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Canopy Growth, a cannabis company once worth billions, is now facing serious problems. Analysts believe its stock could eventually become worthless. The company's shares have been falling for two days, raising concerns about its financial situation. An analyst even lowered the price target for the stock to zero. The company's stock has dropped by 78% this year due to tough competition in the marijuana market and slow progress on US federal legalization. Its market value has significantly declined, leading to its removal from an important index. Despite trying to expand in the US, where marijuana is still federally illegal, the company's future remains uncertain. Overall, the company is facing major challenges, and analysts are doubtful about its chances of recovery.

Maryland is set to legalize recreational marijuana, a significant achievement for advocates after a lengthy process. On July 1, 2023, adults aged 21 and above will be able to possess up to 1.5 ounces of cannabis legally. The possession of up to 2.5 ounces will incur a civil penalty instead of a criminal charge. Maryland joins 19 other states and Washington, D.C. in legalizing marijuana. The journey towards legalization involved key events, including voter approval in November 2022 and the passing of legislation to establish licensing and tax rates. The path also included initiatives to train law enforcement officers in identifying marijuana impairment while driving. The new law offers expungement provisions for certain marijuana possession cases.

The American cannabis industry is projected to contribute a staggering $130 billion annually to the U.S. economy by 2024. These estimates from the Marijuana Business Factbook show a significant growth trajectory, with legal cannabis sales expected to increase from $38 billion-$46 billion in 2019 to $106 billion-$130 billion by 2024. This highlights the industry's rapid evolution and its ability to create jobs, open new business opportunities, and have a positive impact throughout the country. Despite the challenges posed by the pandemic, the cannabis industry remains strong, and its economic impact goes beyond the revenues generated within the supply chain. The industry's contribution is evident in areas such as cannabis tourism, real estate, construction, and tax revenue, supporting infrastructure projects and government programs. These findings provide valuable insights for lawmakers and officials when considering the benefits of cannabis legalization.