top cannabis trends to watch for in 2023:
- Major consolidation in key markets. As the cannabis industry matures, we are seeing a trend of consolidation among large players. This is due to a number of factors, including the high cost of entry into the market, the need for economies of scale, and the desire to achieve greater market share.
- Mergers and acquisitions grind to a halt. The high valuations of cannabis companies in recent years have led to a slowdown in mergers and acquisitions activity. However, as the industry matures and valuations become more reasonable, we can expect to see more M&A activity in 2023.
- Delta-8 THC remains a burr in the industry’s saddle. Delta-8 THC is a psychoactive compound that is legal in many states. However, it has been linked to a number of health concerns, and some states are now considering banning it. The future of Delta-8 THC in the cannabis industry is uncertain, but it is likely to remain a controversial issue in 2023.
- THC potency obsession and lab shopping draw more attention. As consumers become more educated about cannabis, they are demanding higher potency products. This has led to an increase in the potency of cannabis flower and concentrates. However, there is also growing concern about the potential health risks of high-potency cannabis. In addition, some consumers are taking matters into their own hands and shopping for cannabis products at labs that they trust.
- Emerging sustainable and eco-friendly cannabis practices. As the cannabis industry grows, there is a growing focus on sustainability. This includes practices such as using recycled materials, conserving water, and reducing waste. Some cannabis companies are even going carbon neutral.
- Cannabis tourism. Cannabis tourism is a growing trend, as more and more states legalize recreational cannabis use. This includes tours of cannabis farms and dispensaries, as well as festivals and events that celebrate cannabis culture.
- Craft and boutique cannabis brands. As the cannabis industry becomes more competitive, there is a growing demand for craft and boutique cannabis brands. These brands offer unique products and experiences that appeal to discerning consumers.
- Celebrity cannabis engagement. Celebrities are increasingly using their platforms to promote cannabis products and brands. This is helping to legitimize the cannabis industry and attract new consumers.
These are just a few of the top cannabis trends to watch for in 2023. The cannabis industry is constantly evolving, so it will be interesting to see what new trends emerge in the coming year.