From the way the CBD Bandwagon is gaining popularity, it seems like every one is willing to take a bite out of this cake. Ranging from restaurant owners to farmers, pharmacies to grocery stores; it seems like no one wants to be left out of this booming industry with such potential. With a 20 Billion Dollar market on the horizon, even President Trump decided to sign a bill of approval for this product.
Even then, some of the greatest entrepreneurs and giants have placed some strict restrictions on this product itself as well as any means to promote it. As such, the tech giant, Google, has placed an explicit clause in its advertising policies, prohibiting the advertisement of Cannabis and related products.
If you clicked the link above, you can clearly see the guidelines for placing your advertisement on Google Adwords. According to Google’s Advertising policies, Cannabis is considered a recreational drug, much like many other sources. Of course, we aren’t discounting it as one nor arguing against the fact that Cannabis is used as a recreational drug, but the alarming part of the policy is the one that prohibits even the advertisement of medicinal or other purposes it has.
According to the policy, it gives an example of an unacceptable advertisement keyword to be “Cannabis coffee shop”. After reporting news on Cannabis and its related products for such a long time, we can confidently claim that we haven’t heard of a coffee shop that sells marijuana and lets you smoke it openly. The only thing this keyword could be referring to is the CBD-infused beverages and coffee that different coffee shops are offering.
As anyone who has tried to promote such a business through Google can tell you: it’s not a stretch. It really isn’t possible to get past Google’s advanced artificial intelligence and algorithm if you are trying to advertise CBD related products including the word “CBD” or “Cannabidiol” in it in any way.
New “trial” Policies
Naturally, if you clicked on the link, you’d also notice how these are still mentioned in the policies, with no hint of a “new” policy per se. That’s because Google has restricted the advertisement benefits on its platform for only a select group of producers that they individually approached and invited to do so. This is due to them allowing such advertisements on a “trial” basis on a controlled group of advertisers.
One such company selling CBD-infused beauty and skincare products, Chilyo LP, has been approached by Google. However, according to the co-founder of the company, Shedrack Anderson, Google’s reluctance to disclose the number of participants in this trial program has led the company to refuse their offer and advertise on Google.
It is not up to us to judge or criticize their company’s decisions, but we can surely say that some of the others have not refused to take the opportunity and the deal, even if they haven’t stepped up and explicitly stated so. Regardless of the semantics of the reasoning behind these decisions, we can only postulate that this decision of Google’s might have been influenced by its decline in its growth of Revenue this year. And we can only assume that they too want a share of the cake.
Cannabis Café Can Soon Become A Reality In San Diego
Coupled with legalisation of marijuana in San Diego, city officials are considering whether or not to allow the opening of cannabis cafes in the neighbourhood. Various cities already have Cannabis lounges which allows patrons to enjoy cannabis in a restaurant like environment. They can thus easily select the pot of their choice from the provided menu and enjoy it with friends while chatting and having a jolly good time.
Various proposals regarding the opening of pot lounges were presented to the San Diego Economic Development Committee last week. The meeting held was solely for information purpose and no vote was considered out of the same. Council member Chris Ward enquired the independent budget analyst of the city to examine the case of consumption lounges and come up with answers for being provided to the committee.
Cannabis Lounges In Full Swing
Dallin Young, a board member with the Association for Cannabis Professionals pointed out that, “When we have a cool place like this where people can gather and participate in the legal market, that’s ultimately going to take people away from the illicit market and bring revenue back to the city.”
Various cannabis lounges have already sprung up in Eureka, Bay Area, Palm Springs and West Hollywood most of which pull down their shutters by 10 p.m. Sky is the limit when it comes to coming out with innovative marijuana infused products as business houses are offering versatile solutions in the form of cannabis coffee and marijuana-infused craft beer.
Opening Up Newer Opportunities.
California law allows consumption of recreational cannabis only at an owned home. In many cases, home owners are not very welcoming to the idea of their tenants or fellow neighbours smoking pot in the locality. This is why Young feels that there is not adequate opportunity for people to enjoy these products. Pot cafes on the other hand can provide people with a safe space for the recreational usage of cannabis.
Cause Of Concern
Scott Chipman of San Diegans for Safe Neighborhoods feels that, “There’s a big concern with drug-impaired driving. The economic benefit would be far outweighed by the cost.” He cited the example of the Colorado state by saying that, “They’re spending way more on pot enforcement, impaired driving, medical bills and other things than the economic revenue and taxes coming in.”
A study conducted by the National Transportation Safety Board had also revealed that in stark contrast to its nearby states which have not yet shown a green signal to legalized recreational cannabis, the rate of crashes in Colorado, Oregon was about 6%. Forbes has listed cannabis sales in California to cross over $2.75 billion since the legalization of recreational marijuana.
Chicago Cannabis Startup Grassroots Lands $90M
With the massive expansion of cannabis based products in the United States, more cannabis producing companies are delving into cannabis-based product manufacturing. The marijuana legalization has proven to be a revolutionary act for the consumer market.
Cannabis-infused beauty products are predicted to grab a piece of a $167 Billion market. From CBD infused beauty products to jelly beans to edibles, marijuana is now being incorporated almost every other consumer product.
Multi national companies and organizations have started coming up with an altogether new line of cannabis-infused products to grab hold of the market.
