2023 is scheduled to be a banner year for cannabis - sure, the public market isn’t a short term winner but cannabis is here to stay so buckle up.
1 - It’s all about the cannabinoids, baby!
It still may seem a little like alphabet soup - but cannabis is more than THC and CBD and consumers are starting to understand. This year as cannabis continues to move mainstream, customers will realize that the nuanced experiences are thanks to cannabinoids (and terpenes - but I anticipate that is going to be a 2024 trend). Look for CBG, CBN, and THCV…
CBG works to fight inflammation, pain, nausea and works to slow the proliferation of cancer cells. Research has shown it also significantly reduces intraocular eye pressure caused by glaucoma. Strains high in CBG are beneficial treating conditions such as inflammatory bowel disease, Crohn's disease, and cancer.
CBN could provide pain relief for chronic muscle pain disorders, such as temporomandibular disorders (pain in the jaw muscles, joints and nerves) and fibromyalgia (a condition that causes pain all over the body). Additionally, CBN can cause drowsiness - which some people like and therefore use as a sleep aid.
THCV relieves stress and research shows it can help to reduce or even prevent anxiety and panic attacks. For this reason, it plays an important role in the treatment of post-traumatic-stress-disorder (PTSD). And, IMO the most exciting part), THCV is an appetite suppressant. In contrast to THC, THCV may dull the appetite. This may be good for consumers focused on weight loss, or trying to mitigate the munchies.
2 - Driving under the Influence
As legalization continues to “sweep the nation” there will be an increase in conversations around impaired driving. Here in NY, you may have even heard the radio advertisements entitled “Cannabis Conversations”. As advocates it is critical that we weigh in on this conversation as it heats up this year… More to come on this - stay tuned :)
3 - Laws, regulations, and pontifications
This year, we will read about cannabis policy more and more in mainstream news outlets. However, not much will REALLY change this year; it will be much more bark than bite. For example:
- Congress will make modest strides to close the farm bill loophole that has allowed hemp-derived cannabinoids to flood prohibition states.
- The FDA will keep warning CBD sellers about false claims, but the FDA will not finalize clear rules 023i
- No major cannabis legalization bills will pass Congress - politics. SAFE Banking or MORE will remain stalled.
- The Justice Department will discuss re-scheduling and de-scheduling cannabis - but again - there will be no resolutions.
- A few states will try inter-state commerce - but it it will not move the needle.
- More Dormant Commerce Clause suits will happen, but rulings will be narrow and have limited impact on the actual inter-workings of the industry .
- Oklahoma, Minnesota, and Hawaii will approve adult-use. While Ohio and New Hampshire will get close but not pass.
So yes - 2023 will have its share of ups and downs - but as this is a marathon not a sprint - it will do.
Let’s go NY.