2024 Cannabis Industry Trends: An Insightful Journey

Recap of Last Week

• Functional Cannabis and Wellness: Focused on the fusion of cannabis with functional snacks, highlighting its role in enhancing health and wellness.

• Calexo's Achievement: Celebrated Calexo's win in the New Beverage Showdown.

• Brandon Andrew's Vision: Explored the insights and aspirations of Brandon Andrew, Chief Creative Officer for Calexo, in the cannabis industry.

2024 Cannabis Industry Trends: An Insightful Journey

As we begin looking towards 2024 and the changing landscape of the cannabis industry, a pattern of intriguing trends for 2024 emerges. These insights, paint a picture of a sector at the cusp of significant change. Here, we explore these developments, reflecting the industry's dynamic nature and potential future directions.

Industry Dynamics

• Canadian Market Rightsizing: Canada's cannabis market is approaching a balance between supply and demand, leading to healthier conditions (source: Investing News Network).

• U.S. Capital Challenges: American companies face capital raising hurdles, hinting at potential bankruptcies and restructuring (source: Investing News Network).

• Election Impact: The 2024 U.S. elections could be a catalyst for regulatory changes in the cannabis sector (source: Investing News Network).

Global Expansion

• International Market Growth: The global cannabis market is on the rise, with various regions considering cannabis reform (source: Investing News Network).

Consumer Focus

• Craft and Specialty Products: 2024 will see a trend toward craft flowers and unique cannabis products (source: Marijuana Venture).

• Innovative Products: Infused pre-rolls and cannabis beverages are anticipated to be in demand (source: Marijuana Venture).

• Jay O'Malley from MariMed Inc. predicts, “In 2024 we’re going to see exciting innovation and, at the same time, contraction in the cannabis beverage market. Innovation will come from new brands seeking to capture a piece of cannabis’s growing acceptance. And contraction will be driven by prices falling closer to their respective alcohol peers – some companies are over leveraged to compete at the lower prices that are coming” (source: MariMed).

Industry Outlook

• Rescheduling and Mainstreaming: Howard Schacter of MariMed Inc. notes, “We’re cautiously optimistic that 2024 will finally see a decision about rescheduling... We’re seeing incredible momentum behind the mainstreaming of cannabis, with more states adopting legalization and strong public support” (source: MariMed).

• Edibles and Flower Trends: Schacter also mentions, “Edibles are the format of choice for the canna-curious, so as more consumers embrace cannabis, we should see continued growth in edible formats. At the same time, flower is still king in terms of consumption and should be for many more years to come.”

The cannabis industry in 2024 is gearing up for a transformative phase, marked by innovation, regulatory shifts, and evolving consumer preferences. These trends, backed by expert insights, highlight both challenges and opportunities, signaling an exciting future for the industry.

(Additional insights sourced from the "MJBiz Factbook 2023".)

In the News: Cannabis Industry Updates

1. Connecticut's Steady Growth in Cannabis Sales: In November 2023, Connecticut, which began selling recreational marijuana in early 2023, recorded over $15.3 million in sales. This growth is part of the state's overall trend of increasing sales since legalization, with total sales for the month amounting to $26 million (read more).

2. New York's Cannabis Market Developments: New York's adult-use cannabis market, launched in December 2022, has seen sales of $110 million through early December 2023. Despite challenges such as lawsuits, lack of funding for social equity licensees, and limited retail properties, the market is gradually expanding (read more).

3. Trends Across Five Newly Launched State Markets: A report assessing five state cannabis markets launched in the past year reveals varied trends. Highlights include Missouri's significant growth, potentially eclipsing $1 billion in annual adult-use sales, and Maryland's strong performance with $213.7 million in sales through October. Mississippi's medical market, launched in January 2023, also performed well despite challenges (read more).

In My Bar

1. Cann: As always, Cann makes its way into the selection, especially their Roadies product. Ideal for a week with friends around, these portable and discreet beverages were a hit while we were out and about. Cann Roadies offer a convenient and enjoyable way to experience cannabis in a social setting. Enjoy 20% off with promo code HERBAL30

2. Hemp Beverage Company's: For those moments requiring a bit more customization in dosing, the Hemp Beverage Company's flavorless drops were a game-changer. Adding these to various drinks throughout the evenings allowed for precise control over cannabis intake, enhancing the night-out experience without overpowering the original flavors of the drinks. Enjoy 15% off with promo code LARSM15

3. Nowadays: A special mention goes to the non-alcoholic and infused margaritas crafted with Nowadays products. These margaritas were a perfect pregame highlight, offering a delightful blend of taste and relaxation without the alcohol content.

