Cannabis enthusiasts have a lot to look forward to in 2023
Cannabis is fast becoming a big business. Many marijuana industry forecasts generally point up and to the right, especially over the long term. Therefore, there are some key market trends to watch out for if you intend to get involved. Many cannabis enthusiasts saw a totally innovative 2022, and this is something that will also be evident during 2023.
First and foremost, marijuana legalization will continue to expand. The expansion of marijuana legalization is one of the most interesting trends today. Many states now legalize the use of marijuana for medical purposes, while others have legalized both recreational and medical marijuana. Although cannabis is still classified as a Schedule 1 drug, there is growing momentum to reverse this situation, toward decriminalization or full legalization of marijuana at the federal level.
Low, legal prices will dominate the store, driving sales much higher. The marijuana industry’s sales forecast is as optimistic as ever. While it is true that the price reduction may be detrimental to growers, it is a big plus for consumers and medical patients.
As time goes on, more types of products will become available and 2023 will possibly bring a highly innovative catalog. Entrepreneurs have become more willing than ever to research and develop new products. Smart companies are exploring new niches to exploit and have created a market for marijuana products that simply didn’t exist before, from beef jerky to dipping baths.
It is also important to understand that products beyond flowers are gaining ground in the marketplace. While still popular, bud is relinquishing some of its dominance as the marijuana market diversifies. Products like vapes, edibles, and beverages are relatively new (but already beloved) ways to get a solid dose of cannabinoids into your system.