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What Went Right, What Went Wrong, And What Went Sideways: 2022 In Cannabis

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The past 12 months have been many things for the cannabis industry, but uneventful is not one. Since December 2021, the U.S. cannabis industry experienced a wealth of both highs and lows, and heading into next year, it is poised for both more growth and painful contraction, several industry experts agreed.

But as 2022 comes to a close, it’s worth a quick look back at some of the milestones the year has wrought for the turbulent marijuana trade and its participants.

What Went Right

Maryland and Missouri legalized adult use.

These two states were the only ones out of five ballot measures in November to succeed with voters, but they bring the new tally of U.S. states that have legalized adult-use cannabis to 21, along with Washington, D.C. and two U.S. territories: Guam and the Northern Mariana Islands.

The victories were another reminder of the overwhelming popular sentiment in favor of liberalizing marijuana laws, and according to the Marijuana Policy Project, it’s the sixth straight national election that’s held at least one statewide victory for cannabis reform.

Six new U.S. state recreational cannabis markets launched.

In chronological order:

  • Montana launched its recreational market on New Year’s Day 2022
  • New Mexico followed on April 1
  • New Jersey was close behind on April 21
  • Vermont joined the adult-use sales crowd on Oct. 1
  • Rhode Island launched on Dec. 1
  • New York is bringing up the rear, with its anticipated launch on Dec. 29

That’s a huge amount of new business opportunities and markets for the industry to develop in coming years, particularly on the East Coast.

Joe Biden
Photo by Jeff Swensen/Getty Images

President Joe Biden launches rescheduling review.

When the U.S. commander in chief issued an order in October to pardon nonviolent federal cannabis convictions, he also kicked off a lengthy process that very well may result in the legalization of marijuana.

The problem is, nobody really knows how long the process may take. What’s also unclear is if the administration will choose to move cannabis from its spot on the Schedule 1 list of federally controlled substances to Schedule 2, down to the least restrictive category of Schedule 5, or remove it from the list altogether.

Some political observers believe it only makes sense for the administration to issue a decision before the 2024 election, meaning that marijuana could be legalized in the U.S. within another two years.

Congress passes medical marijuana research bill.

Speaking of the federal government, the one piece of cannabis legislation did manage to get through Congress this year and signed into law – the first pro-cannabis bill to make it that far since the plant was banned under President Richard Nixon.

The Medical Marijuana and Cannabidiol Research Act was signed by Biden the first week of December. Though many stakeholders derided it as a symbolic victory since cannabis bills of far greater consequence died without hearings, the bill’s success irrefutably represents solid progress for the legalization movement.

marijuana legalization
Photo by Alexander Sanchez/Getty Images

What Went Wrong

Every other congressional cannabis bill died.

At the end of the year, a lot of industry insiders were still bullish on the chances of the SAFE Banking Act, but it was all for naught in the end, as Senate Minority Leader Mitch McConnell was able to withhold key GOP support for including the measure in an omnibus spending bill.

Another much-touted bill, the Cannabis Administration and Opportunity Act, never even received a hearing, despite being sponsored – and hyped for months – by Senate Majority Leader Chuck Schumer. Now, given that Republicans are taking over the House of Representatives next month, the chances of getting a similar legalization bill through both chambers have shrunken considerably.

In addition, despite the Democratic-controlled House approving the MORE Act once again, the Senate sidelined the bill and it never got a vote or a hearing.

Ballot measure defeats in three states.

The cannabis movement suffered the largest number of statewide defeats in a decade in 2022, with voters in ArkansasNorth Dakota and South Dakota rejecting proposals to legalize adult-use marijuana.

Though there were electoral losses previously, the vast majority of statewide ballot measures to legalize either medical or recreational marijuana have succeeded since 2012, when Colorado and Washington State became the first two to legalize adult use.

The South Dakota defeat in particular was a bitter pill for supporters to swallow, because the state voted to legalize recreational in 2020, but the victory was thrown out after a lawsuit backed by Gov. Kristi Noem succeeded in overturning the results based on a technicality.

kristi noem
Photo by Brandon Bell/Getty Images

Wholesale prices trending down.

The commoditization of marijuana seems to have accelerated through 2022. Wholesale prices hit a national bottom of $955 per pound in December, according to Cannabis Benchmarks, a drop of 26% for the year.

Though the firm forecasts a slight rebound in early 2023, the pain felt by much of the supply chain isn’t likely to dissipate any time soon, and a lot of companies struggled to adjust through the year.

