Federal economic panel acknowledges that the marijuana industry will continue to grow

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The Office of Management and Budget confirms that the cannabis industry is big business

It remains imminent that the marijuana industry will continue to grow as time goes on, and this is a fact that has recently been confirmed by a federal economic committee in a new set of recommendations. Predictions such as these indicate that more new measures will need to be implemented in order to ensure an adequate process for analysts to have the ability to track markets and publish statistical data.

Last week, the White House Office of Management and Budget (OMB) outlined several policy recommendations for the 2022 update of the North American Industry Classification System (NAICS). This system is the one that will currently be used in order to have more orderly data on the industry and its markets in the three North American countries, Canada, Mexico, and the US, and at the same time, it helps to categorize companies.

These suggestions include a proposal to remove cannabis retailers from a miscellaneous category and index them separately in a new category where they will be in the same group as tobacco, eCigarette, and smokers’ stores. While perhaps not the most noticeable change that industry advocates had hoped for, it could certainly be seen as a way that the federal committee is finally accepting and acknowledging the growing legitimacy of the marijuana sector. These moves are intended to make the economists’ job easier, as it categorizes the industry as any other industry is traditionally categorized.

There are still a number of efforts underway for federal reform and while it may take some time for that to become a reality, small steps like these show that the finish line may be getting closer.