If the year we’ve just buried is to be forgotten in many respects, it was a memorable one for cannabis. Here’s a look back at the 365 most prosperous days ganja has ever known.
On December 3, the 53 member states of the UN Commission on Narcotic Drugs met in Vienna for a long-awaited vote. Of the five proposals submitted, only one will win the necessary votes to be adopted.
Fortunately, it is the most important.
By removing cannabis from Schedule IV, the United Nations has finally recognized its medical and therapeutic value. This declassification means better access to therapeutic cannabis in many countries, as well as a green light for its applied research.
Until now, cannabis was considered by UN member states as “a dangerous substance with little or no therapeutic potential”, on a par with heroin or cocaine. This crucial vote comes just two weeks after the European Court of Justice gave a huge boost to the market for hemp-derived CBD.
The THC is recognized by the UN,
. CBD is legalized in Europe.
On November 19, the CJEU handed down its verdict in the Kanavape case. In this landmark ruling, crucial to the future of the hemp industry in Europe, the CJEU ruled that the free sale of cannabidiol (CBD) was legal, arguing that CBD “has no psychotropic effect and no harmful effect on human health”. In short, CBD had just been legalized on the Old Continent.
A few hours later, the European Commission reversed its decision and abandoned the classification of CBD as a narcotic.
While CBD is de facto legalized in France, protecting distributors from prison sentences, we’ll have to be patient before the French authorities accept Brussels’ decision.
“Despite this victory, which marks the full legalization of CBD and confirms that European law prevails over French law, we’re still in a gray area in the eyes of French law. And even if this ruling sets a precedent, shops selling CBD products derived from the flower will still be in the firing line of the authorities,” explains Aurélien Delecroix, President of the Syndicat des Professionnels du Chanvre. So it’s a question of time and politics.
Big winner of the US Presidential election
On November 3, Arizona, New Jersey, Montana and South Dakota legalized recreational cannabis, bringing to 15 the number of states freed from green prohibition. A month later, for the first time in the history of the U.S. Congress, the House of Representatives voted in favor of federal decriminalization of cannabis consumption, paving the way for nationwide legalization. The bill provides for the expungement of current court cases, the reversal of previous convictions for cannabis use, and would open up funding from the U.S. Small Business Administration to legal weed businesses.
After Joe Biden’s inauguration on January 20, the Democrats will have to pass the measure again in both Houses, as well as in the Senate.
These two formalities should not pose any problems: the Upper House will most probably pass under Democratic control, while in the Senate, only 60 votes in favor of the progressive initiative will be enough to pass the “Resolute Desk” bill in the Oval Office, for final validation.
…And the COVID-19 crisis
Also in the land of Uncle Sam, 2020 was the year of record sales, with nearly $20 billion in revenue. This figure is set to exceed $40 billion/year until 2026. As the ganja industry continues to grow, companies continue to hire to keep pace. In the United States, the legal cannabis market now supports some 243,700 jobs.
With 250% annual growth estimated between 2021 and 2028, the weed industry is emerging as the biggest source of hiring and growth in the USA.
The same is true in Canada, where the Société Québécoise Du Cannabis (SQDC) announced in its annual report that it had sold 47 tonnes of cannabis for some $300 million, generating $26.3 million in dividends for the government.
Considered an “essential trade” in North America during confinement, authorized for cultivation for personal use in Argentina, Greece and Italy, and close to legalization in Mexico, Israel and Luxembourg, cannabis has a very bright future ahead of it.
Starting with 2021, which we hope will be as happy for you as it will be for weed.
