The cannabis industry had high hopes for 2022. When the year began, 18 states had legalized recreational marijuana with 37 allowing medical use—and several more were expected to follow.
And while three states legalized recreational use this year—Maryland, Missouri, and Rhode Island—the federal government did nothing to ease the punitive banking and tax policies that have crippled small entrepreneurs and publicly-held cannabis companies alike.
Some states were also part of the problem. In February, Forbes’ Will Yakowicz reported on how New York City had become the Wild West of Weed thanks to a legal loophole in the Empire State that allowed unlicensed dispensaries to flourish as long as they operated under a membership or “gifting” model. By December, New York’s new mayor, Eric Adams, had pledged to snuff out the countless gray market shops that were openly selling weed across the five boroughs, including in Times Square itself.
But it wasn’t all bad news for cannabis in 2022. Former NBA star Al Harrington, founder of the Viola brand, began his push for social justice by pledging to mint 100 Black cannabis millionaires. In October, President Joe Biden announced a sweeping pardon for Americans who were convicted of “simple possession” of pot, signaling a major change in decriminalization.
A month later, hip-hop mogul Sean “Diddy” Combs became the CEO of the largest Black-owned cannabis company when he committed to purchase retail stores and production facilities in New York, Illinois and Massachusetts for $185 million.
And cannabis legalization also started to take root in Europe this year—with Germany, the Czech Republic and Ireland all drafting bills.
Here are the cannabis stories that Forbes readers thought most highly of in 2022.
Weed vs. Greed
By Will Yakowicz
In an August magazine cover story featuring Cookies founder Berner, Will Yakowicz chronicled the myriad ways in which America has bungled legalization. Featuring interviews with cannabis entrepreneurs, farmers, advocates and politicians, Yakowicz explored how the country’s policies repeat the mistakes of alcohol prohibition while offering solutions that would benefit businesses and still fill state and federal coffers.
How America Botched Legalization
By Forbes Video
Three months after his cover story, Yakowicz expanded on his coverage by traveling to the heart of America’s cannabis country—California’s Emerald Triangle—for a video feature on legalization. In the Golden State, where 95% of cannabis growers operated at a loss last year, Yakowicz was there to witness a farmer pulp 55 lbs. of pot rather than sell it on the black market. He also talked to the godfather of legalization, Steve DeAngelo, who regrets advocating for legalization in his home state.
Can Cannabis Combat Covid?
By A.J. Herrington
The news seemed too good to be true in January 2020: According to a study published in the Journal of Natural Products, compounds found in cannabis were shown to be effective in preventing the infection from the virus that causes Covid-19. For a country that was already enjoying a new Vice Age, the prospect of cannabinoids fighting SARS-CoV-2 immediately went viral—particularly on late-night talk shows. Forbes contributor Chris Roberts was quick to be a buzzkill—no, smoking pot does not protect you from Covid. Or as Harvard Medical School instructor Dr. Peter Grinspoon explained: “Smoking anything isn’t a good idea during a pandemic that affects the lungs. These compounds would need to be tested in animals, then in humans, and actually demonstrated to be effective against Covid. This is a long way off.”
How Seth Rogen Grew His Cannabis Brand
By Lindsey Bartlett
In 2019, Hollywood’s favorite stoner comedian Seth Rogen (along with his writing partner, Evan Goldberg, and longtime friend Michael Mohr) cofounded a company that focuses on smoking accessories—including homeware items designed by Rogen himself. They also sell Houseplant pot. In April, Rogen talked to Forbes contributor Lindsey Bartlett about his budding business and later in the year Rogen did an interview with Forbes Video about Houseplant’s growth.
The Rise of Cannabis Tourism
By Suzanne Rowan Kelleher and Will Yakowicz
From marijuana farm tours to “bud and breakfast” hotels, American destinations understand that “canna-cations” aren’t just for stoners anymore. Out of $25 billion in legal cannabis sales in 2021, Forbes estimates that as much as $4.5 billion was driven by tourists, who pour an additional $12.6 billion into restaurants, hotels, attractions and other shops—as well as into state and municipality tax coffers. “The opportunity will be massive,” Kim Rivers, CEO of Florida-based Truleeve, told Forbes in May. “We have 21 million residents and 130 million tourists. In an adult-use market, our business would benefit extremely well.”
Source: Michael Solomon – forbes.com
