The Legal Cannabis Market Contributes to Job Creation

NEW YORK: New data shows that the growing legal cannabis industry is strongly contributing to job creation. A recent report by New Frontier Data, which provides comprehensive analysis and reporting for the cannabis industry, projects that by 2020, the legal cannabis market will create more than a quarter million jobs for American workers.

The legal cannabis market was worth an estimated $7.2 billion in 2016, and is projected to grow at a compound annual growth rate (CAGR) of 17%. The medical cannabis market is projected to grow at 13% CAGR through 2025, growing from $4.7 billion in 2016 to an estimated $13.3 billion in 2020.

“These numbers confirm that cannabis is a major economic driver and job creation engine for the U.S. economy,” said Giadha Aguirre De Carcer, Founder and CEO of New Frontier Data. “While we see a potential drop in total number of U.S. jobs created in 2017, as reported by Kiplinger, as well as an overall expected drop in GDP growth, the cannabis industry continues to be a positive contributing factor to growth at a time of potential decline. We expect the cannabis industry’s growth to be slowed down to some degree in the next 3 to 5 years, however with a projected total market sales to exceed $24 billion by 2025, and the possibility of almost 300,000 jobs by 2020, it remains a positive economic force in the U.S.”

Largest U.S. Banks Host Accounts for Marijuana Businesses, Says American Banker

FLORIDA: A recent study commissioned by industry journal American Banker reveals that the nation’s four largest banks have opened accounts for pot shops and marijuana-related businesses. Conducted by MRB Monitor, a firm that helps financial institutions identify the risks associated with the marijuana industry, the study examined public records in the state of Massachusetts and found that 34 percent of businesses that filed to operate medical marijuana dispensaries in Massachusetts between June 2015 and September 2016 had one or more accounts at Bank of America, Citigroup, Wells Fargo, or JPMorgan Chase.

If a similar pattern of working with the marijuana industry takes hold in Washington D.C. and the U.S. states that have legalized marijuana, the prospect of financial services for cannabis outfits may not be as dire as it at first appears.

Bank of America seems to have been the most accommodating. Over half of the marijuana businesses included in the survey had accounts at the bank, though it previously told the Statesman Journal that, “As a federally regulated financial institution, we abide by federal law and do not bank marijuana-related businesses.”

Guidelines issued by federal authorities in 2014 appeared to have offered financial institutions a legal avenue to provide their services to marijuana-related businesses (MRBs). Back then, the Financial Crimes Enforcement Network (FinCEN), part of the U.S. Treasury Department, provided guidance[3] it said was meant to enhance the availability of financial services for, and the financial transparency of, marijuana-related businesses.

Yet, under the Controlled Substances Act (CSA), it is illegal to manufacture, distribute, or dispense marijuana, and marijuana – like heroin, LSD and ecstasy – remains a Schedule 1 substance under the statute.

In December 2016, U.S. Senator Elizabeth Warren, D-Mass, a member of the Senate Banking Committee, along with nine other senators sent a letter to FinCEN requesting guidance on how banking services might be offered to ‘indirect businesses’ that provide services to the state-sanctioned marijuana industry.

Hopefully, after nomination season comes to a close, a response to that letter will be forthcoming; there’s a lot at stake. As ArcView Market Research wrote, “Cannabis is arguably the fastest growing industry in the world. Regulated marijuana sales in North America totaled $6.9 billion in 2016, a 30 percent increase from 2015. Sales are projected to increase to $21.6 billion by the year 2021 representing a 26 percent compound annual growth rate.”

Managing Your I-502 Business Bootcamp is Feb 16th In Seattle

WASHINGTON: The Marijuana Business Association (MJBA) and Washington cannabis legal firm NWMJ Law have teamed up to present a series of business “bootcamps” tailored specifically to meet the needs of Washington’s licensed cannabis businesses.

The bi-monthly series kicks off February 16th, 6-8:30PM  at the Factory Luxe (Old Rainier Brewery) with the fundamentals of  “Managing Your 502 Business.”

Attorney Anne Van Leynseele will moderate the event. She has assembled a number of cannabis industry subject matter experts, including Norm Ives, Mosaic Insurance, CPA Dani Espinda, and business coach Debbie Whitlock , who will serve as VIP Panelists during this 2-hour interactive panel presentation.

