Census Bureau Begins Collecting Data About Marijuana Business Economic Activity As Market Enters Mainstream

August 17, 2023 · marijuanamoment.net

The U.S. Census Bureau is updating its survey of American companies to better capture marijuana-related economic activity, part of an effort to “keep up with the nation’s ever-changing business landscape.”

For the first time, the 2022 Economic Census—which is being conducted right now and asks businesses about their activities from last year—includes options for respondents to identify themselves as part of the cannabis economy.

“While there are no specific questions about cannabis in the 2022 Economic Census,” the bureau said on its website this week, “options to select cannabis as a primary business activity are available to retail and wholesale establishments.”

Other survey responses attempt to capture the value of marijuana goods and services produced by American businesses, for example cannabis-infused foods, beverages and topicals. It even gives specific examples of such products, including cannabis face creams, tinctures, shampoos, cakes and pies.

“Measuring the growth and changes in the economy will ensure these topics are captured in key measures of economic activity” the bureau said, “and that the economic census remains relevant in an ever-changing world.”

In other words, the federal government not only recognizes that products like cannabis-infused gummies are currently being bought and sold on American markets—it also wants data on that activity.

The Census Bureau had already taken steps to build a better understanding of the marijuana market under federal prohibition, including its 2021 decision to begin collecting data on cannabis tax revenue that states are generating. States are now asked to provide that information as part of annual and quarterly reports that they send to the bureau.

These shifts echo other changes in how the federal government is attempting to measure and make sense of marijuana business as a part of the overall economy. For example, officials last year added cannabis businesses as an official designation under the North American Industry Classification System (NAICS), which is used by the U.S. Bureau of Labor Statistics (BLS) and others to categorize and compile employment data.

Cannabis business codes were added to NAICS following a 2021 policy recommendation from a committee that included the Census Bureau.

Meanwhile, the U.S. Treasury Department also said last year that it plans to start collecting marijuana business data as part of its role in combating money laundering.

As for the updated Census business surveys, cannabis-related options now appear on a number of the economic census’s nearly 800 available survey forms. Perhaps most relevant is the form for “Tobacco and Marijuana and Cannabis Stores,” which pertains to retailers, but marijuana also appears on surveys for food manufacturers and various other business types.

Cannabis isn’t the only new update to the economic survey. Other changes this year include the addition of electric vehicles and cryptocurrency as products lines, the bureau said, as well as revenue from telemedicine. (Full Story)

In categories:Business Politics
Next Post

Tilray Buys Out Truss Beverage Co. from Molson Coors Canada

Tilray Brands Inc. (Nasdaq: TLRY) (TSX: TLRY) is buying the remaining 57.5% of shares in THC-infused drink line Truss Beverage Co. from Molson Coors Canada, the company said Friday. In a statement, Blair MacNeil, President of Tilray Canada, expressed excitement for the move.…
Read
Previous Post

More cash, more headaches for marijuana retailers after Mastercard ban

Marijuana retailers across the United States are adjusting to handling and securing more cash in-store after Mastercard’s abrupt decision last month to halt millions of dollars in cannabis purchases involving its popular debit card. Operators are also bracing for the possibility that…
Read
Random Post

Rapper Coolio's Cannabis Brand Was Ahead of Its Time

Grammy-winning rapper Coolio, who died September 28 at 59, was a fledging marijuana entrepreneur. He planned to launch Coolio's Cannabis brand in 2020, but it never made it to market. (Celeb Stoner) Full Article
Read
Random Post

How Cheech and Chong are bringing medical marijuana to Mississippi

Cheech and Chong's Cannabis Co. and Southern Sky Brands of Mississippi are teaming together and have announced a partnership aimed at expanding access to medical cannabis products in Mississippi. Cheech and Chong, the duo that became famous in the 1970s…
Read
Random Post

Cannabis chain once worth $1.7 billion and called the ‘Apple store of weed’ is now nearly failing as the once-hot pot industry faces a major reckoning

A chain of cannabis stores that was once described as the “Apple store of weed” and valued as high as $1.7 billion as a public company, is near financial collapse, according to a regulatory filing. The company, MedMen, said that it has…
Read
Random Post

Report: Texas Law Enforcement Won’t Stop Raiding Hemp Shops

When Congress legalized industrial hemp in 2018, it prompted a tidal wave of CBD-based products while also eliminating a front in the war on drugs.  But in Texas, some local law enforcement officials continue to fight the old battle, as a…
Read