As the cannabis industry continues to mature, it’s important to take stock of the progress made over the past year and what we can expect in the future. The cannabis market of 2023 had a blockbuster year, with the rollout of various new products, regulatory changes, and advancements in technology leading to exciting new opportunities for businesses in the marijuana space.
The first major event of the year was the implementation of the Cannabis Regulation and Taxation Act (CRTA), a sweeping and inclusive regulation that has established a legal framework for the production, sale, and use of marijuana in the United States. The CRTA has had a significant and lasting impact on the cannabis industry, providing clarity and structure to an already burgeoning market.
In addition to the CRTA, the flowering of new products and services provides a bright outlook for the cannabis industry in 2023. With the advent of cannabis dispensaries, and supporting companies like delivery services, rating systems, and lab testing companies, there has never been a better time to be involved with marijuana. Dispensaries and delivery services have made it easier than ever for consumers to access marijuana, and more recently online ordering platforms have further improved consumer convenience.
Innovation has been a key theme throughout 2023, with numerous new delivery devices, extraction methods, and other product categories emerging. Edible products, including gummies, drinks, teas, and even D.I.Y. kits, are becoming increasingly popular, allowing consumers to customize their experience. In addition, there has been a surge in solventless concentrates, such as bubble hash, as well as more efficient extraction methods like supercritical fluid extraction.
Finally, no review of 2023 would be complete without mentioning the emergence of cannabis-infused beverages, making cannabis-infused beverages much more accessible and convenient to consume. This new market niche combines the effects of THC and CBD with the ease of drinking a soda to create an enjoyable experience that appeals to both recreational and medical users.
Overall, the cannabis market of 2023 has been incredibly successful, with new products, services, and technologies helping to drive the growth of the industry. With the advent of innovative delivery devices, higher potency extracts, and cannabis-infused beverages, there has never been a better time to be involved with marijuana. Looking ahead to 2024, the cannabis market is sure to experience further growth and expansion, making it an exciting time to be involved in the industry.