We’re likely to see some significant changes to the cannabis industry in 2023. Not only is the market expected to grow, but customers are likely to be more educated about cannabis and purchase different types of cannabis products. There are many challenges the cannabis industry will face, but here are a few of the top ten trends that we’re likely to see in 2023:
1. Cannabis Sales Will Increase
Because cannabis is now legal in 10 states, there’s likely to be more sales than ever! More than 400 million dollars worth of cannabis was sold on July 4th of this year! Some experts say that the cannabis industry has the potential to grow to as much as 130 million dollars per year shortly. This isn’t likely to happen during 2023, but this figure shows how rapidly the industry is growing.
2. The Legalization Movement Will Grow Stronger
Cannabis is now legal in Illinois, and activists will work hard to get it legalized in more states. It may become legal in Connecticut, Minnesota, New Hampshire, New Jersey, New Mexico, New York, and Rhode Island. Furthermore, dispensaries that sell to recreational users could become legalized in Vermont, which has already legalized the possession and home cultivation of cannabis.
Public support for cannabis legalization is at an all-time high, and around two-thirds of the country supports federal legalization. Not only that, but this figure is likely to rise over time as the public becomes more aware of the plant’s potential benefits.
Other States Will Move Towards Legalization More Slowly
Some states are on the verge of decriminalizing marijuana or enacting a comprehensive medical marijuana bill, and these bills may act as stepping stones to full legalization. For instance, Virginia has recently decriminalized marijuana, and Texas and Pennsylvania may follow suit at some point in the future.
3. There Will Be More Types Of Cannabis Products Available
Not only will there be new cannabis products available, but it’s likely that breeders will create new strains. Furthermore, cannabis-infused beverages are likely to become more widely available and popular. Some of these beverages will be made by companies that play a major role in the alcohol industry. For example, Molson-Coors is considering creating a cannabis-infused beverage, and Coca-Cola may create a carbonated drink that contains CBD.
While edibles have been popular all along, there’s likely to become an increased variety of these products on the market. Furthermore, CBD edibles are likely to be sold by companies not ordinarily involved in the cannabis industry due to the federal legalization of the compound. Despite the increasing popularity of edibles and other cannabis products, it’s likely that marijuana flower will remain the most popular form of it shortly.
4. There Will Be A More Diverse Range Of Customers
It’s likely that there will be more older customers, and the number of female marijuana customers is likely to increase over time. In addition, there is likely to become more of a mix of recreational and medicinal users of cannabis as the year goes on.
5. Customers Will Vary Greatly In Terms Of How Much They Spend On Marijuana
Furthermore, there’s likely to be a significant range in the amount people spend on cannabis during their visits to the dispensary. On average, most people are likely to spend between 25 and 50 dollars per visit, but only a small minority will spend much more. A significant number of people will make small purchases of 10 dollars or less on an average visit, and this portion of customers is a little over one-third.
6. Customers Will Be More Aware Of The Benefits Of It
Scientists are finding that cannabis and the compounds within it can have significant benefits for one’s general health, such as potentially lowering one’s cancer risk, and the general public is likely to become more aware of these possible benefits. Furthermore, people will likely become more aware that cannabis is much safer than alcohol.
7. Researchers Are Studying New Uses Of Medical Marijuana
Currently, researchers are learning that some compounds in cannabis may have anti-cancer properties, and more studies are likely to be done on this. Not only are researchers finding that the plant itself has these properties, but scientists may be able to synthesize new compounds based on natural cannabinoids. These compounds may be capable of having a much stronger anti-cancer effect.
In addition, CBD is thought to have antibiotic effects, and it may even be capable of treating infections that are antibiotic-resistant. This may lead to the development of topical CBD creams that have antibiotic properties, and bacteria do not appear to become resistant to CBD over time.
8. People Will Become More Familiar With The Compounds In The Plant
It’s not just THC and CBD that produce the effects of cannabis, and scientists are becoming aware of the benefits that other cannabinoid compounds in the plant have, such as CBC, CBG, THCV, and CBN. In addition, marijuana contains terpenes, and these substances significantly impact the psychoactive effects of different strains.
