2022’s top cannabis trends
The obligatory early-year prediction genre is in full swing with MJBizDaily picking its top trends to watch for in 2022, including:
- M&A (like Waitr’s recently announced acquisition of Cova) and brand growth, like Wana and Cookies
- More California municipalities will approve stores to combat illicit sales
- Industry-wide calls for lower taxes
- Canadian M&A will grow, driven by market share losses and underperformance
- Climate change challenges will continue to plague the industry
- Social equity will continue to be a focus
- And there will be continued state-by-state reform, but no federal legalization
In terms of MJ Biz, we’re predicting better event security at their 2022 conference.
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Did stimulus cheques boost cannabis sales in 2020?
Forbes took aim at an October CNN story that claimed “cannabis is one industry that’s actually coming out of COVID even stronger,” pointing out that, in California at least, sales have decreased by “as much as 20 to 30% year-over-year.”
While many have called for lower taxes and expanded retail to help the state’s regulated industry, dispensary staff and owners also say stimulus cheques may have also helped boost numbers earlier in the pandemic.
“…there was near-universal agreement that this extra income (whether or not it was disposable) at a crucial time — everyone was at home with nothing to do, dealing with profound stress and anxiety, but weed stores were open—contributed to the sales spike recorded in 2020.”
Canada’s cannabis industry hopes for 2022
Executives and advocates such as president and CEO of the Cannabis Council of Canada George Smitherman and Mandesh Dosanjh, president and CEO of Pure Sunfarms, shared what regulatory changes they’re hoping for to improve industry viability with Yahoo Finance.
- Stronger potency limits in edibles
- Allowing more flexible, environmentally friendly flower packaging
- Lower excise taxes and adjustments
- Standardized testing
- Less price compression
But don’t get too excited
Health Canada’s review of the Cannabis Act isn’t coming until 2023.
Top European trends for 2022
Prohibition Partners is also getting in on the prognostication game highlighting its top trends of 2021 and what to watch for in 2022, including:
- Adult-use legalization
- Brand-building and equity
- Increased normalization
- Clarity on the regulations and stability in capital markets
“…we’ll see an increase in progressive, new legislation and regulations next year, which will provide clarity for existing markets and form the basis of new ones.”