Thank you for Subscribing to Cannabis Business Insights Weekly Brief
Thank you for Subscribing to Cannabis Business Insights Weekly Brief
By
Cannabis Business Insights | Monday, March 13, 2023
Stay ahead of the industry with exclusive feature stories on the top companies, expert insights and the latest news delivered straight to your inbox. Subscribe today.
Some states are on the point of decriminalizing marijuana or ordaining a comprehensive medical marijuana bill, and these bills may work as a springboard to full legalization.
FREMONT, CA: We will likely see significant modifications to the cannabis industry in 2023. Not only is the market foreseen to grow, but customers may be more educated regarding cannabis and purchase various types of cannabis products.
Major Trends Akin to The Cannabis Industry
1. Cannabis Sales Will Grow
As cannabis is now legal in 10 states, there’s probable to be more sales than ever! Exceeding 400 million dollars worth of cannabis was marketed on July 4th this year! Some experts state that the cannabis industry can rise to as much as 130 million dollars annually soon.
2. The Legalization Action Will Develop Stronger
Cannabis is legitimate in Illinois, and activists will work hard to get it legitimate in more states. It may turn legal in Connecticut, Minnesota, New Hampshire, New Jersey, New Mexico, New York, and Rhode Island. Moreover, dispensaries that trade to recreational users could turn legalized in Vermont, which has already approved the possession and home farming of cannabis.
Public endorsement for cannabis legalization is extremely high, and around two-thirds of the country encourages federal legalization. Not just that, but this figure can rise over time as the public turns more informed of the plant’s possible advantages.
Other States Will Approach Legalization More Slowly
Some states are on the point of decriminalizing marijuana or ordaining a comprehensive medical marijuana bill, and these bills may work as a springboard to full legalization. For illustration, Virginia has lately decriminalized marijuana, and Texas and Pennsylvania may wear tracksuits at some point in the future.
1. There Will Be More Types Of Cannabis Products Accessible
Not just will there be new cannabis products accessible, but breeders may form new strains. Additionally, cannabis-infused beverages are the potential to turn more broadly available and famous. Some of these libations will be made by companies that play a major role in the alcohol industry. For instance, Molson-Coors is considering generating a cannabis-infused beverage, and Coca-Cola may form a carbonated drink with CBD.
While edibles have been famous all along, there’s possibly to be a growing range of these products on the market. Additionally, CBD edibles can be sold by companies normally not involved in the cannabis industry because of the federal legalization of the compound. Regardless of the growing fame of edibles and other cannabis outcomes, marijuana flower will probably remain the most famous form of it shortly.
2. There Will Be A More Different Range Of Customers
There will possibly be earlier customers, and the number of female marijuana customers will grow. Additionally, there is likely to turn into more of a mix of recreational and medicinal consumers of cannabis as the year goes on.
3. Customers Will Differ more In Terms Of How Much They Expend On Marijuana
Besides, there’s possibly to be a considerable range in the amount people expend on cannabis during their visits to the dispensary. On average, most people can spend between 25 and 50 dollars per visit, but just a tiny minority will spend far more. An important number of people will make small buying of 10 dollars or less on an average visit, and this part of consumers is a little over one-third.
4. Consumers Will Be More Aware Of The Advantages Of It
Scientists are discovering that cannabis and the compounds within it can have important advantages for one’s common health, like possibly reducing one’s cancer risk, and the general public is possibly becoming more informed of these likely benefits. Moreover, people will likely become more informed that cannabis is much safer than alcohol.
5. Many Cannabis Stocks Will Be Great Investments
Because of a developing cannabis market, stocks in this industry are the potential to rise greatly, but the investments will still convey a considerable amount of risk. Yet, certain companies are possible to do particularly well.
6. More Doctors Will Advise Medical Marijuana
Since scientists are evolving to be more aware of the possible advantages of medical marijuana, doctors will be more likely to present this treatment to their patients. This will imply that dispensaries nationwide will notice sales growth.
I agree We use cookies on this website to enhance your user experience. By clicking any link on this page you are giving your consent for us to set cookies. More info