Marijuana customers are becoming more aware of the effects and benefits of terpenes as well. Breeders are likely to begin creating strains bred to have high levels of specific terpenes and beneficial cannabinoids other than THC and CBD. Here’s what you need to know about some of the most important compounds in it that scientists are studying in 2023:
This compound is produced as cannabis ages and is typically found in low concentrations of under 1 percent in fresh marijuana. It’s only slightly psychoactive but has strong anti-anxiety and sedative properties. As a result of increased awareness of this compound, there’s a good chance that more CBN supplements will hit the market this year.
This is the compound that THC and CBD originate from, and it has very wide-ranging health benefits. However, it forms into either THC or CBD when exposed to sunlight. It’s likely that many CBD supplements will be infused with this cannabinoid in the future, and more research is likely to be done on the potential benefits of this compound.
THCV can be quite psychoactive in high enough dosages, but it’s present in fairly low concentrations. Furthermore, the effects of THCV are quite different from those of delta-9-THC. It tends to produce a stimulating, euphoric, and intense but short-lived high. In addition, it is an appetite suppressant rather than causing the “munchies” as THC does. As awareness of this compound increases, there are likely to be more strains that are bred to contain high levels of this compound, and THCV supplements may be created.
CBC is a non-psychoactive cannabinoid with a wide range of potential health benefits and medical uses. Unlike some of the compounds in this list, it’s present in significant quantities in the plant, making it easier to create CBC supplements.
While THCA does not have psychoactive effects unless heat converts it into THC, scientists are now learning that it has its own health benefits. Unlike the other compounds listed here, it is not possible to create a sample of THCA that’s pure, and there’s always a certain amount of THC that’s mixed into a sample of THCA. More attention will likely be paid to this compound in the future.
Unlike most other terpenes, limonene has effects on the cannabis receptors! While this compound is found in cannabis, it is also found in other plants, and it’s thought to have health benefits. As a result, it’s likely that there will be strains bred to produce more of this terpene.
In addition to limonene, a variety of other terpenes are thought to have significant health benefits, and customers are becoming increasingly aware of these compounds. As a result, marijuana breeders will likely create strains with larger than typical amounts of these compounds. Some examples of these terpenes are pinene, myrcene,
This form of THC is a bit different than delta-9-THC, which is the most powerful version of it. It does produce psychoactive effects that are very similar to THC, but it’s weaker per milligrams of the compound. However, it’s only found in small amounts within the plant. As a result, there’s a good chance that purer forms of delta-8-THC will be created.
9. Many Cannabis Stocks Will Be Excellent Investments
Due to a growing cannabis market, stocks in this industry are likely to grow considerably, but the investments will still carry a significant amount of risk. However, there are certain companies that are likely to do especially well, such as Canopy Growth, Cronos Group, Origin House, Marimed, and Auxly.
10. More Doctors Will Recommend Medical Marijuana
Because scientists are becoming more aware of the potential benefits of medical marijuana, doctors will be more likely to offer this treatment to their patients. This will mean that dispensaries throughout the country will see an increase in sales.
Cannabis and CBD Industry Stats and Growth Projections in 2023
- Cannabis companies are growing, and the value of Cronos Group stock went up 45% in only a year.
- Maritime has grown by 80% in one year, showing how profitable the medical marijuana industry is.
- Only 8.7% of cannabis customers spend at least 100 dollars each time they purchase marijuana.
- Depending on the dispensary, 49 and 81 percent of customers purchase marijuana flowers.
- Edibles currently make up around 13 percent of cannabis purchases.
- The compound annual growth rate of the marijuana industry between 2018 and 2023 has been estimated at around 21%.
- A majority of doctors support medical marijuana 76%.
- The marijuana industry in California brought in 345.2 million dollars in tax revenue last year!
- A massive majority of the American public supports legalization at 66%.
- There has been a 140% increase in the number of people who used cannabis for the first time.