“Someone’s sitting in the shade today because someone planted a tree a long time ago.” Warren Buffett 

As one of the world’s most famous and wealthy investors wisely said – it takes time and patience to appreciate the fruit of hard work. But, nothing is sweeter than the taste of your own success.

The cannabis industry is still developing and needs more time to see its projected potential come to life. What were some of the most important tailwinds in 2022 that affected the industry and will lay strong foundations in the years to come? Many experts seem to agree that President Biden's signature on the marijuana research bill is among the most important.  

The Irony Of Cannabis Scheduling 

On the federal level, it appears that the most meaningful regulatory progress was President Biden passing the Medical Marijuana and Cannabidiol Research Expansion Act,” Patrick Rea, managing director of what is thought to be the longest-running cannabis investment fund, Poseidon Asset Management told Benzinga. 

Tim Seymour, director and founder of Amplify Seymour Cannabis ETFs (ARCA:CNBS) agreed. “The research bill was the most meaningful cannabis regulatory progress point in 2022. It is unanimous, bi-partisan and an opportunity to change the science conversation.”

It is obvious to anyone involved in the space that the dearth of cannabis research due to its status as a Schedule 1 drug has been a constant contributor to the industry's slow progress. Here’s the irony: without authoritative research, it is nearly impossible to prove that cannabis has medical value and low abuse potential which would remove it from the Schedule 1 list of substances. This DEA classification, meanwhile, has prevented cannabis from being researched by scientists.

New Markets Also Important 

Other industry experts were not so focused on the research bill, but rather highlighted the importance of new adult-use markets. For example, Brain Vicente, attorney, marijuana rights advocate and founding member of national cannabis law firm Vicente Sederberg, LLC, told Benzinga that one of the most significant regulatory steps made in 2022 was the launch of adult-use shops in New Jersey. 

“This action created …

Full story available on Benzinga.com