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Azuca Reveals Top Predictions for Cannabis Industry in 2023 | Partner and Legalization Updates
As the industry rounds out another breakthrough year for cannabis, see what trends and predictions our team at Azuca is forecasting for how industry will fare in 2023.
Current Market Landscape: The rate of legalization, both domestically and across the globe, is climbing higher than ever before. In November, Maryland and Missouri approved adult-use cannabis, joining 21 states and Washington, D.C. With global sales predicted to grow from $13.4 billion in 2020 to $148.9 billion by 2031, it’s only a matter of time until consumers across the world will be able to enjoy access to the burgeoning industry ripe with opportunities for growth and innovation.
Kim Sanchez Rael – Co-Founder and CEO
Pinching Pennies – Investors in the industry will continue to be very conservative leaving early – and growth – stage companies requiring external capital for expansion cash-starved. Established (profitable) brands will continue to gain market share and the overall number of brands and players in mature markets will plateau and likely shrink by 20-30%.
Ron Silver – Co-Founder and Chief Creative Officer
You Gotta Love New York – Despite issuing the first 36 dispensary licenses in November, New York City’s illicit market will thrive, and it is unlikely regulations will be passed before 2024.
Corinne Butler – Vice President of Sales and Marketing
Plant Wellness – Current trends in premiumization will grow to demand more connection to full-spectrum wellness. We’re already seeing this with advanced terpene blends and minor cannabinoid usage but innovation around whole plant consumption will be key for ingestible products in ‘23 and beyond.
Charlie Villanueva – Director of Commercialization
One, Two, Three Testing – Lab shopping for desired potency results has negatively impacted customer confidence in the cannabis space. Customers are also becoming more discerning when it comes to what defines quality cannabis – higher potency is no longer correlated with higher quality. Regulatory bodies will begin to push for standardized and validated testing methodologies, and enforce their use. Customers will also demand testing results beyond just potency; terpene profiles will be a must for any retailer in order to accurately describe their cannabis
William Widmaier – VP Partnerships and Production
Shifting Gears – I think that in the face of pricing pressure, larger companies and MSO’s will work on lowering overall costs, while smaller producers will focus more on creating unique products with more artisanal focus.
A sneak peek for Azuca: In 2023, Azuca will launch new advanced formulation solutions in the TiME INFUSION™ and Activator product lines. Our new solutions bring greater flexibility and manufacturing simplification and cost savings. You can now use our advanced formations with or without a carrier ingredient and leverage up to 30x higher cannabinoid infusion capacity than our original formula. Additionally, the launch of Azuca Gold will deliver a true whole plant experience that eliminates the need for extraction and offers significant advantages to manufacturers and consumers alike.
Happy Holidays From The Entire Azuca Team!
In The News – Pro Cannabis Media
Azuca Co-Founder and CEO, Kim Sanchez Rael, recently sat down with Pro Cannabis Media to discuss all things Azuca during a special episode of Green Rush Live featuring Women in Cannabis. For the full interview (starting at 1:29:10), visit https://youtu.be/BxbP0TKhDa8?t=5350
Love’s Oven Launches Lights Out 1:1:1 Belgian Milk Chocolate Bars
Azuca partner Love’s Oven has launched its brand-new Lights Out 1:1:1 Belgian Milk Chocolate Bar – simply a dream come true! These sweet treats are crafted with love by family owned and operated Love’s Oven Bakery and powered by AZUCA TiME INFUSION™ to help you fall asleep in no time flat. Plus, the taste amazing! To find out more and where to get your hands on this for the holidays, visit https://www.choosethelove.com/
Lazy River Launches 4 New Gummies in MA
Lazy River Products’ new delicious Moose Chews (Sangria, Mimosa Float, Watermelon and Grape Sleep) have launched in Massachusetts! Utilizing AZUCA TiME INFUSION™, the cannabinoids in these Moose Chews are able to penetrate the soft tissues of the mouth, throat, and gut resulting in a fast-acting onset. Consumers can expect a sativa-like, uplifting, euphoric high, similar to that of smoking or vaping as opposed to the couch lock high associated with traditional edibles. For more information, visit https://lazyriverproducts.com/
National – WNBA player Brittney Griner is returning to the U.S. after the government secured her release from Russian detention after serving 10 months of a nine-year sentence for low-level cannabis possession. While there’s widespread relief over the development, already there are calls from advocates and lawmakers to follow up with domestic reform and increased diplomatic efforts to release other U.S. citizens imprisoned abroad.
Wisconsin – The Wisconsin Department of Revenue (DOR) is asking the governor to again put recreational and medical marijuana legalization in his forthcoming executive budget, while the State Public Defender (SDP) is separately seeking decriminalization of cannabis possession, according to an overview of state agency budget requests for 2023.
New York – New York marijuana regulators have released guidance for adult-use retailers that are interested in providing cannabis delivery services, setting the stage for the first sales even before licensees have storefronts—and allowing for deliveries via bikes and scooters as well as motor vehicles.
Washington D.C. – Lawmakers approved a bill this month that would make fundamental changes to the medical marijuana program in the nation’s capital—including by eliminating cannabis business licensing caps, providing tax relief to operators, further promoting social equity and creating new regulated business categories such as on-site consumption facilities and cannabis cooking classes.