2020 is poised to be a big year in cannabis. Thirty-three states across the U.S. have now legalized cannabis for medical purposes. Illinois just made history by enacting the first recreational marijuana initiative to focus on social equity and justice measures to help communities most affected by the war on drugs. Also, New Jersey residents are voting on a recreational cannabis initiative this November and Governor Andrew Cuomo has promised that New York would legalize marijuana this year.
Furthermore, passive Cannabidiol (CBD) products have been very popular since 2018 and will most likely continue to be all the rage in the coming month. As of now, the FDA is reviewing CBD merchandise but has not yet issued formal guidance. Nevertheless, regulators are targeting an entrenched illicit market while businesses denounce tax increases and local control measures that put limitations on the distribution of cannabis products.
We may expect that innovation will continue to drive consumer experiences in 2020 as growing competition will most likely increase quality will while costs are lowered. Will the 2020’s be the cannabis decade? We will have to stay tuned to find out.