There is a $10 cover charge for this event. Seating is limited, and RSVP’s are requested:

Local Neurologist Leads In Unearthing The Medical Benefits Of Marijuana

WASHINGTON:  Last week the grange hall was packed for a lecture by Dr. Ethan Russo. The standing-room-only crowd was silent as Russo, a neurologist, flipped through a PowerPoint presentation packed with charts, graphs and molecular diagrams, and easily rattled off scientific terms. Only the occasional mention of cannabis or picture of a leafy green plant revealed to the untrained listener that Russo’s lecture was all about marijuana.

The talk, which drew people from Seattle and around the region, was a coming out of sorts for Russo. For several years, the 63-year-old has worked quietly out of his Vashon home, directing and publishing studies as one of the country’s leading medical marijuana researchers. He’s rarely spoken publicly about his work, and then only at medical conferences in far-flung locales.

That is until recently, when Russo left the large pharmaceutical company he worked for, removing what he called his velvet handcuffs, and the legalization of recreational marijuana in Washington created a friendlier climate to stand up and talk about pot.

Russo’s lecture at a meeting of the Vashon Island Marijuana Entrepreneurs Alliance (VIMEA) was one of his first appearances in front of the general public.

 

Tech Mogul Jamen Shively Keynotes “Technology And Your Cannabis Business” Seminar Weds, Aug 27 In Seattle

WASHINGTON: All industry eyes will be on technology-turned-marijuana mogul Jamen Shively, the former Microsoft strategist best known as the man behind premium retail pot brand Diego Pellicer, as he delivers the keynote speech for “Technology & Your Cannabis Business” seminar at Seattle’s ultra-hip Motif Hotel.

Shively’s much-anticipated talk before the elite gathering of Washington’s leading cannabis and technology brands, will reportedly focus on the state of the emerging industry, and how he is providing support to the worldwide cannabis & hemp industry through his new venture, the International Coalition of Cannabis Companies & Organizations ICCCO .

Joining Shively will be Randy Simmons from Washington Liquor Control Board, the agency overseeing Washington’s nascent legal marijuana business; along with John Davis, co-founder and Executive Director of the Coalition for Cannabis Standards and Ethics (CCSE); Patrick Vo, COO, of BioTrackTHC; Dr. Dominic Corva, Executive Director at Center for the Study of Cannabis and Social Policy; Cannabis Training Institute’s Greta Carter, and many other industry thought leaders.

Technology & Your Cannabis Business Wednesday, August 27, 2014, 9:00 AM to 3:00 PM Motif Hotel, Seattle, WA

Technology & Your Cannabis Business
Wednesday, August 27, 2014, 9:00 AM to 3:00 PM Motif Hotel, Seattle, WA

The full-day business seminar, targeting participants in Washington’s legal cannabis industry – growers, processors, retailers and the professional services providers who support them — is being organized by Seattle-based Marijuana Business Association (MJBA), a b2b organization called “the chamber of commerce for cannabis” by NBC News, and sponsored by Cannabis Industry Professional Services (CIPS).  Journalist/Activist Ben Livingston will act as Master of Ceremonies.

“Technology & Your Cannabis Business” is the first in a series of professional education seminars that the Marijuana Business Association is hosting as a service to its members,” explained MJBA chief executive David Rheins. “Earlier in the month, we invited I-502 licensees and applicants to participate in an online policy conducted by MJ Research.  More than three dozen business pioneers participated in the survey. We then invited them to a listening summit, where we conducted a “voice of the customer” facilitated conversation — through which we’ve identified the key industry pain points. Technology — from compliance software to grow-room automation — was at the top of the list. In response, MJBA has organized this professional forum where all the key stakeholders can gather together to work through possible solutions.”

At Wednesday’s show, packaging technology, grow room automation and compliance software are the hot topics. “We’re delighted to have senior representatives like the WSLCB’s Randy Simmons, BioTrackTHC’s Patrick Vo there all under one roof, there to directly engage with end-user licensees to address this critical and time-sensitive issues,” Rheins said.

Tickets are $100 for MJBA members, $150 non-members, and are available online, and at the door.

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