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The North American cannabis industry in 2024 experienced a pivotal year of progress and challenges, setting the stage for a transformative 2025.
Following a dramatic election campaign, the outlook for the coming year is still uncertain, as the new administration continues to take shape.
While positive state-centred reform has been relatively muted in 2024, seeing Ohio become the only new state to legalize recreational cannabis, landmark federal reform is likely to be pushed through in the coming year.
Aside from the highly anticipated rescheduling of cannabis next year and the long-awaited SAFER banking bill, 2025 will also be a crucial year for hemp as the 2025 Farm Bill takes shape.
In Canada, 2025 could also finally bring some tax respite, amid suggestions from the government that cannabis excise tax could be revised.
While industry leaders are optimistic about the coming 12 months, the industry also faces significant pressures, including price compression, operational shifts, and fragmented regulatory frameworks.
Jointly, David Kooi, CEO & Co-Founder
“I doubt that federal legalization and legislation is realistic post-election. Our government hasn’t listened to the people in years (if it ever did). More than 70% of Americans support cannabis legalization, but more than a decade after that support crossed 50%, federal movement is nil. Why? Special interests, culture wars and political games. No party has the 60 votes to make change. Congress would rather block each other’s wins than do what people actually want.”
Nabis, Vince C Ning, CEO and Co-Founder
“Coming out of the 2024 election, the national cannabis industry needs to ground their expectations in reality—a bipartisan pathway is essential for meaningful reform, but with a new administration, it’s unclear. While we have seen momentum building for federal legalization over the past year, it’s unlikely that this will happen overnight, and we must be prepared for more political and regulatory hurdles.”
Cookies, Crystal Millican, Senior Vice President of Retail & Marketing
“One of my biggest takeaways from 2024 is that focus is key. The industry continues to face a lot of uncertainty and volatility, so whether it be focusing on product lines in specific markets or new consumer needs, it’s about continuing to cornerstone efforts toward what has created success for you and your company in the past. For us at Cookies, the focal point is on the markets we think have the most growth potential in terms of market share while continuing to put effort into product innovation and successful collaborations and partnerships that can extend across the markets where we operate. By doing so, we’re able to put more time, effort and investment into research and development (R&D), which is the backbone of the Cookies ecosystem.”
Royal Queen Seeds, Shai Ramsahai, President
“This year’s testing scandals and the high costs of regulated cannabis have highlighted a growing demand for high-quality cannabis genetics and seeds, as more consumers worldwide seek to cultivate their plants. This shift shows that people are placing greater value on knowing the source and quality of their cannabis, driving an emphasis on seeds that are resilient, stable and produce consistent results. As we enter 2025, it’s clear that companies offering reliable genetics will be at the forefront of the industry, empowering consumers to become knowledgeable cultivators and ensuring high standards across the global market.”
Jason Wild, Executive Chairman, TerrAscend
“We remain optimistic about the potential for rescheduling in 2025, but given the uncertainty of the timeline, it’s important for the cannabis industry to have “multiple shots on goal”. If the Commerce Clause case is heard by the Supreme Court, we will be before a panel of judges who are likely to view our argument favorably. While we await the actions of the new Trump administration and Congress, this is a more predictable route with a court that has consistently upheld states’ rights—an issue central to our case. If and when we win this case, cannabis businesses will finally be treated like every other industry.”
Soc Rosenfeld, CEO and Co-Founder, Jane Technologies
“The mission continues into 2025, and I anticipate the cannabis industry will see continued progress in regulatory reform with rescheduling finally on the horizon, unlocking new levels of growth and legitimacy for the industry, the businesses and the plant itself. It will be another year of sustained dedication and hard work, as brands and retailers that prioritize a deep, data-driven understanding of the consumer experience will stand out in an increasingly competitive market. Beyond growth, I believe we’ll also see a stronger commitment from the industry to address the lingering impacts of the War on Drugs, paving the way for a more just and accessible market.”
Morgan Paxhia, Co-founder, Poseidon Investment Management
With the inauguration of President-elect Donald J. Trump and a “red wave” Congress, the cannabis industry is poised for its most dynamic regulatory environment to date. This administration’s approach signals a sharp departure from previous policies, opening the door to unprecedented optionality for legal cannabis.
