The year 2020 has brought many changes in almost every field due to the coronavirus situation. The cannabis industry also got pushed backward, yet did not lose its hold in the field.
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Even though there is no need for major changes in the cannabis industry, there are some things that need major reform and are listed below.
- CBD Regulation
Almost all cannabis industry leaders are waiting for only one thing, the legalization of production, sale, and even marketing of cannabis supplements. Hence, all the industrialists are waiting for FDA to approve cannabis supplements for open usage.
Many types of research are going on in FDA to learn more about cannabis supplements. This can fasten the chances of the legalization of such cannabis supplements as early as possible.
- Banking Reform of Cannabis
Only a legal banking system can successfully help any industry to survive in the world today. The same goes for the cannabis industry as well. For the successful flourishing of a cannabis industry, it needs help from a legal banking system, and hence cannabis banking reform has become quite necessary.
The Democratic-led House has already planned about the banking reform, and hence they have come up with the bill. The bill can legalize the help of credit unions, banks, and other such financial institutions to the marijuana companies. If the bill passes, then the marijuana companies can get to work without any issue of the federal penalty.
- Legalization of Cannabis in State Level
The federal government already has its hands full in the form of the COVID-19 situation. As a result, they cannot give as much importance to the legalization of cannabis extracts usage, like the COVID-19 situation. As a result, it becomes the work of the individual states to come up with laws that can legalize cannabis usage.
Many states have started taking individual action against the cannabis law in the past year. As a result, almost 15 states in the US have joined hands in the legalization of cannabis usage. Slowly, many states are also making their way here.
- Decriminalization of Marijuana
Last, but not least, every cannabis industry likes it if the criminalization of marijuana and ban on the usage of the cannabis extract is lifted. Possession of marijuana, let alone the usage, has become federal law and the person in possession of marijuana will be taken directly into legal custody today.
The House of Representatives in the US has come up with the MORE (Marijuana Opportunity Reinvestment and Expungement) Act. According to this act, marijuana will be decriminalized at the federal level, which makes it legal to use and even possess. The Act can even make marijuana come out of the controlled substances list.
2021 has started and many such expectations are there regarding cannabis usage. Even though it will not happen in an instant, people are still wishing that all these above-mentioned expectations of the cannabis industry are met as early as possible.