Cannabis News Roundup: March 14 2023March 14, 2023
Recent Developments in the Cannabis Industry: Business, Legalization, and MoreNovember 17, 2023
1. Regulatory Challenges and Economic Impacts (2022-2023
): Despite a mixed 2022, there are promising signs for the cannabis industry in 2023. New markets showed healthy growth, but sales declined in many mature markets. Federal-level progress has seen steps toward reform, including pardoning simple marijuana offenses and reviewing cannabis's classification under federal law
2. Positive Growth Prediction:
Despite a global pandemic and supply chain disruptions, the cannabis industry was predicted to experience positive growth in 2022, spurred by increased legalization efforts and technology investments
3. Innovations in R&D and Cultivation
: The global legal cannabis market, estimated at USD 12.81 billion in 2020, is projected to grow at a CAGR of 27.28% to reach USD 69.34 billion by 2027. This growth is expected to be driven by innovations in research and development, cultivation techniques, and the evolution of cannabis legalization in emerging markets
4. Global Legal Cannabis Market Growth (2021-2025)
: The global legal cannabis market is expected to grow by $34.91 billion from 2021-2025, at a CAGR of over 21%. A key driver for this growth is the increasing number of countries decriminalizing and legalizing cannabis, in addition to the health benefits of medical cannabis [(https://www.globenewswire.com/en/news-release/2021/11/26/2341527/28124/en/Worldwide-Legal-Cannabis-Industry-to-2025-Key-Drivers-Challenges-and-Trends.html)].
5. **Emerging Technologies**: In 2022, technology began to play a major role in the evolution of the cannabis industry. Concepts like digital dispensary menus, cryptocurrency, non-fungible tokens (NFTs), and even the "web3" concept have started to shape the industry. These technologies can help solve supply chain problems and build community across sectors, promising exciting opportunities for the future of cannabis.
6. Recreational Cannabis:
The legalization of adult-use cannabis in more states is driving the recreational cannabis market. Sales kicked off in several states in 2022, and this trend is expected to continue into 2023 and beyond.
7. Federal Prohibition and Policy Reform:
Despite the federal prohibition of cannabis, the industry has seen considerable growth due to state-level legalizations. Policy reforms and steps toward decriminalization at the federal level have also been made, indicating potential nationwide legalization in the future.