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As spring blooms and 4/20 celebrations have come to a close, the national cannabis industry is on a high right now (pardon the pun). It’s already been a busy season in cannabis, including record-breaking sales and significant legislative developments. Join us as we recap recent headlines and explore what’s going on in the cannabis industry across the nation.
Congressional lawmakers continue demands for rescheduling
A bipartisan group of 21 congressional lawmakers is applying pressure to the Drug Enforcement Administration (DEA), urging swift action to reclassify cannabis from its restrictive Schedule 1 status.
Led by Sens. Elizabeth Warren (D-MA) and John Fetterman (D-PA), along with Reps. Earl Blumenauer (D-OR) and Barbara Lee (D-CA), the coalition penned a letter to DEA Administrator Anne Milgram and Attorney General Merrick Garland highlighting the urgent need for rescheduling. Noting the eight-month lapse since the U.S. Department of Health and Human Services (HHS) recommended this shift, lawmakers emphasized the imperative need for the DEA to act promptly.
“Though marijuana is widely used and… associated with fewer adverse outcomes than alcohol, it remains in the most restrictive schedule,” the lawmakers wrote in the letter. “This placement produces a cascade of severe penalties for marijuana users and businesses, including for criminal records, immigration statuses, employment, taxation, health care, public housing, social services, and more.”
Cannabis tech firms report strong cannabis sales on 4/20
Jane Technologies, a cannabis tech firm specializing in e-commerce and point-of-sail solutions, released a report highlighting strong cannabis sales during the 4/20 holiday. Jane’s network spans more than 2,500 dispensaries and brands across 39 U.S. states and Canada, offering a substantial perspective of activity within the industry on its flagship holiday.
The total number of transactions at Jane-powered locations reached 245,926 on 4/20, marking a notable 1.67% increase from the previous year’s figures. Total transactions for the entire holiday weekend surpassed 500,000, according to a statement released by the company. Jane Technologies also reported record-breaking sales figures in many states, most notably in Illinois, where sales at retailers in the Jane Technologies network soared to almost $4.5 million.
“We saw record-breaking sales across the country this 4/20,” Soc Rosenfeld, Jane Technologies CEO and co-founder, said in a statement. “At Jane, it was an extremely successful day with well over half a million transactions completed on the platform this holiday weekend.”
According to the report, top-performing brands included Rythm, &Shine, STIIIZY, Savvy, and Float. Flower emerged as the most popular product type, followed closely by vapes and edibles.
Cannabis POS platform Treez, which operates in 11 states and serves over 600 dispensaries, reported similarly booming sales data. According to data from Treez, there was a 120% increase in customers, products sold, and gross sales compared to 4/20 in 2023.
However, according to Treez, the biggest spike in sales came the day prior as consumers sought to stock up ahead of the holiday. On April 19, Treez reported a 200% increase over last year’s numbers. That suggests that the day before 4/20 provides an even bigger bump for retailers, as many consumers prefer to refresh their stash ahead of the holiday festivities.
Schumer pushes to pass cannabis banking bills in ‘bipartisan way’
Senate Majority Leader Chuck Schumer (D-NY) is once again championing a bipartisan effort to advance the Secure and Fair Enforcement Regulation (SAFER) Banking Act among a list of legislative priorities for the year. Speaking at a press briefing on April 23, Schumer emphasized the need for bipartisan cooperation in addressing various legislative matters. In addition to the SAFER Banking Act, he underscored the importance of addressing issues like insulin pricing, online child safety, and railway safety.
“We’ve got a lot to do,” Schumer said. “And if we can work in a bipartisan way, we will.”
Schumer has repeatedly pushed to move the SAFER Banking Act, which previously cleared the Senate Banking Committee last September before dying without a floor vote. However, the Senate recently approved long-awaited and contentious appropriations legislation that may have cleared the way to focus on new legislative items like cannabis reform.
CWCBExpo is your gateway to the cannabis industry
The cannabis industry continues to rack up wins, from a record-breaking 4/20 to continued momentum on Capitol Hill. As the industry grows, CWCBExpo offers unparalleled opportunities to connect, learn, and stay updated on the latest news and trends shaping the cannabis industry. Register for our show and business exposition June 5 and 6 at the Javits Convention Center in New York City, and stay up to date on the latest changes and updates in the industry with our monthly news updates.