2024 Outlook for Medical Marijuana

The American cannabis market growth has continued to surge upward, with more states legalizing medical and adult use of cannabis. Demand for cannabis products does not seem to be falling, as many people value the potential wellness benefits that cannabis can provide.

Industry experts have projected that the new year will further expand the availability of legal cannabis products for American consumers and increase sales. Here are some projections for the outlook of medical marijuana in 2024.

1. Rescheduling of Cannabis on the Controlled Substances Act

Many are predicting that President Joe Biden will reschedule cannabis prior to the election in 2024. It was a promise President Biden made, and industry experts believe it will happen.

The Department of Health and Human Services (HHS) has already recommended the removal of cannabis from Schedule I on the CSA. The story is that the DEA generally does not oppose rescheduling recommendations from the HHS; rescheduling may happen in 2024.

What Will Happen if Cannabis Becomes a Schedule III Drug?

While federal legalization of medical cannabis or adult use seems far away, this is one step that can have an immediate positive impact on the cannabis industry and patients. It would allow plant-touching cannabis businesses the same tax advantages as any other business without the limitations of the current 280E IRS tax code.

From multi-state operators (MSOs) to independent cultivators, processors, and dispensaries, the cost savings from punitive excise taxes would help reduce the retail price of cannabis products.

Rescheduling cannabis would mean a significant reduction in criminal charges for marijuana possession and the severity of penalties. Interstate travel and commerce restrictions and liabilities for transporting cannabis (commercially or for personal use) may also be lifted if cannabis is rescheduled on the CSA.

2. Pennsylvania Will Not Legalize Adult-Use Cannabis

Despite support and demand by Pennsylvania residents, recreational cannabis is unlikely to be legalized in 2024. A 2022 CBS News poll indicated that two out of every three registered voters in the state supported the legalization of adult-use cannabis.

A bipartisan bill called SB848 for adult-use legalization is with the Pennsylvania Senate. The bill was co-authored by State Sen. Dan Laughlin (R) and State Sen. Sharif Street (D). However, there is not enough bipartisan support at this time to pass the bill.

Pennsylvania is one of twenty-four states in America that does not have initiative and referendum processes. That means the question of adult-use legalization will not be placed on a ballot for voters to decide.

3. Regulation of Delta-THC and Hemp Derived Products

In states that have not legalized adult-use (recreational) cannabis, the alternative for consumers is hemp-derived products, such as Delta-8, Delta-10, and HHC (hexahydrocannabinol). These products and others, such as Kratom, have thrived in a legal gray area due to the Farm Bill of 2018, which legalized hemp-derived products.

The intention of the 2018 Farm Bill was to make cannabidiol (CBD) legal to produce, sell, and distribute. However, cannabidiol has no psychoactive properties, meaning that CBD cannot cause impairment, even when taken in higher quantities or doses.

The U.S. Food and Drug Administration does not regulate synthetic cannabis or semi-synthetic products and hemp derivatives. The majority of products of concern are those that do cause impairment, such as Delta-THC, HHC, Kratom, and more.

There are no clinical trials or test data to indicate the products are safe for human use. Some of the products, like Kratom, have been linked to fatalities. Industry experts expect that regulation of hemp-derived products will start in 2024, closing the regulatory loophole created by the Farm Bill.

4. Growth of Celebrity Cannabis Brands

Celebrities that have a huge fan base and free cash flow are investing in the cannabis industry. In many states, celebrity brands have emerged as market leaders, enticing adult-use customers with effective lifestyle marketing strategies.

Some celebrity brands like Monogram by Jay-Z and Willie’s Reserve by Willie Nelson have become market leaders, despite the competition, and are supported by fans of the artists. Expect more medical cannabis and adult-use products to be launched in the United States in 2024.

5. Increased Availability of Cannabis-Infused Beverages

The U.S. cannabis market growth may surge from a new product category: cannabis beverages. Currently, cannabis-infused beverages are only available in select states, and in some jurisdictions, only patients with a medical cannabis card may purchase them from a dispensary.

Here are the states where you can try THC beverages:

• Arkansas (medical only)
• Arizona
• Colorado
• Maine
• Massachusetts
• Michigan
• Missouri (medical only)
• Nevada
• New Mexico
• Ohio (medical only)
• Oklahoma (medical only)
• Oregon
• Washington

Growth in this product sector is expected as people learn more about the long-term risks of consuming alcohol. Cannabis beverages that are alcohol-free may become the leading beverage in the United States for adults.

On August 18, 2023, Tilray brands announced that they had acquired 57.5% ownership of Truss Beverage Co. from Molson Coors, Canada. The acquisitions included infused beverage brands such as XMG, House of Terpenes, Little Victory, and Mollo.

Benefits of Having a Medical Cannabis Card

When or if your state legalizes recreational use, you may be thinking about whether to renew your medical marijuana card or not. As your health and wellness needs change, it is good to know that you have a cannabis healthcare provider who can offer guidance regarding symptom management.

DocMJ is the leading Florida medical marijuana doctor that patients trust for expert advice and care. We also provide telemedicine med card certifications in other states. Let our medical cannabis experts help you reach your wellness goals. Schedule an appointment with DocMJ to certify or recertify your medical card.

Aaron Bloom

Aaron Bloom, an experienced healthcare attorney, serves as the CEO, overseeing the mission and growth of DocMJ and Medwell Health and Wellness Centers since 2016. Aaron’s passion for improving patients’ lives comes from his experience in healthcare. For more than 20 years, Aaron has owned, operated, and represented traditional healthcare organizations. This experience created a passion for finding improved ways to relieve suffering. His goal as CEO is to work daily to provide relief to all patients who seek better health and wellness through the medicinal benefits of medical cannabis and evidence-based alternative medicines.