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Pablo Zuanic, Cantor Fitzgerald says REBOUND 2023!!

Good article, lot of information:

But not everyone views the decline in California’s cannabis sales as a harbinger of greater turmoil in the industry. Pablo Zuanic, an analyst at Cantor Fitzgerald who covers cannabis, believes that mature markets like California experienced a revenue boost in 2020 and 2021 thanks to Covid-19. Now with lockdowns and stimulus checks a distant memory, inflation is also adding to the decline.

Zuanic does allow that “structural issues” such as high taxes and the illicit market contributed to the decrease last year, but he expects 2023 to rebound. He notes that there was “only” an 8% drop after a 23% jump in 2021 and a 68% increase in 2020. And, for those paying attention—despite an annual decrease—California is still the country’s biggest, and best, weed market. “We expect the market to continue to grow,” Zuanic wrote to Forbes in an email.