Five Upcoming Trends in the World of Marijuana
With increasing acceptance and legalization across the USA, marijuana is poised to be one of the most exciting emerging markets in recent years – it’s set to create thousands of wealth-creation opportunities in the country. Nonetheless, this is a world that is constantly evolving, with many new trends set to change the way the industry is shaped. To get an overview of the five ways that the cannabis industry might change, read the topics listed below.
A Huge Increase in Legal Sales
Sales of retail cannabis have been steadily increasing year upon year as more states make moves to legalize its sale. In 2020, sales rose a whopping 40%, making the industry one of the most lucrative around. It is likely that by 2024, this will rise to a rather substantial $37 billion. Presumably this is not just despite the effects of the coronavirus pandemic, but rather because people had little other choice for recreation while being stuck in their homes all day.
More States Legalizing Cannabis
The recreational use of cannabis is legal in 14 states across the USA, as well as the district of Columbia, the Northern Mariana Islands and Guam. Based on these trends, it might be likely that more states in the future will decide on legalizing the product for both use and due to the large business it creates. Perhaps even a federal law, like the one in Canada, might occur over the next few years.
The Different Compounds Will Rise in Prominence
There will not only be more people wanting to use cannabis, but also more people with deeper knowledge of how it works, including the different compounds, such as THC, CBN and CBG that can be found in the plant. Providers will have to use equipment for processes such as hydrocarbon extraction in order to cater to their customers’ more specific desires.
More Diverse Customer Base
The traditional stoner stereotype — wearing a beanie, baggy trousers and looking unwashed — is long dissipating in popular culture as a more diverse group of cannabis users has risen to the fore. With the legalization of the drug, people who have never smoked before might be tempted to try it, leading to a far more diverse user base. As a result, it is likely that the prices of the drug might go up as these people will be willing to pay a whole lot more to purchase it.
More Medical Marijuana Being Recommended
There was a time, not too long ago, when a lot of doctors would be reluctant to recommend medical marijuana, even if obtained legally, because of the stigmas attached to it. With those stigmas slowly ebbing away, however, and as more research is launched into the different psychological and physical effects of the drug, especially when combating diseases such as Parkinson’s or schizophrenia, it is likely that more and more doctors will start recommending its use to deal with these types of issues.
There you have it – five rapidly-changing trends that will likely evolve quickly.