“We are delighted on how this initial survey turned out and look forward to surveying the cannabis landscape regularly in the future. We really appreciate the support we received from leading national cannabis organizations such as NCIA.” – Beau Whitney

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