Cannabis Capital: 2023 Industry Market Report provides insights into the cannabis industry’s investment landscape. The report shows that in 2021, the cannabis industry received over $12 billion in capital raises across all sectors. However, in 2022, economic headwinds and dampened expectations for federal action resulted in a decrease in North American capital raises to $4 billion. The report highlights that the United States continues to attract the majority of investor capital and drove the majority of M&A activity in 2022. Cultivation and retail sectors continue to be leading sectors for M&A activity.