A lot of changes have been happening in the Golden State’s cannabis industry lately.
But it’s not just California, Colorado is experiencing some changes as well with one of the biggest companies in the state making major business moves and an in-depth look at how much they’re raking in from recreational cannabis taxes. All that and more in this week’s Cannabis Business Weekly Review and Newsletter.
As CBD becomes the next big thing to hit North America, one sector that has been difficult to regulate is the edibles and supplements market. However, California just took a big step in the right direction by making it legal to add hemp-derived CBD to food, supplements and cosmetics. These products will be available for sale in the very near future.
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Proposition 64, which legalized recreational cannabis in California, was expected to protect local business owners but many are finding themselves pushed to the side by ‘Big Cannabis’. The California cannabis market is the largest in the world, valued at $2.51 billion already with an estimated 64,000 employed in the industry statewide.
When it comes to manufacturing and production, no one does it quite like the Chinese. Now that CBD is becoming a global trend, it makes sense that China is trying to get a foothold in the industry along with the other big players. Cannabis with high THC is extremely illegal in China, but hemp is an entirely different ball game.
Wellicy is a prominent CBD brand throughout Colorado. There are multiple things every CBD brand must consider in order to run a successful business such as building positive relationships, educating consumers, maintaining compliance, choosing proper extraction methods, advocating for the industry, and then some… and Wellicy CBD is always at the top of their game.
Colorado was one of the first states to legalize adult-use cannabis back in 2014 and the country has watched very carefully to see how the situation would eventually unfold. As it turns out, it’s been going very well for Colorado – especially financially – with a total of $1 billion in tax revenue earned over last 5 years.