This year has started a global change in cannabis that will continue throughout all of 2020
The truth is that this was a tough year for the marijuana currently on the public market, but that doesn’t mean progress was not made, and, even more importantly, history. Some predictions were made by many about the milestones that the cannabis industry was going to accomplish, and many of them were accurate even though the profitability was not one of those accomplishments. Several developments happened in 2019 that proves the industry to be reaching a new level of maturity.
Starting with one of the most surprising ones, Illinois legalized recreational marijuana at a legislative level with a bill that was passed in June. It became the 11th state to give the green light to marijuana sales for adult use. Included in this bill was also the record expungement for nearly 800,000 residents that got their offenses to dismiss for cannabis consumption or possession. To continue with surprising unexpected news, this year the House of Representatives passed a cannabis banking reform to allow cannabis business to operate normally having access to the country’s traditional banking system and better payment management. The SAFE Banking Act, once enacted, will protect the cannabis businesses in states where it was legalized already.
But just two months after the SAFE Banking Act, an historic event occurred at a federal level. The Marijuana Opportunity, Reinvestment, and Expungement (MORE) Act was a major step to legalize cannabis at the federal level by removing it from the controlled substances list. This really demonstrates how far along the business has come. And, taking advantage of this new legislation, Major League Baseball (MLB) also took a step ahead and change the policy for substance abuse. Marijuana won’t be more in the list, even separate in the cases where it is used just one of the compounds like cannabidiol (CBD).
Overall, 2019 has seen a lot of positive movement for the cannabis industry. Things are just getting started, though, and 2020 should see an even greater amount of change coming across the globe.