Widespread layoffs.

The cannabis industry as a whole seemed to feel a good bit of pain through 2022, with both plant-touching and ancillary companies cutting costs and, in many instances, staff.

Businesses that reported significant layoffs this year included:

  • New York-based LeafLink, which shed 80 workers this month.
  • California testing lab Sonoma Labworks, which closed down and laid off about 25 employees.
  • Massachusetts-based Curaleaf, which laid off 220 employees in November.
  • Florida-based Trulieve, which laid off an unknown number of workers in November.
  • California-based Weedmaps, which had two rounds of layoffs this year, first letting go about 60 employees in August, and then another 175 in December.
  • California retailer The Parent Company, which cut about 33% of its staff throughout the course of the year.
  • Seattle-based Leafly laid off 21% of its staff in the third quarter of 2022.
marijuana money
Photo by Moussa81/Getty Images

What Went Sideways

New York adult-use launch.

Although New York is set to make good on its pledge earlier this year of getting recreational cannabis sales going before the end of the year, the process has been a hair-pulling one and the future of the licensing program remains up in the air, particularly because of a lawsuit that is trying to overturn a residency requirement for permit holders.

The case has already put the issuance of at least 18 retail licenses on hold indefinitely, as the state tries to combat the lawsuit.

In addition, there’s been a lack of clarity for many of the 36 retail license recipients on when or how they’ll benefit from the promised $200 million in funding to build out their shops. As of the Dec. 21 Cannabis Control Board meeting, there was no news of any specific licensees receiving funding or a shop location from state authorities, although there was an announcement that the first such shop will be located in Harlem.

The situation has forced regulators to pivot hard, and even though sales will launch Dec. 29, it’ll be just a single retailer who is slated to begin sales, a far cry from the minimum 175 retail licenses the state has planned.

California tax reform.

In June, California Gov. Gavin Newsom signed into law a state budget that included, on its face, something the state’s marijuana industry had been clamoring for: state tax relief.

The bill eliminated the weight-based cannabis cultivation tax, and made other significant structural changes to how the 15% excise tax is collected. It was arguably a major industry victory and hailed as such by the Newsom administration.

But in the months since, cannabis industry insiders have said the real-world relief has been minimal, and some are worried about a potential excise tax increase because of marijuana tax revenue shortfalls to state coffers, as well as the possibility that lawmakers could raise the excise tax rate in 2025.

california cannabis
Photo by Rex_Wholster/Getty Images

Inflationary impacts.

Inflation hit the cannabis industry hard, with impacts that ranged from shrinking consumer spending — which translated to plateauing or dipping sales in mature U.S. state markets — as well as downward trends for company valuations.

Those factors in turn led to price compression on the wholesale market, hesitancy by many investors, and a number of busted merger and acquisition deals that may have otherwise gone through, said several industry experts while linking multiple industry trends together.

The situation also presents opportunity, said Chicago Atlantic Vice President Steve Ernest, noting that bear markets are often when the most shrewd investors start putting money on the table, betting on a long-term rebound. And the financial markets are so tight – with cannabis stocks and valuations at some of their lowest points ever – that there’s nowhere to go but up.

“There’s only upside from here,” Ernest said. “I’m very bullish on the long-term prospects of cannabis. There’s an immense amount of opportunity ahead.”

Investor sentiment and activity.

The year was a mixed bag on the investment activity front for the cannabis industry, with insiders reporting both ongoing deal closures and interest from individual investors, but also more wait-and-see-with-bated-breath attitudes from institutional capital.

President Biden’s rescheduling review announcement on Oct. 6 resulted in cannabis stocks jumping by double digits, noted Matt Bottomley, managing director at Canaccord Genuity.

“If we’re talking about cannabis-focused investors, there’s certainly capital waiting to be deployed, and you saw it with all these types of federal headlines, in terms of how the markets reacted,” Bottomley said.

“When Joe Biden made that tweet a few months ago, the entire sector in terms of inter-days highs and lows, had a 50% swing, in one day. This isn’t one company. This is the entire sector of all public company equity.”

The main takeaway from 2022?

“If you’re not concerned with the stock market or specific timing, I think that everything is moving in the right direction,” Bottomley said. “Whether that’s legalization or de-scheduling, I think it’s all but a certainty to happen.”

Source: https://thefreshtoast.com/cannabusiness/what-went-right-what-went-wrong-and-what-went-sideways-2022-in-cannabis/

Aviation

IndiGo Crisis Exposes Risks of Monopoly: What If Telecom or E-commerce Collapses Next?

