Each month, Cannabis World Congress & Business Exposition (CWCBExpo) offers a convenient regional news roundup, highlighting significant developments in the tri-state area and Pennsylvania. Get these updates in your inbox by subscribing to our email newsletter, or follow us on Instagram, LinkedIn, Facebook, or Twitter to get the most recent edition when it’s published.
As the cannabis industry continues to grow throughout the country, it remains critically important for business leaders and entrepreneurs to stay up to date on changes within their local market. Between the expansion of the New Jersey adult-use market, the establishment of regulatory frameworks in New York, and the 8th annual CWCBExpo in New York City, there are plenty of exciting developments underway in the Northeast.
Read on to learn more about what’s on our radar after an eventful month.
8th Annual CWCBExpo brings in big-name speakers
Cannabis business leaders and entrepreneurs gathered at the Jacob K. Javits Center in NYC on June 2 through 4 for the 8th annual CWCBExpo.
Among the top moments from CWCBExpo 2022 were remarks from NYC Mayor Eric Adams, as well as keynotes from cannabis industry figureheads like Weedmaps CEO Chris Beals, Greenlane Holdings CEO Nick Kovacevich, NYS Cannabis Control Board Chair Tremaine Wright, and American rapper, author, and National Cannabis Party Co-Founder Redman.
On Friday, Mayor Adams spoke about the city’s newly legal industry and his office’s current approach to unlicensed cannabis sales. Shortly after his remarks, he toured the Women Grow pavilion, which featured 30 women-owned businesses under one banner on the show floor.
CWCBExpo also made history at this year’s show with the Proud Mary lounge, the industry’s first ever dedicated space representing and advocating for queer members of the cannabis industry.
Among other memorable moments from the weekend included:
- The CWCBExpo Industry Yacht Party, an elegant cruise through New York Harbor following the second day of the expo;
- The NORML FORML, an evening filled with networking and celebrating alongside advocates, athletes, politicians, and industry leaders, and
- Multiple events throughout Cannabis Week, held this year from May 30th until June 5th, featuring and celebrating the plant.
All in all, it was an action-packed weekend filled with education, networking, and festivities — we can’t wait to see you again next year!
New York approves cannabis packaging regulations
The New York Cannabis Control Board has officially approved regulations on cannabis packaging. According to the new rules, cannabis companies will be required to implement child-resistant packaging and clear labeling that limits marketing to adult-only audiences. Labels also must include serving size, potency, ingredients, usage, and storage instructions.
“Protecting public health, reducing harm, and promoting sustainable industry practices are key components of legalizing cannabis for adult-use, and I look forward to considering these regulations as we develop the industry,” Cannabis Control Board Chair Tremaine Wright said in a statement. “We are committed to building a New York cannabis industry that sets high standards for protecting children and keeping products safe and sustainable.”
The new rules also aim to reduce waste by including information on recycling. According to the regulations, “licensees must submit an environmental sustainability program for cannabis product packaging as part of the application process. Such programs may include but are not limited to reuse strategies collecting reusable cannabis packaging components to be sanitized and refilled or reused as cannabis packaging, or sustainable packaging strategies that use non-plastic, compostable or recyclable materials, or packaging materials exceeding 25% post-consumer recycled content.”
The regulations will undergo a 60-day period of public comment starting on June 15, at which time members of the public can offer feedback to the commission as they consider finalizing the rules.
New Jersey adult-use market expands
In the first month of adult-use sales across multiple locations in New Jersey, dispensaries generated $24 million in sales revenue, reports Forbes. Thanks in part to that success, six more retail cannabis shops have been approved to begin adult-use sales in the state, according to the NJ Cannabis Regulatory Commission (CRC).
The locations approved for adult-use sales include Ayr Wellness, with locations in Woodbridge, Union, and Eatontown; TerrAscend in Lodi; and Ascend in Montclair. While there is no set date on the state of sales at these locations, sales did begin at Curaleaf’s Edgewater dispensary in May.
Additionally, the CRC announced that dispensaries will no longer be required to wait a year after opening before entering the adult-use market. Instead, they will only be required to prove that they can meet medicinal and recreational cannabis requirements. Finally, the commission also announced approvals for cannabis cultivators, manufacturers, and testing laboratories.
“The interest in getting into this industry is tremendous. And certainly, we’re working to move all those forward,” said CRC Executive Director Jeff Brown.
Stay in the loop with CWCBExpo
Although cannabis remains illegal on the federal level, the industry continues to grow rapidly in the states that have legalized medicinal and/or adult-use cannabis sales. Each state industry has its own set of regulations, many of which change frequently as the local market develops and evolves. As a result, it’s essential that any cannabis business owner or professional stays on top of the most recent news and the nuances of each market in which they operate.
In addition to CWCBExpo’s annual business-to-business conferences, our monthly news round-ups are a great and convenient way to stay in the loop on all local news and events on the East Coast. So, subscribe to our email newsletter or follow us on social media to stay plugged into the news that matters to you and your business.