Robert F. Kennedy Jr.’s anticipated leadership of the Department of Health and Human Services bodes well for the rescheduling hearing in February, with formal implementation expected in 2026. Additionally, President Trump may task Attorney General Pam Bondi with drafting a “Bondi Memo,” which could promote state autonomy in cannabis regulation. This memo may also help reduce barriers for cannabis businesses to access banking and investment opportunities as the rescheduling process unfolds.
The likely appointment of a more business-friendly SEC chair, replacing Gary Gensler, will benefit smaller issuers by reducing regulatory costs and complementing the Bondi Memo’s objectives. This shift could spark an influx of liquidity into the cannabis sector, alleviating the capital drought that has stifled growth in recent years.
Industry consolidation will intensify as larger operators pursue strategic M&A and organic market share growth to offset pricing pressures. Tuck-in acquisitions will allow leading companies to deepen vertical integration within their core markets, enhance operational efficiency, and position themselves as dominant players in an increasingly competitive landscape. In this environment, survival equates to success.
Early 2025 could bring significant regulatory advancements in the intoxicating hemp sector. Efforts to integrate intoxicating hemp into legal cannabis channels, potentially with a carve-out for hemp beverages distributed via alcohol networks, would address critical issues like inadequate testing, underage access, and inconsistent taxation. This shift is projected to boost legal cannabis revenues by $10 billion—a 30% increase over current levels—while enhancing consumer safety and market stability.
Deborah Saneman CEO of Würk
With a 21.9% drop in hiring in 2024 compared to the previous year, the industry is shifting from rapid expansion to prioritizing operational efficiencies and sustainable growth. As legalization efforts evolve—such as Florida’s Amendment 3 failing to pass and Ohio’s market facing underwhelming advertising opportunities—the need for strategic decision-making has never been greater. This makes it the perfect moment for products like our Würkforce Data Analytics tool to play a pivotal role, empowering operators to mitigate costs and navigate a competitive landscape with precision.”
Wendy Bronfein, Co-Founder/Chief Brand Officer, Curio Wellness
“While the legal U.S. cannabis market is projected to reach over $50 billion, before decade’s end, driven by growing consumer acceptance and increased access—with 70% of Americans supporting legalization and 79% living in a county with a licensed dispensary—the industry still faces significant hurdles.
“The fragmented regulatory structure, with each state maintaining its own set of laws and standards, continues to create logistical and operational challenges. With the right regulatory structure, we can avoid the current pressures of market fragmentation, price compression, and consolidation, and create an environment where innovation thrives, businesses scale responsibly, and the industry as a whole can mature in a way that benefits consumers, businesses, and communities alike. Simply put, a smart federal regulatory framework is key to unlocking the full potential of the cannabis market while ensuring consumer safety and industry sustainability.”
Hometown Hero, Ryan Oquin, VP of Sales
“First off, the market has spoken and consumers love hemp-derived products. More than anything, the increased options available to consumers show that there is room for more diverse products. That said, 2025 could be a tough year for the entire cannabis market (hemp and marijuana) if current trends leaning toward more restrictions and prohibition continue. I expect to see more hemp (and marijuana) companies offering up beverages in different sizes and strengths. It’s also likely that the hemp industry will face continued challenges from the marijuana sector as well as pushback in states considering adding either medical or recreational initiatives. Products will continue to evolve and refine to meet the demands of the market.”
Ripple, Missy Bradley, Co-founder and CRO
“The biggest fear we have heading into 2025 is a rise in bad actors and fraud—especially as it relates to hemp-derived cannabis. While we’re comfortable with the future outlook for our state-regulated business, there is room for concern if there are federal attempts to deregulate the hemp industry. Once bad actors are certain that less attention is being paid, if any at all, the door is wide open for cash grabs. Without any enforcement, the industry may spiral. Throughout 2025, I hope to see cannabis businesses operate like any legitimate company in another industry—rather than functioning simply as a business that works in cannabis.”
Synergy Innovation, Shauntel Ludwig, CEO
“I’m not holding my breath for federal legalization in 2025. I expect we’ll see descheduling progress, holding steady for a few years while Big Tobacco, Big Pharma and other major players position themselves to seize the market post-legalization. In the meantime, descheduling promises something real: access to capital and tax relief for all cannabis companies, which will fuel growth across the industry.”
“}]] The North American cannabis industry in 2024 experienced a pivotal year of progress and challenges, setting the stage for a transformative 2025. Following a dramatic election campaign, the outlook for Read More
