Cannabis Business: A Month-by-Month Year in Review for 2024

LOS ANGELES- Wow…2024 flew by but left a lot of casualties as the emerging market of cannabis, continues its emergence in 2024. Here’s what went down in case you were away from your desk:

January The year started with momentum as cannabis companies ramped up efforts to address price compression and regulatory challenges. The opening of New York’s adult-use market, though beset by delays in 2023, began to stabilize, bringing a sense of cautious optimism. California’s industry remained under pressure, with closures of over-taxed dispensaries making headlines.

February February saw significant investments in cannabis consumption lounges. Nevada led the charge with Las Vegas unveiling plans for high-profile lounge openings, showcasing how public consumption spaces could redefine the customer experience. Meanwhile, the hemp sector gained traction as builders increasingly adopted hempcrete as a sustainable construction material.

March March witnessed high-profile bankruptcies and restructurings. Companies like HERBL and NorCal Cannabis officially shuttered operations, emblematic of an oversaturated and overregulated California market. Conversely, brands in emerging markets like Missouri thrived, proving the demand for cannabis remains robust when regulation supports business growth.

April As spring arrived, the cannabis industry rallied around 4/20, the annual celebration of cannabis culture. Retailers saw spikes in sales, though many lamented the declining margins compared to previous years. The focus shifted toward innovative marketing campaigns to attract Gen Z consumers who prioritize transparency and quality.

May The month of May saw advancements in technology. AI-driven inventory and compliance tools gained popularity as cannabis businesses sought cost-effective solutions to streamline operations. Also, the Emerald Cup—California’s premier cannabis competition—highlighted a new wave of clean-label cannabis products, reinforcing consumer demand for purity and transparency.

June Cannabis tourism emerged as a dominant trend in June. Destinations such as Amsterdam, Thailand, and Canada saw record international visitors looking for unique cannabis experiences. In the U.S., states like Michigan launched initiatives to attract cannabis tourists, bolstering local economies.

July July marked a pivotal moment for legislation. Republican efforts to roll back adult-use cannabis legalization gained momentum in certain regions, spurring industry-wide debates on the future of federal reform. The SAFE Banking Act—long a topic of discussion—gained renewed attention but remained stuck in Republican-controlled Congress.

August The CBD and wellness sectors received a boost in August with scientific studies validating the benefits of cannabinoids for stress and sleep. This fueled investment in new product lines, especially in Europe, where regulations are loosening. The rise of cannatech—technology tailored to cannabis businesses—gained further traction.

September September showcased the resilience of small craft growers. With consolidation rampant among MSOs (multi-state operators), independent brands emphasized their commitment to artisanal cultivation methods. Events like the National Cannabis Festival celebrated grassroots efforts, bringing much-needed attention to equity and sustainability in the industry.

October October was abuzz with the release of our new debate format on HCN called Stirring the Pot, a cannabis debate show featuring industry celebrities. Meanwhile, cannabis investment surged in Latin America, where countries like Colombia and Mexico leaned into export opportunities. The month also saw Snoop Dogg’s launch of his 2Pac cannabis line, which garnered significant media attention. HCN’s October visit to the Ohio Cannabis Health and Business Summit, was like finding a new MJBizCon in Ohio, and where discussions centered on patient advocacy and the integration of cannabis into mainstream healthcare.

November  The industry also celebrated a successful Black Friday, with online sales of cannabis products outpacing in-store purchases for the first time. However, the uncertainty surrounding the November election loomed large, with industry stakeholders closely monitoring its potential implications for cannabis reform at both state and federal levels.

December As the year wrapped up, industry players reflected on 2024’s challenges and triumphs at MJBizCon in Las Vegas. Discussions at the event highlighted the importance of addressing federal reform in 2025. Companies announced plans to focus on wellness and sustainability, responding to evolving consumer preferences.

Looking Ahead to 2025 2025 promises to be a transformative year for the cannabis business. Here’s what to watch:

1. Federal Reform and Banking: The passage of SAFE Banking is expected to unlock new growth opportunities. Federal legalization remains uncertain, but pressure continues to mount as public support increases.
2. Consumption Lounges: With successes in Nevada and beyond, more states are likely to embrace public consumption spaces, offering a blend of entertainment, hospitality, and retail.
3. Emerging Markets: International markets such as Germany and Mexico are set to expand, while new U.S. markets like Minnesota’s adult-use program will continue to develop.
4. Tech Integration: AI and blockchain solutions tailored for cannabis businesses will drive operational efficiency, particularly in compliance and supply chain management.
5. Sustainability and Wellness: Consumer demand for eco-friendly and health-focused products will drive innovation. Hemp-based materials, including hempcrete, will gain more traction in construction.
6. Consolidation and Adaptation: MSOs will face pressure to balance growth with profitability, while small craft growers will continue to champion quality and authenticity.
7. Hemp’s Role in Industry Growth: Industrial hemp will find applications across multiple sectors, from construction to fashion, cementing its place in the broader cannabis ecosystem.

While 2024 was a year of recalibration, 2025 could be a year of renewal and expansion. Stakeholders must remain adaptable, innovative, and consumer-focused to navigate the complexities of this ever-evolving industry.