This week has seen important developments in the marijuana industry, covering legislative changes, industry shifts, and new research findings. Here are the top 10 marijuana news stories you need to know as of December 20, 2024:
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DEA Rescheduling Decision Delayed to January 2025: The DEA announced that the decision to reschedule marijuana from Schedule I to Schedule III will now come in January 2025. This delay has sparked frustration among advocates pushing for expedited cannabis reform. The Marijuana Herald - Marijuana Moment.
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Pennsylvania Moves Closer to Legalization: Pennsylvania lawmakers introduced bipartisan legislation to legalize recreational marijuana. With increasing pressure from neighboring states, this move could position Pennsylvania as the next major cannabis market in 2025. Marijuana Moment
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New York Expands Retail Cannabis Licenses: New York issued over 100 new retail cannabis licenses, aiming to curb the illicit market while increasing access for consumers. Regulators are focused on stabilizing the state’s growing cannabis industry. MJBizDaily
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California Reports $1 Billion in Tax Revenue from Cannabis: California has surpassed $1 billion in cannabis tax revenue for 2024, demonstrating the significant economic impact of the industry. However, officials continue to grapple with competition from the illicit market. JBizDaily
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Florida Supreme Court Upholds Recreational Marijuana Ballot Measure: Florida's highest court ruled that a recreational marijuana ballot measure can proceed for the 2024 election. With strong voter support, Florida is poised to become a major adult-use market. The Marijuana Herald
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Texas Lawmakers Propose Medical Cannabis Expansion: A new bill introduced in Texas aims to expand the state's limited medical marijuana program to include more conditions and increase access. This proposal reflects growing public demand for reform in the state. Marijuana Moment
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Cannabis Companies Face Financial Pressures Amid High Taxes
Cannabis businesses across the U.S. are struggling under high federal taxes and banking restrictions. Industry leaders are calling for reforms to alleviate financial burdens and ensure long-term viability. Ganjapreneur.com -
Study Highlights Cannabis’ Role in Pain Management: New research shows that cannabis is a highly effective alternative to opioids for managing chronic pain. The study adds to the growing evidence supporting marijuana’s therapeutic potential. Ganjapreneur.com
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Illinois Launches Social Equity Cannabis Accelerator Program: Illinois announced a new program to support social equity applicants entering the cannabis industry. The initiative aims to address disparities and promote inclusivity in the state's thriving market. Marijuana Moment
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Cannabis-Infused Beverages See a Surge in Popularity
Cannabis-infused drinks are gaining traction, with several new brands entering the market. Experts predict this sector will become a key growth area in the cannabis industry for 2025. Ganjapreneur.com
These stories highlight the rapid evolution of the cannabis landscape as we head into the new year. Stay tuned for more updates as this dynamic industry continues to expand and innovate.