MJBiz CEO says he expects 2023 to see cannabis banking reform and market consolidation

MJBiz CEO Chris Walsh delivered his annual predictions for the cannabis industry on Wednesday as MJBizCon 2022 opened, saying 2023 will see meaningful action on both cannabis banking reform and federal cannabis regulation. His predictions for the coming year include: 1. Significant consolidation will occur in some key U.S. markets. 2. New York's illicit market will be difficult to contain following the introduction of adult-use cannabis. 3. Canadian cannabis inventories will peak in 2023 and then begin to decline in 2024. 4. Resistance to federal cannabis legalization will increase in red states. 5. At least two states will legalize cannabis, most likely in The states that will pass adult-use marijuana reform in 2023 are Minnesota, Pennsylvania and Ohio.6. Marijuana banking reforms will be passed that will take meaningful action on cannabis rescheduling or rescheduling. Walsh acknowledged that this is a bold prediction, but he said the Safe and Fair Enforcement (Safe) Banking Act or some kind of federal reform will be passed in 2023.

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