Azuca Reveals Top Predictions for Cannabis Industry in 2023
Full-Spectrum Wellness and Functional Products Thrive as Established Brands Expected to Gain Market Share in the New Year
NEW YORK (December 7, 2022) – As the industry rounds out another breakthrough year for cannabis, market leaders from edibles ingredient pioneer Azuca offered the following trends and predictions for how the 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.
As the new year approaches, Azuca’s executive team offered the following trends and predictions for how the industry will fare in 2023:
- Pinching Pennies – Investment in new companies will remain very conservative. This will benefit established brands that don’t require external capital for expansion and shrink the overall number of brands by 20-30%.
- 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.
- One, Two, Three Testing – Local regulatory bodies will enforce standardized testing methodologies to better discern what defines high-quality, safe cannabis. Terpene profile testing will replace current methods of tracking potency, and customer confidence will be regained as lab shopping for desired potency results is outlawed.
- Plant Wellness – We are going to see a demand for whole plant ingestibles in 2023. Edibles innovation will continue down the path of targeted effects (sleep, focus, calm, etc). Nutraceuticals and functional foods will also begin to be added to formulations to promote these effects beyond the inclusion of additional cannabinoids.
“As the cannabis marketplace continues to mature in 2023, Azuca looks forward to bringing more forward-thinking infusion solutions to our brand partners that can be easily implemented into existing production processes,” said Kim Sanchez Rael, Azuca Co-Founder and CEO. “Consumers have come to rely on the fast-onset, social Delta-9-THC effects in their favorite cannabis and CBD products and the best way to continue providing chef-ready ingredients in 2023 and beyond is through innovation.”
In 2023, Azuca will offer new applications for TiME INFUSION™ Activator products, including removing carrier ingredients from the infusion model and offering up to 30x higher cannabinoid infusion capacity than the original formula. Additionally, the pending launch of Azuca Gold will provide a true whole plant experience that skips the extraction step and offers significant advantages to manufacturers and consumers alike. AZUCA TiME INFUSION™ encapsulates individual cannabinoid molecules and makes them water-friendly, enabling faster uptake, which begins immediately in the mouth and avoids the liver, where cannabinoids are degraded, and absorption is slowed. In addition to Azuca’s licensed products, the company specializes in expert product development and can work with numerous ingredient applications, including a seamless integration formulation for fast-acting chocolate.
To learn more about Azuca, and access its recently published white paper on how AZUCA TiME INFUSION™ enables Delta-9-THC as opposed to traditional 11-Hydroxy-THC, visit azuca.co/resources.
Azuca serves edibles manufacturers with best-in-class, fast-onset delivery systems. Azuca’s products are chef-created and powered by its patent-pending AZUCA TiME INFUSION™ process, which encapsulates individual cannabinoid molecules, making them “water-friendly,” for a predictable and controllable experience every time. AZUCA TiME INFUSION™ is also available in dozens of SKUs, including Wana Quick gummies. Azuca’s branded and co-branded THC products are available in select dispensaries across the US and Canada. Learn more about Azuca on AZUCATiME.com and Follow Azuca on Instagram, Facebook and LinkedIn.