2023 offers business opportunities in several new state cannabis markets  

January 10, 2023 · Mj Biz Daily

Tremaine Wright, chairwoman of the New York State Cannibis Control Board, is pictured in Bedford-Stuyvesant, Brooklyn on Dec. 9, 2022 (Photo by Porter BInks )

Opportunities in the U.S. cannabis industry continue to expand, despite some notable setbacks in the November 2022 elections and continuing resistance at the federal level to marijuana reform.

Up to four new state markets could launch this year: Alabama, Connecticut, Mississippi and Missouri.

That’s on top of the recent adult-use launches in New York and Rhode Island.

When mature, the New York market will likely be the second largest in the nation.

Market snapshots

States coming online this year have potentially lucrative futures, although in the near term, opportunities will be limited.

Missouri, for example, has built a strong medical marijuana market and seems poised to have a robust recreational market.

But for now, the only new licensing opportunities will be for microbusinesses.

Rhode Island, which launched adult-use marijuana sales in December, and Connecticut, which will launch its recreational program on Tuesday, are two wealthy states with limited licenses that initially will be decided by lottery.

Alabama, too, will have a limited-license market.

Mississippi, meanwhile, has no licensing caps and boasts other business-friendly characteristics – but it is also the poorest state in the nation.

Maryland legislators, meanwhile, are expected to move slowly when drafting regulations, keen to avoid the mistakes made during the state’s medical marijuana launch.

Storied states

New opportunities can even be found in more mature markets such as California, Colorado, Massachusetts and New Jersey, where local municipalities that once opted out of state-regulated programs are now saying yes.

It’s hard to trace commonalities in these diverse, new markets, but there are some possible trends and lessons:

  • Legalization is not a guaranteed outcome.
  • More states are making efforts to level the playing field for small businesses.
  • Limited-license markets continue to be tough for new entrants to crack.

“Everybody’s still in development. We’re still learning. But I think there are some common threads,” said Tremaine Wright, chair of New York’s Cannabis Control Board.

“Across the board, we’re seeing a focus on equity, and we are each taking our own path.”

She added: “We’re going to see a lot of innovative ideas that really support the industry. We want to see a strong cannabis industry. We just each have to do our own test case in this moment.”

Click on the links below to get firsthand insights into the business opportunities – and obstacles – in several new and emerging state-legal cannabis markets:

  • New York: A $2 billion adult-use cannabis market awaits those who can endure a long wait on the runway.
  • Maryland: Post-election, state seeks to act on lessons learned from medical marijuana rollout.
  • Missouri: State’s recreational marijuana program will likely be limited to medical and microbusiness license holders for the near term.
  • Connecticut: With incredibly limited licenses available, state is proving to be a difficult market to crack – though investment opportunities exist.
  • Rhode Island: State’s recreational marijuana market launched on Dec. 1, but more medical operators are expected to join the sector in 2023.
  • Alabama: Experts predict state’s medical marijuana program will be slow to launch with limited opportunities.
  • Mississippi: Low incomes and lack of cannabis business experience are likely to be issues as state prepares to welcome medical marijuana. (Full Story)
In categories:Legal Legalization
Next Post

Connecticut Governor Touts Opening Day Of Adult-Use Marijuana Sales And Calls New York ‘Crazy’ For Starting With Just One Shop

Last week, New Jersey and New York regulators took each other to task over which state approached their adult-use marijuana market rollout better. Now, Connecticut’s governor is joining the rhetorical rumble after his state launched recreational sales on Tuesday, entering the tri-state…
Read
Previous Post

Texas Activists Submit Signatures To Put Marijuana Decriminalization, Police Reform And Abortion Rights On San Antonio Ballot

Texas activists have turned in more than 37,000 signatures to place a measure on the San Antonio ballot in May to decriminalize marijuana, prevent the enforcement of abortion restriction laws and ban no-knock warrants. A coalition of advocacy groups—including Ground…
Read
Random Post

Canadian cannabis producer Cronos Group reviewing sale options

Cronos Group has received a number of expressions of interest about a possible sale and is reviewing those offers, the Toronto-based cannabis producer said. “Cronos is in the initial stages of reviewing these indications of interest, and there can be no assurance…
Read
Random Post

High percentage of Maine medical cannabis contaminated, regulators say

Maine regulators are again pushing to “modernize” the state’s medical cannabis program after a report showed that 42% of samples they recently tested contained contaminants such as yeast and pesticides. Maine’s Office of Cannabis Policy (OCP) found that 50 of the 120 samples the…
Read
Random Post

California Bong Auction Earns Just $2,075

California officials said that a recent auction aimed at recouping more than $14.4 million in unpaid cannabis industry taxes earned just over $2,000, the North Bay Business Journal reports. The auction was held February 16 in the California Highway Patrol’s parking lot…
Read
Random Post

New Jersey Senators Discuss Top Lawmaker’s Psilocybin Legalization Bill In Committee

A New Jersey Senate committee held a hearing on Monday to discuss a bill that would legalize the possession, home cultivation and gifting of psilocybin mushrooms for adults 21 and older while also creating a system of licensed businesses to…
Read