Azuca Announces First-Ever Social Equity Fellow: ButACake CEO Matha Figaro Cannabis Ingredient Company Joins Forces…
Looking into the Cannabis Crystal Ball for 2024🔮
Approaching the end of 2023, global legalization is expanding, and more U.S. states are embracing both medical and adult-use cannabis. The industry is experiencing a surge in investment, innovation, and consumer demand. However, regulatory challenges, especially at the federal level, remain a significant factor impacting market dynamics, influencing everything from banking access to interstate commerce. As the cannabis industry matures, strategic partnerships, technological advancements, and a focus on sustainability are becoming pivotal for businesses navigating this evolving landscape.
Will cannabis be legalized in the United States, Europe, and/or South America?
Kim Sanchez Rael: It’s an election year. Congress will continue to be ineffective on all fronts, but all the optimist in me says a banking bill finally has a chance! The state-by-state march will continue for cannabis and the Farm Bill Reauthorization will get extended another year, kicking the intoxicating hemp debate down the road.
Ron Silver: The prospect of legalization in the U.S. is currently unlikely, with minimal chances, and the likelihood in Europe appears even slimmer. In South America, where change is a constant presence, there is more promise, and I expect we’ll see more progress happening in different countries. Ultimately while we are not likely to see full legalization next year, there’s definitely going to be a lot of developments going on around the world.
What do you think will happen within the edibles market?
Kim: Consumer expectations for “premiumization” and the ongoing momentum in social “mainstreamization” will collide, bringing an eruption of new, innovative products to the market that are effective, friendly, and predictable. Cannabis products that are approachable and easy to use for every (adult) generation and every social and wellness application will become the new normal.
Ron: HD9 (Hemp-Derived Delta-9 THC) will dominate the discussion. Toward the end of the year, I predict Azuca’s Whole-Plant ACTiVATOR® will be in high demand.
Will consolidation in cannabis continue?
Kim: Yes, consolidation will continue. Profitability and cash flow are kings. “Bottom feeding” will continue to be the baseline in cannabis M&A for the first half of 2024, with the ecosystem stabilizing by year end.
Ron: To put it simply, yes.
Thoughts on growth sectors, dosing, and innovation?
Kim: The proof is in the pudding. As the industry matures, consumers and brands will raise the bar, demanding data-backed innovation to drive product development and SKU expansion. Yesterday’s anecdotes won’t cut it in today’s environment.
Ron: Edibles will continue to grow, especially use-specific (sleep, pain, diet, a variety of medical applications) hemp-derived cannabinoids. Lower-dosed edibles will become more and more popular as aging consumers, especially women, discover unique approaches to their own health care. High-absorption, faster-onset edibles will make it so today’s dosing becomes irrelevant.
Speaking of Predictions…
Our CEO Kim Sanchez Rael recently spoke with Tom Hymes at Cannabis Business Executive, offering a deep dive into Azuca’s incredible journey and the evolution of our product offerings. From our coveted position on the Inc. 5000 list to groundbreaking innovations such as Whole-Plant ACTiVATOR® and RTD ACTiVATOR®, Kim sheds light on Azuca’s commitment to solving industry challenges and providing consumers with an unparalleled cannabis experience. The conversation also touches on our strategic focus on the beverage category, anticipating a 30% surge in new products in 2024. Azuca’s narrative unfolds, weaving together growth, innovation, and a commitment to shaping the cannabis industry’s future. Read it on CBE now!
We’re sending a heartfelt thank you to everyone who stopped by our booth at MJBizCon, engaged in insightful conversations with our team, and explored Azuca’s latest gems for edibles manufacturers… AND a special shoutout to the fantastic Hammerhead Hemp crew for proudly rocking Azuca swag. Already anticipating our next conference adventure at MJ Unpacked in April! Looking forward to seeing you there.
Have you heard the good news? ButACake is officially making it’s long-awaited debut in New Jersey! We’re so thrilled for our friend, social equity fellow, and partner, ButACake founder Matha Figaro, as she’s launching her ginger peach-flavored oral dissolvable strips this month. Matha will not only be the first independent operator in New Jersey to bring an edible product to stores, but also the first minority woman-owned business owner to do so. Read more about her journey and innovative products in this recent NJBIZ feature.