“2023 – Let’s Look Back at the Cannabis Market’s Year-End Review!

It has been an eventful year for the cannabis market in 2021. From the wild fluctuations to the rise of the cannabis stocks, the year brought plenty of opportunities to the cannabis industry. At the end of 2021, we look back at how the cannabis market has grown in terms of value, investments, and innovation. The cannabis industry has seen tremendous growth over the past few years. According to analysts, the 2020 market size was $30 billion, up from $20 billion in 2020. This means that the industry has grown by 50%. This growth can primarily be attributed to the increasing acceptance of cannabis for recreational use in many countries across the world. Also, the increased investments in research and technological developments in the cannabis industry has led to improved product formulations, process efficiencies, and quality assurance. The cannabis industry has also seen an influx in investments. Most notably, Constellation Brands invested $4 billion in the largest Canadian cannabis producer, Canopy Growth. This investment signified an increase in demand from the beverage industry for cannabis products. This sent waves of excitement throughout the industry as many investors anticipate that Constellation’s investment would encourage others to enter the market. Furthermore, this year also saw the emergence of new markets for cannabis products. Countries such as South Korea, Thailand, and Mexico have recently legalized medicinal and recreational use of cannabis, allowing for further investment in the industry. This has helped cement the influx in demand for cannabis products as legal and medical products become increasingly available. Moreover, the implementation of technological advancements in the cannabis industry has been revolutionary. Automated planting operations have been implemented to increase production and efficiency. Different sensors and analyzing tools are also being used to assess crop progress and yield, enabling farmers to maximize their crop yields. Additionally, the improvement of edibles and vape products has helped increase market demand. As we look forward to the year 2023, we anticipate that the cannabis market will continue to grow. There are many potential opportunities that can be explored by industry players, such as launching new THC/CBD products and expanding into more countries. Additionally, further investment in research and technological advancements in the cannabis industry could bring further innovation. It is clear that 2021 has been a positive year for the cannabis market. We anticipate that the cannabis industry would continue to prosper in the subsequent years, offering many opportunities for investors and customers alike. This means that the cannabis industry is likely to continue to be a lucrative industry to invest in for the foreseeable future.