These are the cannabis industry’s biggest tricks and treats to date

By Andrew Ward

Halloween is almost here. As costumed revelers prepare for a weekend of celebration, the cannabis industry prepares for the start of the Christmas shopping season just around the corner.

Green Wednesday, Black Friday and Christmas shopping in December dominate the collective minds of entrepreneurs. Halloween, however, is a time to see potentially spike in edible sales, but also as a moment to look back at the industry’s tricks and treats to date.

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While the market’s growth is sweet, many sources who spoke to Benzinga say federal reform remains a ploy no American should continue to put up with.

Biggest Treats: A Rapidly Developing Cannabis Market

Overall, respondents have avoided calling cannabis companies a trick or a treat in recent years. Instead, most of them focused on market and legal developments in large parts of the United States

Jeff Siegel, founder of Green Chip Stocks, said the industry is developing thanks to state legalization, something he wasn’t expecting anytime soon, but he’s excited to see it.

Siegel, a fan of pouring his own chocolates, added, “I honestly thought it would be a lot longer before we are where we are today.”

Some states see the benefits of expanded cannabis reform. Roger Bloss, CEO of MJ Holdings Inc., said the move from medicinal to adult use was a treat for Nevada.

“Medical cannabis alone couldn’t serve the hospitality and tourism sectors in Las Vegas,” said Bloss, a fan of black liquorice.

In October 2021, a Nevada Cannabis Compliance Board (CCB) and a report from the state tax agency found that Nevada sold over $ 1 billion in medicinal and adult medical products between July 2020 and June 2021.

Along with certain states, US MSOs are on the rise. Michael Sassano, CEO of Somai Pharma, said the emergence of profitable American brands is good for the market.

“The emergence of real companies that compete against American corporate standards is the most important thing to have credibility in the cannabis industry over the past four years,” he said.

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Sassano, a fan of full-spectrum strain-specific live resin gummy bears, mentioned several MSOs on his list, including:

• Trulieve Cannabis Corporation
• Curaleaf Hldgs Inc.
• Green Thumb Industries Inc.
• Cresco Labs Inc.
• Verano Holdings Corp.
• TerAscend Corp.
• AYR WELLNESS INC.

Monica Pina, VP of Investor Relations for Cliintel Capital Management Group, said the greatest goodies are brands that create emotional connections with consumers.

“Companies with values ​​that consumers identify with and brands they are familiar with will attract most retail investors,” says Pina, a fan of sweetcorn, but only for decorative purposes.

RELATED: The Biggest Challenges the Cannabis Industry Will Face in 2021 and Beyond

She said companies should focus their marketing resources on building brand consistency and loyalty in order to secure their market share. If successful, the company should attract the attention of private investors.

Pina added that the industry rewards are still on the way. “The major stock goodies for the cannabis industry are yet to come.”

Biggest trick: federal regulatory reform

Virtually every source said the lack of federal reform has been the industry’s most significant ploy to date. While many predicted the reform would drag on, sources registered their disappointment.

“Not only has almost every state legalized cannabis to some extent, but there is over $ 17 billion in bankless revenue; Still, the federal government hasn’t moved the needle to at least provide safe banking for everyone, ”Sassano said, adding that he believed the Democrats, who occupy all three houses, would influence reform, but that was not the case .

RELATED: Which Leaders Will Make The Cannabis Industry Space Race?

“They could have easily passed basic decriminalization and banking, but chose to sink the entire market by producing nothing but hot air and indecision,” Sassano said, noting that the circumstances temporarily put some investors off.

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Bloss believes one side of the aisle wants to legalize while the other doesn’t, causing a seemingly endless back and forth on the news.

“There was positive news about the Bundesbank system for a week. There will be positive coverage of government legalization for the next week, “which could harm cannabis brands,” he said.

Bloss added that the struggles he faces as CEO make his job difficult.

“For example, it hinders our decision to create a complete vertical for the cultivation, processing, distribution and dispensing of cannabis. When I invest in cultivation, distribution, processing and delivery, timing is ultimately crucial, ”said Bloss.

Hence, Pina views companies with regulatory-bound strategies as some of the biggest tricks in the market.

“Changes are taking longer than expected – that is, if the desired change is actually achieved,” she noted. Pina says she prefers companies with a business model that can change in the short term.

This article originally appeared on Benzinga and was republished with permission.