Jan 12, 2023
Although 2022 was a tough period for cannabis stocks, the United States (US) market recorded impressive advancements.
During the last two years, several additional cannabis markets opened in the US and this is a trend that we expect to continue. From New York finally allowing for recreational cannabis sales to states being impacted by oversaturation, there are a lot of themes to be aware of.
Today, we highlighted 13 states that allow for the sale of medical and/or recreational cannabis in the US and want our readers to be aware of these markets.
Florida – Although recreational cannabis is not legal in Florida, the state is one of the largest cannabis markets in the US. We consider Florida to be one of the most attractive long-term opportunities in the US
New York – A few weeks ago, the state began to allow for the sale of recreational cannabis and we find the market to be attractive due to the size of the population
New Jersey – After recreational sales commenced in April 2022, the cannabis industry started to record strong growth on a quarter-over-quarter basis
Michigan – During the last few months, cannabis prices started to drastically decline in the state. The decline has been attributed to the market having become saturated with cannabis and we will monitor this trend from here
Illinois – After recording more than $1.5 billion of recreational cannabis sales in 2022, we are hoping to see the state set a new record in 2023
Arizona – Last year, recreational cannabis sales started to impact medical cannabis sales and we will be following this trend on a going forward basis
Nevada – After the state granted licenses for consumption lounges in Las Vegas, we expect this vertical of the cannabis industry to be a bright spot in 2023
California – Although the state is the world’s largest cannabis market, the industry faces many challenges. We prefer some markets in California more than others and believe some businesses are better positioned than others as a result
New Mexico – In December, the state generated a record amount of recreational cannabis sales and we will monitor how the market grows in 2023 and beyond
Missouri – Last year, the state legalized recreational cannabis and we expect this to be a catalyst for companies that are levered to it.
Ohio – According to the Ohio Medical Marijuana Control Program, the state officially sold more than $1 billion of medical cannabis products since dispensaries began to serve patients in April 2019. We believe the state’s cannabis industry is flying under the radar and will monitor how the market grows from here
Colorado – 2022 was a down year for the country’s first recreational cannabis market and this is a trend that our readers should be aware of. Although sales declined when compared to 2021, the state still sold approx. $1.8 billion of cannabis
West Virginia – The state has attracted some of the largest multi-state operators (MSOs) in the country and we consider it to be an emerging market
https://technical420.com/cannabis-article/we-are-closely-following-these-13-cannabis-markets-in-the-us/#
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