What’s coming for the cannabis industry in 2023? As always, change will be common throughout the next 12 months. Sales are still holding on but businesses are struggling. Change is needed – and soon! Let’s take a look at six ways the cannabis industry could change in 2023 – for the better and worse.
January 10, 2023
Looking back at the cannabis industry in 2022, one might think there isn’t a lot to be excited about for 2023. The industry is struggling, so it’s time to dig in your heels and get ready to work hard in the coming months. Making cannabis business resolutions for 2023 is a great way to put your business on a path forward. Here are five resolutions to help you get started.
January 3, 2023
The number of American jobs supported by the legal cannabis industry in 2022 is 428,059 according to Whitney Economics and Leafly’s Jobs Report 2022. That’s a 249% increase in just five years when the industry supported 122,800 jobs in 2017.
December 30, 2022
We can all agree that 2022 was a challenging year for the cannabis industry, and a possible recession, falling cannabis prices, oversupply, and other problems will continue in the coming months. However, this is a resilient industry that’s not going away anytime soon. With that said, let’s take a look at what we’re likely to see happen in the cannabis industry during 2023, so everyone working in and with the industry can prepare and weather the storm.
December 20, 2022
Cannabis industry conversations and news stories throughout 2022 focused on several key topics, including mergers and acquisitions, legalization, banking, and the 2022 election. Many of these topics aren’t new. They represent issues the legal cannabis industry has struggled with for years. However, 2022 was a year when we finally saw some positive movement in critical ways.
December 13, 2022
The national midterm election is coming up in just a few weeks with a variety of major races on the map. Control of Congress, nearly every state legislature, and numerous governor’s offices are on the ballot above a variety of other hotly contested races. Voters in some states will see ballot questions — an opportunity to decide the fate of proposed initiatives or constitutional amendments, five of which nationwide, could have impacts on the cannabis industry. This week’s blog will review five proposals on the ballot and their implications for the industry and licensing.
October 25, 2022
Both plant-touching and ancillary cannabis businesses are now able to lure highly experienced professionals from other industries to cannabis.
October 18, 2022
Just five years ago, in 2017, the legal cannabis industry in the United States employed 122,800 people. As of January 2022, there were 428,059 legal cannabis jobs according to the 2022 Leafly Jobs Report, which was published in partnership with Whitney Economics.
October 11, 2022
Within the past several years, the number of colleges and universities offering cannabis courses, programs, and degrees has increased significantly. Growing from a small number of schools in 2018 and 2019 to more than 100 today (and still growing), the legal cannabis industry has legitimized to the point that some states are even investing into cannabis college programs.
October 4, 2022
One of the biggest stories in 2022 has been the Russian invasion of Ukraine, which significantly impacted the global supply chain. The cannabis industry has not been immune to these supply chain delays and shortages. Cannabis businesses are also facing higher prices thanks to the domino effect the invasion has had on the global economy. Despite the challenges, progress has been made in a number of international cannabis markets.
August 30, 2022
The Northeast adult-use cannabis market is set to grow exponentially within the next six to 12 months. Some of these states’ adult-use programs are more restrictive than others, but New Hampshire and Pennsylvania’s lack of legal recreational cannabis markets are in direct opposition to voters’ preferences. Here's what's been happening in these states during the first seven months of 2022.
August 23, 2022
The continued growth and development of big businesses with deep pockets in the cannabis industry has many people worried that the result of continued mergers and acquisitions will be monopolies, lower quality products, and a shift of revenues away from mom and pop businesses in local communities to out-of-state (or out of country) corporations. This concern has already evolved into a reality and will continue to become an even bigger problem as state programs expand, when interstate commerce is allowed, and when federal legalization happens.
August 19, 2022
While recent news has been focused on adult-use market launches and program rollouts on the east coast, a handful of states are embarking to launch a cannabis market for the first time. In Appalachia, the South, and the Great Plains, numerous regulators have made strides in recent months to launch sales, or are very close to doing so.
August 16, 2022
Last week, we covered what’s been happening in the western states of the U.S. cannabis industry during the first seven months of 2022. This week, we’ll dive into updates from the Midwest and Southern United States with future articles to come about the Eastern U.S. and international markets.
August 9, 2022
It’s mid-year 2022, and if you read news reports, it may seem like the sky is falling on the U.S. cannabis industry. Yes, there are problems, and many license holders in the legal cannabis industry are struggling. However, with any highly regulated and growing industry, there will be challenges, changes, consolidation, and contraction at different times. The next few years of the cannabis industry will definitely show which companies and brands have staying power. With that said, let’s take a look at what’s been happening in the U.S. cannabis industry during the first seven months of 2022.
August 2, 2022
Data is transforming the cannabis industry, and as a result, new technology companies are opening in the cannabis space. In addition, traditionally non-cannabis companies are extending their brands to the industry. Today, databases, predictive analytics, artificial intelligence, and machine learning are having widespread effects on cannabis businesses, investors, regulators, and consumers.
June 28, 2022
Cannabiz Media worked with Wells Fargo’s Equity Research team to conduct one of the most comprehensive outreach programs to cannabis cultivators. We reached out to thousands of growers to develop a list of ~500 licensed cannabis cultivators across six states. They were reached via email and telephone surveys. The key takeaway for Wells Fargo is that “this recovery will take longer” and it has implications for the hydroponic sector for the second half of 2022. Wells Fargo has downgraded shares of Scotts Miracle Grow to Equal weight and lowered price targets on Grow Generation and Hydrofarm Holdings Group.
June 22, 2022
Data is transforming the cannabis industry across the entire cannabis industry, and technology opportunities continue to grow in importance as competition increases. It’s clear the companies that develop reliable and repeatable processes to collect, store, analyze, and use data will win in the future. However, data alone is just numbers. Cannabis businesses and ancillary businesses need the right technology to truly leverage the power of data. Together, technology and data are a formidable force. Let’s take a look at some of the ways technology and data will influence the future of the cannabis industry.
June 21, 2022
Sales and marketing integration is essential to cannabis industry success, and the most powerful way to integrate these two functions is through the strategic use of data. In fact, revenue growth is 70% more common among B2B organizations that have tightly aligned sales and marketing departments than those organizations that have not integrated their sales and marketing teams according to the findings in Outfunnel’s Revenue Marketing Report 2022.
June 14, 2022
Did you know that data-driven organizations are 23-times more likely to acquire customers and 6-times more likely to retain customers? They’re also 19-times more likely to be profitable. Information is power, and when a company has access to the right data, it can use that data to drive business growth and success rather than simply using data to report and reflect on the company’s performance.
June 10, 2022
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