The cannabis thesis continues to validate what most Americans already feel. Americans are ready for Cannabis legalization. 70% of Americans support cannabis legalization. 7 out of 10! That number is staggering when you break down how divided we are over some, let’s call it, basic human rights issues.
Here are signs the thesis is strengthening: New Jersey adult use is live. New York is meandering toward online. Rhode Island just legalized. Maryland and Pennsylvania are all trending in the same direction. This is what substantial industry progress looks like to the outside industry. The outside industry believes the Cannabis industry is thriving. When you look under the hood it tells a different story. Internally, the Cannabis industry is fatigued and it’s becoming more evident and harder to ignore.
California Cannabis Operators are fighting to survive. California is the largest domestic market—is this the thriving perspective that outside industry sees happening? Where is the complete disconnect between inside and out? Cannabis isn’t the only industry fighting exhaustion or burnout. Burnout is happening in other industries. Post pandemic has nurses reconsidering their place in the industry. According to Mckinsey, “1 in 3 nurses plan on leaving within the year.” 1 in 3!
While the Cannabis industry faces different obstacles the same constant applies. Exhaustion from industry-related challenges, pandemic, markets being bloodied, war, potential recession, supply chain, the list is hard to even write. Overcoming all of these obstacles on a regular basis is exhausting.
Is this the next phase of industry maturity or just another obstacle the Cannabis industry needs to overcome? Exhaustion is a byproduct of continuing to fight forward on all fronts. What needs to happen? Relief in some capacity. The industry could use a victory such as safe banking. We have come close before and the hope to disappoint cycle layers on top of the industry’s challenges have lessened the morale.
Let the record show that this is a generational opportunity, the ability to be a part of an economy that could likely disrupt all industries, pharma, tobacco, alcohol, CPG, etc.
Every step forward leads to five steps back, which is tedious and exhausting, but eventually, you’ll come across a tiny glimmer of hope that reminds you of why you are here, and inspires you to keep moving forward.
The thesis is the same.
Stay on the path it’s still happening.
The visual, by Jack Butcher, sums it up beautifully.
This may feel pointless, but we may just be one step away from a true breakthrough.
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