2023 Cannabis Industry Trends To Expect And Prepare For
The cannabis industry continues to grow and evolve. The billion dollar market is expected to continue to grow in the coming years–including hopes for long-sought-after reform. Last year saw substantial movement that hopefully builds into more momentum in 2023.
After a strong 2022, which saw federal lawmakers make its first small progress on reform, and the launch of several major legal state markets, cannabis is hoping to see more growth on the state and federal levels. Here are some of the top cannabis industry trends being discussed for 2023:
Legalization Momentum Continues?
As public support for cannabis legalization grows, we should expect additional states will legalize medicinal and/or adult use in 2023. This trend could lead to a significant increase in the number of cannabis businesses operating in these states while providing patients and adult consumers with legal access to lab tested products.
We Will have to wait and see what influence over The next 12 months but rumblings and legislative filings give us some indication of which states could be making moves this year. Much of the US remains in play, including but not limited to Kentucky, Minnesota, Delaware, Kansas and North Carolina.
Eyes On Germany
The United States is far from the only nation talking about cannabis reform. Many countries around the world are considering or have already legalized it. Expect this trend to continue in 2023 and the years ahead. All eyes are fixed on Germany and its proposed legalization that began in 2022. If it follows through with its agenda, Germany could raise the bar for legalization. With a powerhouse nation on board, Europe would have the momentum needed to build off the success made in nations like Luxembourg, Malta and the Netherlands.
If successful, Germany could further the expansion of the global cannabis market, increasing opportunities for international businesses and travelers alike.
Cannabis Tourism?
If Germany were to pass its cannabis reform laws, then it would be safe to assume that the nation would become that much more appealing to tourists. Already a popular destination for European travelers, Germany could further become a destination if it's cannabis production comes anywhere close to rivaling it's beer culture. The same could be said for smaller Nations like Luxembourg and Malta, as well as other European nations that may take up the initiative.
The same could be said for the United states. California and other Western States have long served as destinations for high quality cannabis and tourism. The rollout of consumption lounges in States like New York, Nevada and others could only further the allure of cannabis tourism. While still in its infancy and awaiting for the regulations, signs seem to point towards a booming cannabis tourism Market in 2023 and soon after.
A Tough Year Ahead
2023 will be a positive year for the Cannabis industry as we further gain clarity and understanding about the trajectory of the marketplace on the state, national and international levels. Still, Market downturn is expected as consolidation intersex with a struggling global economy. While cannabis will not be immune from hardship, top brands and highly functioning teams will find ways to succeed and grow this year and beyond.
The task will not be easy, as has been the case in previous years, but no industry is better equipped to sustain hardships and transcend like cannabis. FundCanana is here for companies looking to scale and succeed in this prosperous market. Contact us today for any help we can provide you.
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