Marijuana Industry Trends: What to Watch for in 2023
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By PAGE Editor
According to the latest statistics, the marijuana industry has experienced significant growth over the past years, and it's worth mentioning that such a trend seems to continue. Nowadays, more countries and states make marijuana legal, and it leads to new developments and changes. Here are some of the marijuana industry trends to watch for in 2023.
One trend to watch for in 2023 is the continued growth of the legal marijuana market. This industry is expected to reach new peaks since the use of recreational cannabis seems to grow over the years. Moreover, according to a report by Grand View Research, the global legal marijuana market size can reach $73.6 billion by 2027.
Another trend to watch for is the increasing acceptance of marijuana for medical use. Nowadays, many clinics and institutions are studying the subject of cannabis, its health benefits, and doses for patients to cope with various conditions. Such a tendency can lead to an increased usage of cannabis, leading more places to legalize it for medical use this year. It will lead to an increase in the number of dispensaries that specialize in medical marijuana, providing more access to marijuana products. In Canada, cannabis products like bruce banner strain from online dispensary West Coast Supply are gaining popularity, leading to more common weed consumption.
In addition, the marijuana industry can see the rise of new products and technologies. New delivery methods are expected to become more popular in 2023. Products like inhalers and dissolvable strips are designed to provide a more discreet and convenient way to consume marijuana, making it more accessible to more consumers.
Increasing use of data and technology in the marijuana industry. The industry will see an increase in the use of data and technology to track and manage marijuana products from seed to plant and sale. It will help improve the safety and quality of marijuana products and prevent black market sales.
In the United States, the marijuana industry is still facing some challenges, among the main ones is the lack of access to traditional banking services. Many banks and financial institutions are doubtful about marijuana businesses because of the plant's federal legality status. It leaves many cannabis businesses with limited options for managing their finances and paying taxes, so they're forced to operate on a cash-only basis.
Furthermore, the contrast between state and federal laws can create confusion and uncertainty for marijuana businesses. Even in states where marijuana is legal, businesses may be at risk of federal prosecution if they are found to be in violation of federal laws. This can make it difficult for marijuana businesses to operate and may discourage investment in the industry.
Summary
The marijuana industry is expected to see continued growth in 2023, with more studies on that topic and an increasing acceptance of marijuana for medical use. Additionally, new products and technologies, as well as the use of data and technology in the industry, are expected to become more prevalent. However, the industry still faces challenges in the United States, such as a lack of access to traditional banking services and the disparity between state and federal laws. These challenges must be addressed in order for the industry to thrive.
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