Grassroot cannabis announced on Tuesday that it has raised $90 million in funding, bringing its total amount raised to $165 million since it launched in 2014.
Grassroots, which manufactures, processes and sells cannabis-based products, has more than 400 employees in Ohio, Oklahoma, North Dakota, Illinois, Nevada, Pennsylvania, Michigan, Maryland, Vermont, Arkansas and Connecticut.
“We believe this capital raise now makes Grassroots the largest privately held cannabis company in the U.S.,” Grassroots CEO Mitch Kahn said in a statement. “Our growth is a testament to our team’s collective strategic vision and execution of building an integrated business model that enhances the communities which we serve.”
Grassroots fundraise is a major deal for Chicago, but Verano Holdings was acquired earlier for $850 million after raising $120 million in financing.
MedMen Enterprises acquired PharmaCann in October for $682 million in stock. Cresco Labs raised more than $200 million before going public in Canada, and Green Thumb Industries also hit the Canadian markets last year.
From celebs like Kim Kardashian West to politicians, all have shown their inclination and acceptance towards the growing cannabis industry. The iconic diva Kim recently posted a picture of a luxury beauty hamper declaring her obsessive love with CBD saying, “Everyone that knows me knows I am obsessed with CBD everything. This is not an ad lol my fave right now is @pellequr”, she literally broke the internet!
The cannabis industry seems to be growing at a rapid pace, it is backed by the government officialsand the common people which has given the market a boom.
People are now getting more aware of the health benefits of cannabis owing to which they are accepting Cannabinoid, popularly known as CBD, in a variety of daily use products.
However, marijuana is yet to be legalized in all of the United States, with a significant number of states making it completely legal to possess marijuana for recreational purposes and use it in infused states, the federal states are still holding their step back.
The production and distribution of cannabis is still ambiguous to the tribal community. It will be dependent on how the state government will exercise its power on the tribal land and what will be left at the discretion of the tribal government itself.
Nonetheless, the cannabis industry continues to grow despite the apprehensions put forward by some. As for business domain, it is presumed to become as one of the most profitable industry line.
New Jersey Cannabis Legislation Bill Headed Towards the Judgement Date – Could Pot Lounges and Doorstep Weed Delivery Finally Be A Reality?
Legalizing marijuana in New Jersey will bring about a paradigm change in both retail and logistics industry. For starters, new dispensaries shall spring up around the state and e-commerce houses shall have to make arrangements for delivering cannabis at your doorstep. “Consumption lounges” are also expected to be created although they’ll be is prohibited on college campuses.
All the towns which are planning to show a green signal to cannabis legislation can reap mammoth gains out of this multimillion-dollar industry by shelling out just 3% tax. Atlantic City for example has decided to allot 20% of its hotel and casino space to marijuana. However, all these probabilities shall turn into reality once the 200-page bill receives the conjoined approval of lawmakers.
Chief Architect’s Views
Sen. Nicholas Scutari, the chief architect of the state’s “Cannabis Regulatory and Expungement Aid Modernization Act” revealed in an interview last Thursday, “Clearly we have rounded a corner. I feel good about it.”
According to Scutari, about 10 more votes shall be required between the Senate and the Assembly to pass a positive legislature. He added that, “I can’t say whether there will be hundreds or not. How many liquor stores are in New Jersey? We don’t want too many, but we don’t want people to not have enough so that they have to go to the black market to get cannabis.”
Centralised Decision Maker
Scutari pointed out a five-member commission which shall be liable to take all decisions pertaining to the cannabis regulations. This commission shall have broad power over this upcoming industry and can even control the medical marijuana program which presently serves around 42500 patients. The two sectors shall however be treated separately with tax levied on recreational usage whereas the patients shall be kept exempt.
Home deliveries shall also be regulated by The Cannabis Regulatory Commission within the 10 states which will impart a legal tag to marijuana consumption. However, only certified drivers can drop off the same to adult customers who can purchase a maximum of one ounce at a time.
Coming up with this commission was an extremely tough cookie to crack. It even caused delays in advancement of the bill to the floor over the last six months. Gov. Phil Murphy was in favour of approving legal weed and announced the same during his 2017 campaign. However subsequent provisions were added by lawmakers ceasing his authority to work on the same.
Assembly Speaker Craig Coughlin, Senate President Stephen Sweeney and Murphy came together on last Tuesday to announce that they had reached common ground regarding the constitution of this commission and taxation of cannabis.
Murphy was quoted as saying, “After months of hard work and thoughtful negotiations, I’m thrilled to announce an agreement. … This legislation will establish an industry that brings fairness and economic opportunity to all of our communities, while promoting public safety by ensuring a safe product and allowing law enforcement to focus their resources on serious crimes.” All the five commissioners shall be thus appointed by the governor based on recommendations given by Coughlin and Sweeney.
President of New Jersey Cannabusiness, Scott Rudder held the opinion that, “In Colorado, the first state to legalize, 70 percent of the towns opted out the first year. But last year, there were $1.6 billion in sales. And now more towns want to get back in.” He is hopeful about the fact that approval given by 62% of its residents can be of assistance in getting the legislation passed.
Rudder further added that, “People just need to be comfortable with it. All of our lives we’ve been told cannabis is bad. … It’s something that’s been vilified for the past 81 years, and now we’re using modern data and research to separate facts from fear.”