The Marijuana Opportunity Reinvestment and Expungement Act, or MORE Act, will remove cannabis from the list of scheduled substances under the Controlled Substances Act. This Act lists other substances along with cannabis, such as Heroin, LSD, and ecstacy, and describes them as unsafe to consume in any quantity, even in a medical capacity. If cannabis is eliminated from the this list, then all federal criminal penalties associated with cannabis for an individual who manufactures, distributes, or possess cannabis will be removed. If the MORE Act passes, it will ultimately put the power of cannabis's legality in the hands of states.
The MORE act will do more than decriminalize cannabis. Another important outcome of this Act is that it will establish a process to expunge convictions and conduct sentencing review hearings related to federal cannabis offences. The following will also change if the MORE Act passes:
The MORE Act is a signal of the industry's growth and momentum. More states are legalizing adult-use cannabis, and will continue to do so regardless of whether the MORE Act passes. There is a lot of opportunity opening up in the market, and those outside of the industry are eager to enter. As the market continues to become larger and more competitive, it is more important than ever to keep track of industry trends and data.
Whether or not the MORE Act passes has implications for various parts of the cannabis industry and how to build effective strategies. If the act passes, investors in the industry need to be aware of trends associated with investing and mergers and acquisitions (M&A). If the Act doesn't pass, members of the cannabis industry, or those interested in joining it, should be focused on identifying the right market to enter, which brands and products are doing well in the space depending on the market, and keeping track of further efforts of cannabis legalization.
The introduction of the MORE Act can be seen as an indication of the growing support for cannabis legalization in the US. While it is uncertain at this time if the Act will pass, states are continuing to legalize, allowing more and more Americans access to legal cannabis. Currently, nearly 30% of all Americans 21+ live in a state with access to legal cannabis and this could increase to 40% by the end of 2021. Keeping track of data trends like the following can help you better position your business for success in this rapidly growing industry.
What is the size of the market?
Understand how each market is growing and compare the overall size of new and mature markets to determine the potential business opportunity. With the appropriate tools, you'll be able to dig into emerging brands, popular cannabis segments, and new consumer trends.
Which markets present the best opportunity for your business?
Every market has different regulations and nuances that impact business processes and consumer purchasing trends. Data can help you identify gaps in each market so you can better identify opportunities.
What products are legally available?
Different products may or may not be available in different states. Using the right metrics, you can learn which product categories are available in each state and how popular those products are with the customers.
Who are the major players in the market?
There are a lot of cannabis brands in the market, and more on the way. Keep an eye on the top brands in Flower, Edibles, and more in each market and learn about the possible competition.
On December 4, 2020, the MORE Act passed the House in a vote of 228-164. The Act will next move on to the Senate for a vote, where it may or may not pass. It's hard to say what will happen, but in the mean time, you can stay ahead of the accelerated pace of the growing cannabis industry and keep track of high-level market data in real-time with a free Insights Pulse account.