The cannabis industry is becoming very popular amongst consumers for many reasons. Some of the reasons include helping with different illnesses, health conditions or even just to help get a good night’s rest. With research continuously being done on the benefits of cannabis, the industry will continue to grow. In fact, BDSA recently shared its predictions on different trends for the cannabis industry in 2023.

“In spring of 2022, we did see cannabinoid (CBD) overall peak with about 44% of U.S. adults claiming to have consumed a CBD product in the past six months,” said Richard Maturo, director of insights and analytics at BDSA.

One of the key market predictions BDSA made about the industry is that the retail experience will shift away from traditional dispensaries and move towards more online purchases regarding hemp CBD.

“More so on the hemp CBD side, a lot of consumers are turning to online CBD stores or even online direct-to-consumer from the manufacturer,” said Maturo.

Along with online stores, c-stores can potentially be a good place for cannabis products to be sold in.

“One reason c-stores can be a good place for cannabis products is that most c-stores are working with a smaller store footprint than grocery stores,” said Maturo. “That small footprint can allow for more cannabis items to be sold in c-stores since most products take up a much smaller shelf set.”

Also, beverages that contain cannabis can benefit from being in c-stores because of the large refrigerator section stores have.

“C-stores tend to already have a large beverage cooler area, so we can potentially start to see some c-stores carry a wide assortment of cannabis-infused beverages,” said Maturo.

Other cannabis industry predictions BDSA made for 2023 include:

• Continued price compression and competition from the illicit channel will drive brand share consolidation in mature markets.
• Solventless products will represent the new wave of premiumization in the edibles and concentrate categories.
• Going forward, more brands will focus their education and marketing on newer minor cannabinoids and terpenes, emphasizing the consistent, predictable experiences that these compounds drive.
• As mature markets out west continue to struggle with price pressure and regulatory issues, international and East Coast markets will represent the biggest growth opportunities in legal cannabis.
• The New York market will be the biggest single opportunity for growth in the U.S. cannabis industry in 2023. Still, the delay of adult-use sales, limited licensing, and illicit competition will blunt growth in the early stages of the state’s adult-use market.

Overall, once The U.S. Food and Drug Administration (FDA) and Congress find a new way to regulate CBD in foods and supplements, more retailers, pharmaceutical companies and consumer packaged goods (CPG) companies will start to consider selling cannabis products.

“If we do get some sort of FDA approval, I would not be surprised if we start to see a lot of more major CPG companies and larger pharmaceutical companies really start to gain some significant market share in the cannabis industry,” said Maturo. “This would be good for mainstream retailers, including chain c-stores because once you get major CPG companies into the industry, c-stores will be able to get products on their shelves, which will help grow the industry.”