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Airports across India witnessed scenes of distress and confusion as thousands of passengers were stranded due to IndiGo’s massive flight disruptions. Families with medical emergencies, funerals, and personal crises were left helpless as the airline cancelled hundreds of flights without adequate communication or support.

Passengers described desperate situations — a mother pleading for sanitary pads for her daughter, a woman unable to transport her husband’s coffin, and others stranded while trying to reach family funerals or hospitals. “It was like a lockdown at the airport,” one passenger said, describing the panic that unfolded as IndiGo’s mismanagement crippled operations nationwide.

Root Cause: IndiGo’s Market Monopoly

The turmoil, industry experts argue, stems from IndiGo’s monopolistic control over India’s domestic aviation market. The airline operates nearly 2,100 flights daily and holds around 60% market share — meaning every second plane flying within India belongs to IndiGo.

This dominance has given the company unparalleled influence. When IndiGo falters, the entire aviation system suffers. Passengers are left with few alternatives, as other airlines lack capacity to absorb stranded travellers. The result: skyrocketing ticket prices, chaos at terminals, and total dependence on a single private operator.

Aviation pioneer Captain G.R. Gopinath, founder of Air Deccan, criticised the government’s inaction, noting that on some routes, IndiGo’s economy fares surged to ₹1 lakh. He compared the situation to a hostage crisis, writing that the airline “held the system ransom” and forced regulators to defer new safety rules meant to protect pilots and passengers.

Government Intervention and Regulatory Weakness

The crisis erupted after IndiGo failed to comply with the Flight Duty Time Limitations (FDTL) — rules introduced by the DGCA in January 2024 requiring adequate rest for pilots. Despite having nearly two years to adapt, IndiGo blamed the rule for operational disruptions, citing a shortage of pilots.

Under mounting public pressure, the government stepped in, temporarily relaxing FDTL norms and capping airfare hikes. Officials claimed the move was to protect passengers, but analysts say it exposed the state’s vulnerability to corporate monopolies. “The government had no option but to yield,” said one aviation policy expert, pointing out that ignoring safety regulations for short-term relief could have long-term consequences.

The crisis also rekindled memories of the June 2025 Air India crash near London, which claimed over 240 lives. Experts warn that compromising pilot rest and safety standards to maintain flight schedules could risk another tragedy.

If Telecom Giants Fail: A National Paralysis

The article raises a troubling question — what if a similar crisis struck the telecom sector, where Jio and Airtel together control nearly 80% of subscribers and serve over 780 million users?

If both networks failed simultaneously, the repercussions would be catastrophic. Internet shutdowns would halt UPI transactions, online banking, OTP verifications, video calls, OTT streaming, and emergency communications. Critical services such as airports, hospitals, stock exchanges, and small businesses — many of which rely on WhatsApp and digital payments — would come to a standstill.

In essence, a telecom breakdown could paralyse India’s digital economy, exposing the nation’s dependence on a duopoly.

E-commerce Monopoly: Another Fragile Ecosystem

The same risk looms over the e-commerce sector, where Amazon and Flipkart dominate nearly 80% of the market. A disruption similar to IndiGo’s could cripple daily life — halting delivery of groceries, medicines, and essential goods, freezing refunds and customer support, and leaving small sellers without platforms to trade.

Local retailers, freed from competition, might exploit shortages by inflating prices. Such a scenario underscores the perils of market centralisation in sectors critical to everyday living.

A Wake-Up Call for Regulators

The IndiGo crisis, analysts say, is a warning shot for policymakers and regulators. A single company’s operational failure exposed systemic weaknesses in India’s infrastructure and consumer protection mechanisms.

As the aviation regulator DGCA investigates and IndiGo works to restore normalcy, the broader lesson remains clear: unchecked monopoly power in any essential service — whether air travel, telecom, or e-commerce — poses a direct threat to economic stability and citizen welfare.

Without stronger competition laws, redundancy frameworks, and regulatory oversight, India risks repeating this crisis across multiple sectors — each time with millions of citizens paying the price.

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Agriculture & Life Sciences

Canada’s Cannabis Industry Urges Government to Support Growing Export Market

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BuzzBuzz Cannabis Business News — 24 November 2025

Canada’s cannabis sector is calling on federal and provincial governments to recognize its fast-growing export potential and extend the same support other regulated industries receive. Industry leaders warn that Canada is losing its early global advantage due to slow regulatory processes, lack of trade promotion, and limited access to government-backed financing.

