Midyear Cannabis Update: 4 Industry Trends to Watch

Midyear Cannabis Update: 4 Industry Trends to Watch

<![CDATA[It’s been another eventful year for the cannabis industry, from the House passing the Marijuana Opportunity Reinvestment and Expungement (MORE) Act for the second time, to a federal appeals court ruling that delta-8 THC is legal under the 2018 Farm Bill, to lawmakers once again failing to approve banking reform.Here, Jonathan Havens, co-chair of Saul Ewing Arnstein & Lehr’s Cannabis Law Practice and chair of the firm’s Food, Beverage and Agribusiness Practice, shares the biggest developments he’s seen so far in 2022, as well as which industry trends stakeholders should watch during the second half of the year.1. Continued ConsolidationMergers and acquisitions are still driving continued consolidation in the cannabis industry, Havens said. Local operators are joining forces with multistate operators as the MSOs expand their footprint and strengthen their brand story at the state and federal levels.“I think ending the federal prohibition on cannabis is still farther off than some would like, but it seems like these MSOs are strengthening their footprint, expanding into the jurisdictions that they … haven’t been in before because the laws just weren’t there when they first started out,” Havens said. “I think consolidation is one of the big themes we’ve seen.”2. ‘Interesting Scenarios’ in Federal Cannabis Policy ReformNovember’s midterm election raises questions about how federal cannabis policy reform efforts may play out during the lame duck period, after the elections and until the new Congress is sworn in in January.Havens predicts that Republicans will take control of one or both chambers of Congress, which he said “could set up some interesting scenarios for cannabis reform during the lame duck.”“There are a lot of things that a lot of people are going to try to get done during that period,” Havens said. “I don’t know that cannabis is necessarily in anyone’s top five, but…

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