The cannabis industry is rapidly expanding in 2023, with emerging markets in places such as New York, Vermont, D.C. and countries like Columbia showing strong growth potential. Despite challenges in California, Oklahoma Oregon, Washington and Colorado due to illegal markets and excessive regulation, the east coast and southern states as well offer exciting opportunities for revenue growth through the introduction of new genetics and products in these emerging markets.
The mushroom and nutraceutical markets are also gaining popularity and acceptance, leading to an increase in holistic self-medication. Companies that adjust their product lines to meet the demand for these new compounds will become major players in the fast-growing psychedelic industry. Delta 10, psylocibin, and muscimol are just a few examples of the compounds that will drive innovation and expansion in the cannabis and psychedelic markets.
As the western legacy markets continue to struggle with overregulation and illegal markets, well-run companies that have streamlined their operations will dominate the 2023 financial year. These companies will drive M&A momentum by purchasing distressed assets and consolidating market share.
To succeed in the cannabis industry in 2023 and beyond, it’s important to focus on quality products and efficient operations. Those who entered the industry solely for financial gain may struggle, as evidenced by the fluctuation of cannabis stock prices and the large number of businesses that are failing and/or operating in the red. By contrast, those who have a true understanding and passion for the plant and operating streamlined businesses will thrive.
If you’re interested in learning more about how to grow and expand your cannabis business, contact me today.