Canada’s medical-cannabis exporters now generate more than half a billion dollars annually and ship products to major markets including Germany, the UK, Australia, and Poland. Despite this, cannabis remains largely absent from Canada’s official trade and export strategies.

Industry Calls for Streamlined Export System

Paul McCarthy, President of the Cannabis Council of Canada, says the country has everything required to dominate the global medical cannabis trade—except government alignment.

“Our requests are simple,” McCarthy said. “Expedite Health Canada’s export-permit process, integrate cannabis into federal export programs like Global Affairs Canada trade missions and CanExport, and ensure provinces include cannabis in their export strategies.”

He stressed the need for mutual recognition agreements with importing countries to eliminate redundant testing and documentation. Access to Export Development Canada (EDC) and Business Development Bank of Canada (BDC) services also remains off-limits to cannabis exporters, placing them at a steep disadvantage.

“This industry does not just need permission to operate,” McCarthy added. “It needs to be treated like every other legitimate contributor to Canada’s trade objectives.”

Competitors Are Moving Faster

McCarthy warns that while Canada pioneered medical cannabis standards, other countries are rapidly advancing with more flexible and export-friendly systems.

“Faster approvals, lower compliance costs, and active government-backed strategies are helping other nations catch up,” he said. “Canada’s regulatory friction is already costing us global market share.”

Export permits currently must be issued for each shipment—a process that can take weeks—and Canadian testing standards often differ from international requirements, forcing companies to repeat expensive compliance checks.

High Tide CEO: Canada Needs a National Export Strategy

Raj Grover, CEO of High Tide Inc., says Canada risks surrendering its leadership if policymakers remain inactive.

“Canada developed the world’s most advanced cannabis regulatory system and contributed $76.5 billion to GDP since legalization,” Grover said. “But without a National Cannabis Export Strategy, we will lose ground to Australia, Israel, Portugal, and other emerging competitors.”

He noted that Canada’s industry table created by Innovation, Science and Economic Development Canada (ISED) has not met in more than a year—an opportunity wasted.

Grover urged the federal government to introduce domestic GMP certification and potency standards to streamline international market access. “Canadian producers must currently get GMP approval country by country. It’s duplicative and costly. Canada should be setting global benchmarks, not chasing them.”

Germany: A Key Market for Canadian Firms

High Tide recently expanded into Europe with its majority acquisition of Germany’s Remexian Pharma GmbH, giving the company a direct import and distribution channel in Europe’s largest medical-cannabis market.

“Our German strategy is already structured for success,” Grover said. “Through Remexian, we can supply premium medical cannabis at the lowest possible price, helping meet Germany’s quality and cost demands.”

Grover also warned that U.S. companies are already purchasing Canadian firms to stage their own international expansion—another sign that Canada’s leadership position is slipping.

Government Response Remains Limited

In response to industry concerns, a Global Affairs Canada spokesperson said the Trade Commissioner Service “continues to support exporters of cannabis for medical and scientific purposes that have obtained Health Canada permits.”

However, industry leaders argue that this support is minimal and does not include key tools such as trade missions, export credits, or bilateral agreements that other sectors routinely receive.

A Closing Window of Opportunity

With medical-cannabis exports already exceeding $500 million annually, industry executives say Canada must act quickly to preserve its competitive edge.

As McCarthy warns, without coordinated government support, Canada risks losing high-value pharmaceutical manufacturing, research investments, and thousands of skilled jobs.

And as Grover’s expansion into Germany demonstrates, the industry is moving forward—but whether Canada moves with it may determine if the country remains a global leader or becomes a pioneer that let others capitalize on its breakthroughs.

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Business

A Tipping Point for Cannabis: President Trump Champions CBD & Cannabis Science on Truth Social

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When the President of the United States shares a video about the life changing potential of hemp derived CBD on his personal social media platform, it is more than news, it is a cultural shift.

For decades our government lied to us about cannabis. It demonized the plant, waged war on its users, and filled prisons while allowing pharmaceutical companies to flood the nation with addictive and deadly drugs. For over a century we have been fighting uphill, not just for legalization, but for truth, for science, and for the right to heal ourselves naturally.

Now in 2025, the most powerful political figure on Earth is using his own voice and platform to talk about the endocannabinoid system and the science backed benefits of CBD. That is monumental. It is validation for everyone who has fought, been arrested, been silenced, and been dismissed for telling this truth. The President’s video post is already being described as a pivotal moment in cannabis history, and President Trump CBD Cannabis Science Truth Social is trending across platforms as advocates celebrate the breakthrough.


