Since California’s legalization in 1996, it’s safe to say that the cannabis industry has come a long way. As we wrap up the final 2022 quarter, many highlights and monumental moves have further paved the way for this thriving industry and plant.
Read on to review some of the major highlights and successes of this year, plus some of the highly anticipated industry trends forecasted to come our way in 2023.
Looking Back: Highlights of 2022
For many, this year either felt way too long or flew by way too quickly. No matter how you felt time flashed by, there was a lot of change and significant growth in the legal cannabis industry. Here are a few of the many achievements and accomplishments that happened throughout this year.
A Vote for Legal Cannabis
Of the five states that had a bill for cannabis legalization on the ballot (North Dakota, South Dakota, Arkansas, Maryland, and Missouri), two of them voted unanimously to legalize cannabis within their state.
Both Missouri and Maryland opted for legal cannabis in their state, allowing up to 2.5-3 ounces in an individual’s legal possession as soon as next year. Other specific regulatory frameworks are being constructed for both states as they establish new legalization policies.
As for Arkansas and North and South Dakota, although voters rejected the plant’s legalization for these states, there is still a rising opportunity to advocate for further initiatives and proposals in the future.
Vertically Integrated Business Strategies
According to Cannabis Dispensary’s 2022 “State of the Cannabis Dispensary Report,” 69% of licensed retailers in the legal U.S. market are vertically integrated.
Often, in medical and recreational cannabis states, you’ll find dispensaries that grow and manufacture their flower and products in-house. Depending on the state you’re in, different regulations and guidelines are established for the safety and efficacy of these vertically integrated businesses in the market.
With more licensed companies vertically integrated and involved in multiple elements of cannabis processing, these companies have the chance for more closed-loop and economically sustainable processes to elevate and grow their business.
Continued Growth for Cannabis Sales
Compared to the prior 2020-2021 year, this year may have experienced a slight dip in overall sales and revenue, but still held up strong in numbers.
An MJBiz report states that last year, annual cannabis sales reached $26.5 billion and holds a strong projection of ranking at $29.3 billion by the end of the 2022 year.
Overall, the many highlights and significant stats of the 2022 cannabis year hold promising potential for what’s ahead in this thriving industry!
Moving Forward: Industry Trends Forecasted for 2023
Considering the many small wins and highlights of the 2022 year for cannabis, there are plenty of industry twists and turns projected for this upcoming year.
In cannabis, there is always something new happening and making history - here are a few industry trends forecasted for the upcoming new year.
Climate Concerns Become the New Normal
It’s become apparent that the climate concerns of 2021 poured over into the following year, causing more hardships and drought troubles for farmers throughout the Western U.S.
By the end of April 2022, more than 95% of California experienced severe and exceptional drought. While states and local agencies throughout dry states like California work towards promoting water conservation, the upcoming year predicts more strict regulations and requirements for cultivators to take sustainable action.
Shifting the Negative Stigma
Wrapping up the 2022 year, 21 states have cannabis legalized recreationally, with 39 states offering legalized medical cannabis.
Overall, cannabis has seen tremendous growth in its legalization policies in just one year’s time - and it won’t stop anytime soon.
While the House and Senate are actively discussing medical cannabis research acts and federal legalization policies, a recent poll reported 91% of people want to see weed legalized.
More Sustainable & Innovative Cannabis Technology
Each year brings on more exciting and innovative ideas and technology designed to drive more sustainable efforts in cannabis.
Everything from the latest cannabis retail software, to manufacturing and extraction technology, or even the adjustment of environmental controls in cultivation facilities can contribute to an overall more environmentally friendly operation.
Cutting-edge technology is helping facilities and companies in all points of cannabis processing, this upcoming year holds great potential for new and efficient ideas that will contribute to this growth of sustainable efforts.
Geomat: Promoting Sustainable Efforts & Water Conservation for the 2023 Year
For Geomat, our wastewater recovery company earned a few accomplishments and achievements in the industry as well - our company was honored to be awarded the 2022 Benzinga Cannabis Award for Most Environmentally Friendly Operator!
Our Patented Cannabis Water Recovery Systems are designed to capture, collect, and filter all wastewater or water runoff formed in various cultivation operations - recycling the water for reuse while conserving this resource and preserving the environment.
We’re proud to be recognized for our dedicated efforts in water conservation and look forward to helping facilities and companies in cannabis meet environmental compliance in the upcoming new year.