Cannabis News: Cannabis Making a Dent In The Pharmaceutical Industry

Cannabis News: Cannabis Making a Dent In The Pharmaceutical Industry

Cannabis News: Cannabis Making a Dent In The Pharmaceutical Industry

Canada’s cannabis industry is currently experiencing labor strife when retailers are still struggling to manage their inventory glut.

Pro-prohibition activists are not the only ones angry at the recent wave of states legalizing recreational and medical marijuana.

A new study has shown that legal cannabis has made a significant dent in the pharmaceutical industry.

Researchers studied the impact of cannabis legalization on stock market returns for brand and generic pharmaceutical companies. They found that the returns were 1.5% to 2.2% less ten days after legalization.

The decrease in returns is a response to medical and recreational legalizations for generic and brand name drugmakers. According to the study, investors believe that one legalization event will reduce annual drugmaker sales by, on average, $3 billion.

The impact of recreational legalization on annual sales was 129% greater than the effect of medical legalization.

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Cannabis Making a Dent In The Pharmaceutical Industry

Researchers compared stock returns data with the dates of 45 legalizations of cannabis between November 1996, when California was the first state to legalize medicinal cannabis, and November 2018, when five states legalized it.

The inventory buildup at the heights of the pandemic when most customers were at home and had more to do with cannabis is now a problem for Canada’s cannabis industry.

The high inventory has led to falling prices because growers are trying to eliminate their excess inventory before the next harvesting season. This happens in the fall between November and October.

A worker strike in British Columbia has resulted in the closure of 50 cannabis stores and 500 job cuts in the province, according to the Retail Cannabis Council of B.C. National Post.

Union members took their first strike on August 15, picketing provincial liquor and cannabis distribution points in an effort for higher wages, correctly adjusted for inflation.

The illicit cannabis market in B.C. is already outpacing the legal cannabis market. George Smitherman, President and CEO of Canada Cannabis Council says that the province’s penetration in the illegal cannabis market is only around 30%.

Ontario, the nation’s largest legal market, has a 59% penetration rate.

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Cannabis News: PA Cannabis Pardons

Pennsylvania Governor Tom Wolf and Lt. Governor John Fetterman announced plans to pardon Pennsylvanians with minor, nonviolent cannabis convictions.

The PA Marijuana Pardons Project will take applications to the Pennsylvania Board of Pardons from Thursday, September 1, 2022, until Friday, September 30, 2022.

Wolf stated, “This pardon project has the potential to open the door for thousands of Pennsylvanians – the college grad looking to start their career, the grandparent who’s been wanting chaperone a field trip, or any Pennsylvanian who’s been told ‘no’ for much needed assistance. Now’s your chance,” 

Pardonable prisoners are those who have been convicted of one or more of the following: Possession of marijuana or small amounts of marijuana for personal use.

Wolf’s office noted that, while a pardon means complete forgiveness, pardonees will still need to petition the court for expungement from their record.

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