We've been keeping an eye on Cannabis and CBD industry trends over the last few years. 2023 happens to be one of the best years to be in the CBD business. We have a ton of plans and we are looking at a bunch of new products, events and happenings that are going to make 2023 very important to this industry.
2023 Trends Related To The Cannabis Industry
1. Maryland and Missouri Cannabis Legalize Recreational Marijuana.
Because cannabis is now legal 2 more states. Maryland and Missouri join 19 other states and the District of Columbia in legalizing recreational marijuana, while legalization proposals did not pass in Arkansas, North Dakota and South Dakota. Experts say that the cannabis industry has the potential to grow to as much as 130 million dollars per year shortly. This isn’t likely to happen during 2023, but this figure shows how rapidly the industry is growing.
2. Cannabis Legalization Momentum In 2023
Cannabis is now legal in Illinois. It may become legal in a few more states like New Jersey, Connecticut, Minnesota, New Hampshire, New Mexico, New York, and Rhode Island. Vermont may increase the ability to buy at dispensaries.
Public support for cannabis legalization is has peaked, with around two-thirds of the country supporting federal legalization. As the public becomes more aware of the plant’s potential benefits, CBD, Cannabis products will be come more acceptable by the public.
3. More Types Of Cannabis Products Like CBD Are Available
Breeders will likely create new strains. Cannabis-infused beverages are a growth market. Recently, Molson-Coors has been developing a cannabis-infused beverage, while Coca-Cola may create a carbonated drink that contains CBD.
More CBD edibles are likely to be sold by companies not ordinarily involved in the cannabis industry due to the federal legalization of the compound.
4. New People Will Enjoy These Products.
The growth of older customers using CBD is predicted to be coming soon to the industry. The number of female marijuana customers is likely to increase over the next few years.
5. Customers Will Be More Aware Of The Benefits Of CBD
Scientists are finding that cannabis and the compounds within it can have significant benefits for one’s general health, such as potentially lowering one’s cancer risk, and the general public is likely to become more aware of these possible benefits. Furthermore, people will likely become more aware that cannabis is much safer than alcohol.
6. Customers Will Vary Greatly In Terms Of How Much They Spend On Marijuana
Furthermore, there’s likely to be a significant range in the amount people spend on cannabis during their visits to the dispensary. On average, most people are likely to spend between 25 and 50 dollars per visit, but only a small minority will spend much more. A significant number of people will make small purchases of 10 dollars or less on an average visit, and this portion of customers is a little over one-third.
7. CBD Thought To Have Antibiotic Effect.
CBD is thought to have antibiotic effects, and it may even be capable of treating infections that are antibiotic-resistant. This may lead to the development of topical CBD creams that have antibiotic properties, and bacteria do not appear to become resistant to CBD over time.