The cannabis industry matures and expands dramatically with each passing year, both in terms of market size and production processes. However, COVID-19 negatively impacted this market, just like it did for most other sectors, as consumers were unable to access brick-and-mortar stores during the shutdown. To reach more customers, many cannabis businesses began using e-commerce and social media platforms. More changes are sure to come. Popular US cannabis industry predictions call for expansion as people become more knowledgeable and buy a variety of cannabis products. Below is more about recent cannabis industry trends and predictions. They are as follows:
1. Growth in the legalization movement
Support for the legalization of marijuana is high, with approval from about two-thirds of US residents. Furthermore, as the public becomes more aware of the potential benefits, this figure is likely to climb over time.
Some states are on the verge of passing comprehensive medical marijuana legislation. That could be a stepping stone toward full legalization.
2. Predictions for a wider variety of cannabis industry products
New cannabis products will become available. New strains will likely develop as cannabis breeders experiment more.
Also, beverages infused with cannabis are likely to become in demand and widely available. Most of these cannabis beverages are produced by companies that play a significant role in the alcohol industry.
3. Cannabis sales will increase
There will most certainly be more sales than ever now that cannabis is legal in 10 US states! According to some experts, the cannabis sector has the potential to reach revenue of up to 130 million dollars per year in the not-too-distant future.
There will continue to be several challenges, though, as companies must go through many legal and financial challenges to set up shop. Also, banks have not yet lifted banking rules on cannabis, so businesses have only a small amount of access to capital and must rely largely on cash instead.
4. Cannabis industry stocks predictions
With cannabis industry predictions calling for major growth in the US, it seems logical that more people will start to invest in related stocks. But, as with any industry, there are still many investment risks.
If America decriminalizes cannabis at the federal level, that will have a huge impact on its US holdings, obviously. It could become a very lucrative area for investors.
5. Diversification of its customers
Looking toward the future, there will be more elderly clients, and the number of female marijuana users will likely rise with time. Some women are already using cannabis products to alleviate menstrual pain.
Furthermore, as time goes on, there will most likely be a significant mix of recreational and therapeutic cannabis users. Those who are seniors must be cautious if consuming cannabis as it might conflict with their medications and there are risks of falls and disorientation.
6. Technological control
It is no surprise that internet services are flourishing, but they’ve only recently begun to penetrate the cannabis sector. Compliance, ideal growth, and customer purchasing will all become more streamlined as a result.
Customers will be able to communicate with this technology. Plus, providers can use software to create and further their relationships with growers and merchants.
Conclusion on cannabis industry predictions
Many people are making it a point to stay up to date about this sector, regardless of their personal opinions on it. The market as a whole is so fascinating, especially because legal marijuana is still relatively new on the scene in some US states.
Policies, consumers, purchasing, and product availability are all fluid in the early years of any sector. Those who choose to invest in it must stay ahead of the game to succeed. Diversification of customers, technology control, increase in cannabis sales, and growth in the legalization movement are some of the upcoming cannabis industry trends in America.