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2023 Market Outlook on Cannabis Industry Growth Potential

by Roger Tower on January 17, 2023
2023 Market Outlook on Cannabis Industry Growth Potential

Learn our perspectives on how the 2023 markets will evolve!

One thing is clear, with so many new states onboarding cannabis regulations, the amount of legitimate opportunities are increasing nationwide and the cannabis industry is primed for growth.

Our cannabis real estate agents in-house at WeCann and across the country with the CREC Network are in the trenches daily with cannabis entrepreneurs navigating a complex market. We have asked them to summarize their outlook on the 2023 cannabis market, to help expose what we have been seeing and are actively preparing our clients for in the future. 

As markets mature and new markets open for recreational sales across the country, we believe now is a time to be positive and push forward an industry that inches closer to full legalization.

2023 Cannabis Market Outlook from WeCann Agents

2022 was a tough year for closing deals and operating a cannabis business. I am excited about the prospect of more real estate and M&A transactions getting completed.

Based on the increased level of activity we saw from buyers and sellers at the end of 2022, it seems like buyers and sellers are bridging the gap between both of their expectations.

As more states create regulations allowing for cannabis business licensing, even more transactions will occur. WeCann and CREC merged primarily to expand our services nationwide, and 2023 will be a very exciting time of making that a reality.

Meilad Rafiei, CEO & Broker of Record

2023 could be a banner year for the legal cannabis industry.

While 2022 was difficult, confusing, and confrontational, I feel strongly that the industry is growing up…much like a child hitting puberty; moody, unpredictable, volatile, while still maintaining an air of possibility and hope for the future. 2023, therefore, represents perhaps the late teens and early 20s of a human’s evolution towards maturity; we may see better decision making from this youngster but that may also come with a dose of poor decision making on the behalf of policy makers.

The operators seem to understand what needs to be done, the question is “Will policy-makers at various levels do what’s necessary to allow legal operators to thrive?” We shall see, but I predict a more lucrative and less confrontational year for the industry as a whole. Cheers!

Jason Piazza, Director of Real Estate

True value and wealth is built when the market is at peak mayhem.

We can all jump for joy when interest rates are zero, allowing for cheap money and skyrocketing valuations, however, what excites me most is when the market tanks. A consolidation is upon us and those who can recognize it will benefit most from investing hard and quickly. Every market has a cycle and in retrospect everyone wishes they could have invested at the trough of the 2008 debacle. I think we are there. I think max pain has happened and we will see buyers start to come out of the woodworks taking advantage of the storm.

Ryan Dowse, Associate Agent

The exodus of investors and operators in the state of California is a result of many failed policies.

As the cannabis regulators and industry finally open their eyes and realize the quagmire created and the feeble attempt of cannabis businesses to shoulder it, we could see peak failure in the industry still ahead.

Operators must focus on commoditization of the product and less dreaming about rebounding prices. There are still good decisions that can be made regarding real estate, infrastructure, utilities, and jurisdictional taxes to increase margins. The burden of ultimate success against the illicit market lies on the local jurisdiction and state to invest in the regulated market by lowering taxes and expediting its ability to reach its constituents effectively, and hopefully creating an export market from the state of California.

Miklos Campuzano, Associate Agent

My outlook for 2023 in the cannabis industry is filled with excitement.

There will certainly be new opportunities emerging nationwide, but here, in Southern California over 6 municipalities and counting are on their way to becoming a new cannabis friendly city. This year may be more of a stabilization period and less of a thriving environment in the more mature markets.

Businesses establishing their efficient models, processes, and reliable teams are more probable to grow in an unpredictable environment.

Dan Camarena, Associate Agent

Added demand and competition by jurisdictions, including states, will allow policy makers to push forward legislation descheduling, legalizing, and regulating federal banking and taxation laws.

City and county budget deficits will push jurisdictions to seek additional revenue and increase competition by operators in municipalities.

Smaller brand name dispensaries will be consolidated and merged with larger, multi state and transnational operators.

When economic uncertainty rears its ugly head, is when great opportunities reveal themselves, if you know where to look.  Let us find you those opportunities for you to capitalize and thrive.

Jose Cerda, Associate Agent

Contact Us For More Cannabis Industry Insights to Fuel Your Business Growth Potential

Our team is ready to support your growth in the industry and look forward to hearing how we can improve your opportunities for legitimate business opportunities in cannabis. Reach out with your questions, comments, or areas of business we can help you expand.

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