The Science Behind the Endocannabinoid System

The video begins by introducing something most people, including many doctors, still know little about, the endocannabinoid system. Discovered in the 1990s, the ECS is a network of receptors and signaling molecules that works as the body’s master regulator, coordinating communication between major systems like the nervous, immune, cardiovascular, and digestive systems.

The roots of this discovery go back much further. CBD was first isolated in 1940 by American chemist Roger Adams, but it was Dr. Raphael Mechoulam, an Israeli organic chemist, who fully elucidated the chemical structure of CBD and identified its stereochemistry in the 1960s. His pioneering work not only opened the door to modern cannabinoid science but also earned him the title “Godfather of Cannabis Research.” It was this foundation that led to the identification of the endocannabinoid system itself decades later, revealing how cannabinoids interact with our physiology on a fundamental level.

The ECS is now widely recognized as a vital part of human biology, with extensive research supported by the National Institutes of Health. When functioning properly, the ECS acts like the conductor of an orchestra, ensuring every section plays in harmony. As we age, the system weakens. That imbalance is linked to inflammation, chronic pain, cognitive decline, sleep problems, and many other conditions associated with aging.

Mainstream medicine often addresses these issues with pharmaceutical band aids, dangerous and addictive drugs that treat symptoms rather than root causes. Lifestyle changes such as diet and exercise help, but they only partially support the ECS and do so slowly over time.


Hemp Derived CBD: A Game Changer for Aging

Here is where the science gets exciting. As the video explains, the ECS can be restored much more quickly with hemp derived CBD. Strengthening this system naturally helps the body regain balance, reducing pain, improving sleep, lowering stress, slowing disease progression, and even extending healthy lifespan.

It is not theoretical. One in five seniors is already using CBD to manage pain, arthritis, cancer symptoms, sleep disorders, Alzheimer’s, and more. Despite decades of research and acknowledgment from institutions like the National Institutes of Health, most physicians receive no training on the ECS. There are still no FDA standards for CBD products on the market. If that were the case for any other class of medicine, it would be considered malpractice.

The World Health Organization has confirmed CBD’s excellent safety profile and non addictive nature in its critical review report. The result is that millions of older Americans are suffering unnecessarily when a safe and natural solution exists.

Hemp derived CBD is a powerful first step in restoring balance to the endocannabinoid system, but it is only part of the picture. Research shows that full spectrum cannabis extracts, which include a broader range of cannabinoids and terpenes, can work even more effectively. Complete concentrated cannabis oil, containing the full spectrum of natural endocannabinoids, may deliver the most profound results for certain patients. Expanding access to these therapies will be essential if we want to unlock the full healing potential of this plant.


The Economic and Social Impact

The video cites a powerful figure. A PricewaterhouseCoopers analysis estimates that fully integrating cannabis into the healthcare system could save the United States nearly 64 billion dollars annually. These savings reflect reduced pharmaceutical dependency, fewer hospitalizations, improved chronic disease outcomes, and enhanced quality of life for aging Americans. You can read more about PwC’s research on healthcare innovation here.

It is a financial argument, but it is also a moral one. Why should our elders endure pain, anxiety, and cognitive decline when nature has given us tools to help them live longer, happier, and healthier lives?


A Call to Action: Finish What the Farm Bill Started

The message concludes by crediting the 2018 Farm Bill, championed by President Trump, for legalizing hemp and laying the groundwork for today’s CBD market. The Farm Bill was just the first step.

Now the call is for bold next moves.

  • Educate doctors about the endocannabinoid system
  • Include CBD under Medicare coverage
  • Provide clear federal standards for CBD quality and dosing

These steps would constitute the most significant senior health reform in modern history, one that would transform aging and cement a powerful legacy for any administration that makes it happen.


What This Means for Future Cannabis Medicine

For those of us who have been in the cannabis community for decades, this is not just another news story. It is a signal that our movement is winning. A conversation that was once criminalized and censored is now being amplified by the President of the United States on his own platform.

It means the science is undeniable. It means the truth can no longer be buried. It means the wall of prohibition is cracking, not just legally, but culturally, scientifically, and politically.

It also means that everything we have been fighting for at 420 Magazine since 1993, education, access, healing, and justice, is finally moving full steam ahead. The President Trump CBD Cannabis Science Truth Social moment is proof that science and policy are finally converging.

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