We're just a few days away from a rapid shift in the way the cannabis industry operates in California. Starting January 1st, businesses will be allowed to start selling recreational weed. Greg Zeman, Associate Editor at Cannabis Now, was with us to discuss the legal and financial implications of the new law.
California is the 6th largest economy on Earth and could have a big influence on the perception of marijuana by the rest of the nation. This is the real test for the cannabis industry in the U.S., and other states will be taking notes, says Zeman. He adds that the new regulations will impact issues in the space such as potency of products and what hours dispensaries can operate.
Blockchain has been one of the biggest buzzwords in business over the past few months as the Bitcoin craze continues. The idea has been floated to track marijuana sales via blockchain technology. Zeman thinks this would be great for the industry, because we'd be able to see the where sales came from and who owns the product. He adds that being able to track marijuana sales is very important in a market where the authenticity of the product is crucial.
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American businesses that rely on Chinese goods are reacting with muted relief after the U.S. and China agreed to pause their exorbitant tariffs on each other’s products for 90 days. Many companies delayed or canceled orders after President Donald Trump last month put a 145% tariff on items made in China. Importers still face relatively high tariffs, however, as well as uncertainty over what will happen in the coming weeks and months. The temporary truce was announced as retailers and their suppliers are looking to finalize their plans and orders for the holiday shopping season. They’re concerned a mad scramble to get goods onto ships will lead to bottlenecks and increased shipping costs.
Shopping expert Trae Bodge discusses how talks between the U.S. and China is good news for now, but uncertainty remains for back-to-school and the holidays.
