As many readers know, 2022 was a mixed bag for the cannabis industry. While new markets showed healthy growth, legal cannabis sales declined in... Cannabis industry looks ahead to 2023 after facing challenges in 2022

As many readers know, 2022 was a mixed bag for the cannabis industry. While new markets showed healthy growth, legal cannabis sales declined in many mature markets, slowing, or even reversing, growth in those markets. While some of this might be attributable to parallels experienced by the broader economy in the wake of COVID-19, it nevertheless resulted in numerous companies across the sector being hit by layoffs, cash crunches, and increased debt.

But 2022 wasn’t all bad news. Three more states enacted laws legalizing adult-use cannabis, while recreational sales kicked off in several other states. On the federal level, the Biden administration took steps toward reform, pardoning federal offenses of simple marijuana possession and directing review of cannabis’s classification under federal law. Congress also enacted the Medical Marijuana and Cannabidiol Research Expansion Act.

Below, we recap some of the biggest developments of 2022 and what to expect in 2023.

Market headwinds slowed growth in 2022 and will likely persist throughout 2023

After enjoying a sales surge during the early stages of the pandemic, the U.S. cannabis industry showed signs of slowing down in the face of regulatory and economic challenges, including declining demand. As a result, legal cannabis markets across the country, particularly mature markets, are facing a supply glut that is driving down wholesale and retail prices.

[Read more at Reuters]

MJ Shareholders avatar

MJ Shareholders

MJShareholders.com is the largest dedicated financial network and leading corporate communications firm serving the legal cannabis industry. Our network aims to connect public marijuana companies with these focused cannabis audiences across the US and Canada that are critical for growth: Short and long term cannabis investors Active funding sources Mainstream media Business leaders Cannabis consumers

No comments so far.

Be first to leave comment below.

( ) ( ) ( ) ( ) ( ) ( ) ( ) ( )