As many industry participants know, 2023 was a challenging year for the Cannabis Industry (especially for the “adult use” market). This was true both in existing markets (on the West Coast) and in new markets (like New York). While a handful of new markets came online and showed healthy growth, many mature markets continued to struggle in the wake of increased competition from the “grey” (e.g., illicit) market, and a persisting supply glut that is driving down wholesale and retail prices.
But 2023 wasn’t all doom and gloom. Public support for cannabis legalization reached an all-time high as several new states enacted laws legalizing adult-use and medical cannabis. On the federal level, the Biden Administration continued to take steps toward reform, expanding on last year’s proclamation pardoning people convicted of federal marijuana possession offenses.
– Read the entire article at Reuters.
