Emerging Markets Roundup: January 2023

Even though 2022 was an especially challenging year for the cannabis industry, the start of 2023 marks the launch of multiple new US markets and a growing global marketplace. And since cannabis appears often in the new cycle, we love sifting through and narrowing down to a small selection of stories that we think cultivators should know about. Here are a few that caught our attention just as we rang in the new year:

• New Jersey recently announced the establishment of its Cannabis Equity Grant, a $10 million program aimed at offering cannabis entrepreneurs direct funding for technical training and other startup expenses. According to the Garden State’s Economic Development Authority, $6 million of that fund will be allotted to social equity applicants. Read more at WHYY.org…
   
• Adult-use sales are set to launch in Connecticut this week on January 10, and we love how Leafly is marking the occasion! The weed platform pored through its own data to compile a list of 10 strains that consumers in the Constitution State can’t stop searching for, and it includes some real classics. Check it out at Leafly.com.
   
• Missouri has officially released the sample application for adults interested in seeking authorization to cultivate cannabis at home. By law, the Show Me State allows people aged 21+ to cultivate a maximum of 18 plants, and while the sample application has been made available for viewing on the Department of Public Health website, the department has yet to release details about the application process or fee schedule. The deadline for applications is currently set at February 6. Read more at KSDK.com…
   
• Alabama’s Medical Cannabis Commission has received 94 licensing applications for its medical cannabis program. Signed into law in the Yellowhammer State in 2021, its regulatory body will ultimately award 12 cultivators licenses, 5 integrated facility licenses, 4 dispensary licenses, 4 processor licenses, and more for testing laboratories and secure transport. The new law also stipulates that minority-owned businesses be awarded one-fifth of integrated facility licenses and one-fourth of all licenses. Read more at  WSFA.com…
   
• Despite Mississippi becoming the 37th state to legalize cannabis for medical use in 2022, the Department of Revenue still hasn’t announced when retail sales can start in the Magnolia State. One factor impacting dispensaries’ ability to open is that the State Department of Health is still in the process of testing products to determine whether they are safe for sale and consumption. While the hope is that retail will begin in February – one year since legalization passed – no set date has been issued. Read more at DesotoCountyNews.com…

Got a hot tip on emerging market news happening in your region? Drop us a line at mandy.spivey@metergroup.com so we can cover it!

And be sure to stay tuned for more news and important topics for cultivators, operators, investors, and anyone who wants to stay on the forefront of this amazing time in the world of cannabis and crop steering.