4. ENDO Cafe: Lastly, a shoutout to ENDO Cafe and their range of cannabis-infused products. Whether it's for a morning pick-me-up or a relaxed evening, ENDO Cafe offers a variety of options to suit any part of the day. Explore their selections at ENDO Cafe.

On My Bookshelf: This Week's Reads

This week, my bookshelf features a blend of continuing favorites and a new addition, offering a variety of perspectives and insights:

1. "High Times: Let's Get Baked! The Official Cannabis Cookbook": Continuing from last week, this cookbook remains a staple. It's an accessible guide filled with over 60 cannabis-infused recipes, perfect for both beginners and seasoned enthusiasts in cannabis baking. The book simplifies the process of infusing your culinary creations with cannabis, making it a great resource for anyone looking to combine their love for cooking and cannabis.

2. "Outlive: The Science and Art of Longevity" by Peter Attia: Also from last week, Peter Attia's book provides a comprehensive dive into living a longer, healthier life. Attia combines research with practical advice, making it an essential read for those interested in health, wellness, and longevity. His insights offer valuable knowledge for enhancing your daily health routine.

3. "Higher Etiquette: A Guide to the World of Cannabis, from Dispensaries to Dinner Parties" by Lizzie Post: A new addition to this week's reading list, this book by Lizzie Post explores the social aspects of cannabis. As the great-great-granddaughter of etiquette guru Emily Post, Lizzie offers a modern take on the dos and don'ts in the increasingly mainstream world of cannabis. From navigating dispensaries to hosting cannabis-infused dinner parties, this guide is a must-read for anyone looking to integrate cannabis into their social life with grace and etiquette.

Recipe of the Week

Winter Citrus Spice Mocktail

Ingredients for Spice Blend:

• Zest of 2 oranges and juice from both

• Zest of 1 lemon and juice

• 2 cups apple cider

• 2 cinnamon sticks

• 4 cloves

• 2 star anise

• 1 teaspoon grated nutmeg

• 1/2 cup honey or maple syrup (adjust to taste)

Instructions:

1. Combine Ingredients: In a saucepan, mix together the orange zest & juice, lemon zest and juice, apple cider, cinnamon sticks, cloves, star anise, and nutmeg.

2. Simmer: Gently heat the mixture on low heat for about 15-20 minutes. Avoid boiling to keep the flavors fresh and vibrant.

3. Sweeten: Stir in the honey or maple syrup, adjusting the sweetness according to your preference.

4. Cool and Store: Allow the mixture to cool to room temperature. Strain out the spices and store the spiced liquid in a sealed container in the refrigerator. It can be used for multiple servings.

Single Serving of Winter Citrus Spice Mocktail

Ingredients:

• 1/2 cup prepared Winter Citrus Spice Blend

• 1-1.5 oz non-alcoholic gin or botanical-based NA liquor

• 35 drops of Hemp Beverage Co.'s mocktail creator (THC drops)

• Sparkling water or club soda

• Ice cubes

• Orange slice and a few cranberries for garnish

Instructions:

1. Prepare the Glass: Fill a glass with ice cubes.

2. Add Spice Blend and NA Liquor: Pour 1/2 cup of the prepared Winter Citrus Spice Blend into the glass. Add 1 to 1.5 ounces of your chosen non-alcoholic gin or botanical-based NA liquor.

3. Infuse with THC: Add 35 drops of Hemp Beverage Co.'s mocktail creator THC drops to the glass.

4. Top with Sparkling Water: Fill the rest of the glass with sparkling water or club soda, leaving a little room at the top.

5. Garnish: Decorate with an orange slice and a few cranberries.

6. Serve: Stir gently to combine all the ingredients. Enjoy this festive and sophisticated non-alcoholic, THC-infused mocktail, perfect for a cozy winter evening.