Although we’re well-versed in cannabis marketing, we have no plans to moonlight as soothsayers. We leave that to the cannabis analysts like Pablo Zuanic.
And Zuanic was busy earlier this summer making predictions for cannabis in 2024.
Who are we to question him? This is clearly his area of expertise.
Predictions for Cannabis in 2024
Zuanic is the founder of Zuanic & Associates. Most recently, he’s stated that he’s playing the long game and is not as affected by the cacophony from the short-term players in the industry.
In fact, we turn to him ourselves to get a sense of what we can possibly expect for the upcoming year. Here are five of his predictions to which we’re paying special attention:
Ancillary Services in the Legal Industry Will Expand
As the number of stores increases through further legalization from state to state, Zuanic believes that so too will the need for ancillary services. This is particularly the case for finance companies.
Despite the fact that there is increasing consolidation, he predicts that this will lead to stronger businesses overall, which will, in turn, create more demand for said services.
Don’t Expect CBD rules from the FDA
The new 2023 Farm Bill is unlikely to motivate the FDA to act on rules for CBD. Nor are they likely to crack down on synthetic products or Delta-8 variations that have been proven problematic.
SAFE Banking Will Drag On
It’s incredibly difficult to predict what politicians will do. Particularly in this climate. But Zuanic believes that senators aren’t going to move legislation on the SAFE Banking Act until they can confirm 60 votes in order to dodge a filibuster.
Zuanic predicts that this won’t happen until at least the spring of 2024. Once the Senate is on board, the House will follow suit. Given the snail’s pace at which things progress in Congress, this will probably happen in the fall of next year.
Ohio and Virginia Could Fully Legalize
When the small state of Maryland voted to fully legalize marijuana, it was suddenly drawing customers from neighboring states that were crossing the border to get the goods. This pattern of interstate business from illegal states to legal ones is often what inspires illegal states to shift to being legal. After all, there’s money to be made.
That said, Maryland’s legalization may encourage Pennsylvania to get on the bandwagon. This, in turn, may trigger both Ohio and Virginia to finally get on board by the end of 2024.
Biden Will Reschedule Cannabis Before 2024 Election
Zuanic has been right on the cards for this one. Biden has already attempted to reschedule cannabis from Schedule I to Schedule III under the CSA. While this is far from descheduling it and doesn’t address the industry’s bigger problems, it is definitely a potential step in the right direction.
What Predictions Do You Have for Your Cannabis Business in 2024?
Of course, nobody has 100% accurate predictions for cannabis in 2024. But Zuanic has more knowledge to work from than most.
Being armed with this information can hopefully help you make more informed decisions about how you want to run your cannabis business in 2024.
One thing we do know is that enlisting the services of highly skilled and experienced cannabis marketing experts is going to go the distance in forwarding your business for 2024. So don’t hesitate another moment to contact us. We predict you’ll be happy you did.