4th Edition Table of Contents


1. Overview

1.1. National market growth remains strong
1.2. Legal sales are a growing revenue source for states
1.3. Majority support for legalization is fueling a national policy shift
1.4. One nation united under marijuana laws
1.5. State market success has established a stark alternative to prohibition

2. Sales, Growth, & Forecasts

2.1. Data Analysis: National Market

2.1.1. Eleven new states will be voting to expand marijuana access in 2016

2.2. Medical Markets

2.2.1. Federal investment in medical marijuana research grows, but progress is slow
2.2.2. Congress restricts federal intervention in state markets
2.2.3. Despite leadership changes, DEA remains skeptical of medical marijuana

2.3. Adult use Markets

2.3.1. Adult use sales continue to hit new highs
2.3.2. New legal states are driving increased interstate competition

3. Top Trends to Watch in 2016

3.1. Congressional action
3.2. State legalization crosses the majority threshold
3.3. Price wars and competition
3.4. 2016 Presidential Election - Cannabis Unfriendly President Elected
3.5. Increased emphasis on compliance and regulation
3.6. Integration of technology
3.7. Innovative product development
3.8. Increased industry sophistication and business intelligence
3.9. Energy use - importance of topic and business priority
3.10.  Advancement in international debate/legalization

4. National Developments

4.1. The growing divide between federal and state policy

4.1.1. Easing business access to financial services
4.1.2. The high cost of federal prohibition enforcement in legal states
4.1.3. Preventing military personnel from exploring the benefit of cannabis

4.2. Ohio shows the limits of voters’ willingness to end prohibition
4.3. The move to more expansive regulation
4.4. The industry’s first pesticide lawsuit will reshape cultivation
4.5. The growing need for analysis of social outcomes and impact of legalization

4.5.1. Does legal cannabis make roads less safe?
4.5.2. Legal cannabis lowers perceived risk, but does it make more kids try it?

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5. State Markets

5.1. Data Analysis: State Markets
5.2. The Substitution Effect Between Medical and Adult use Markets
5.3. Local regulation frameworks create widely varied results across state markets

5.3.1. Congress blocks creation of regulations in D.C.
5.3.2. Prospective owners flood Maryland with license applications
5.3.3. Slow rollout stalls Illinois medical program and jeopardizes dispensary businesses

5.4. Evidence based assessment of multiple legalization models
5.5. Emphasis on compliance and increased regulations  

5.5.1. Regulatory oversight environment – examples
5.5.2. The future of cannabis compliance

5.6. Price wars and competition
5.7. Cross-border wars: Cannabis competition across state lines

6. Finance & Investment

6.1. The ups and downs of marijuana investment in 2015

6.1.1. Private capital fundraising reached new heights
6.1.2. Merrill Lynch releases its first report on the industry
6.1.3. ArcView sees strong member and investment growth
6.1.4. Marijuana stocks saw steep declines in 2015

6.2. Capital investments flow into clinical research
6.3. Banking and financial services limitations impede business growth
6.4. Tax policies  

6.4.1. Inability to deduct costs of goods sold will be a growing burden on businesses
6.4.2. Rethinking state taxes to drive greater revenue

6.5. Cannabis speculation and long-term trends
6.6. Big industry involvement a growing prospect?