What will 2023 spell for weed? 10 trends and predictions from cannabis professionals

What will 2023 spell for weed? 10 trends and predictions from cannabis professionals
Marijuana.com

If there’s one thing that can be said with certainty about the weed industry, it’s that there’s never a dull moment. In 2023, that trend will continue as this relatively young industry forges ahead in the face of a possible recession, continued oversupply, and price compression, all while honing in on what consumers actually want and need. Below, we asked dozens of industry professionals about what they think will be the big trends and developments in cannabis this year. Here are a few of the most common themes. Price compression and oversupply will continue Last year was challenging for much of the industry. The impressive growth seen in 2020 and 2021 did not continue in the same ways in 2022. Markets became increasingly saturated, capital became increasingly hard to come by, and oversupply put downward pressure on prices. These trends are predicted to continue this year. “As we are experiencing oversupply, we need to make tough business decisions,” said Lilach Mazor Power, president of the board at Arizona Dispensaries Association. “How do we bring more customers to try cannabis? How do we differentiate ourselves, and how do we stay profitable? How do we compete with the illicit market?” “It’s the end of an era,” shared Kenny Morrison, Founder of CQ. “In many instances, the price compression in the regulated market is now surpassing the low prices in the illicit market, making it tough for any brands or retailers to do well — regulated or not. I think a lot of trade organizations and people still want to blame the illicit market, but it’s a commoditized race to the bottom now that the risk premium associated with gray area or illegal activity has been removed.” Consolidation will continue, but at a slowed pace Mergers and acquisitions (M&As) have been a hot arena in cannabis, with…

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