The global cannabis industry is experiencing a major transition period, and a lot of people are wondering what will come of cannabis in the future. As legalization expands, support increases and cannabis technologies evolve, there’s no way of knowing exactly what will happen. But there are a few trends that we’re likely to experience in the next year or two.
A Growing Craft Cannabis Market
Even though craft beer has technically been around since the 60s, it wasn’t until the 2010s that people really started to get into it. Remember when all of a sudden craft beer became a thing and the market became saturated with fancy IPAs, creative pale ales, and mouth-watering stouts that are all about potent flavors and just the right amount of hops?
The same thing is happening to the cannabis industry. Sure, there have been tons of funky strains to choose from over the decades, but now the focus is on craft cannabis more than ever. Just as people are into hand-crafted micro-brewed beers and artisanal organic coffee beans, these same individuals are seeking out the craft cannabis experience.
The word craft basically just refers to the fact that cannabis is carefully cured and high in quality. It has been crafted with love and more care than your average run-of-the-mill bud. There’s much more that goes into growing craft cannabis in terms of potency, flavors, aromas, and overall high experience.
You can definitely expect the appeal to craft cannabis to continue growing in the future.
A Greater Focus on Distribution
Now that the cannabis industry is becoming much more specialized, there’s a lot more focus on the retail sector. And what goes hand-in-hand with retail? Distribution. In the state of California alone, the number of cannabis distributors has reached 150, and neighboring states will start to follow suit.
Increased Focus on Medical Marijuana
In today’s age, it’s fairly easy to apply for a medical marijuana card as long as you live in an area where medical weed has been legalized. Take Canada for example; citizens can apply for an ACMPR license to grow medical marijuana plants at home, and all they need to get started is a medical marijuana prescription from a healthcare professional.
Medical marijuana is nothing new – in fact, ancient civilizations were using cannabis to treat a wide variety of conditions thousands of years ago. But it wasn’t until a few decades back that modern society started realizing the potent effects of medical-grade cannabis and the potential health benefits that come along with it.
We’ve come a long way in the past few decades in terms of cannabis-related research in the medical world. Some experts are still skeptical about whether the health benefits outweigh the risks, but overall, there are thousands of studies that suggest that cannabis can make a major difference in the lives of medical patients.
The focus on medical cannabis and its benefits will just continue. The FDA has set a strict cannabis drug approval process in place, mainly because they foresee an influx of cannabis-derived drugs making an appearance in the next few years.
Cannabis Brand Sophistication
We’ve already talked about how the average cannabis consumer has become more sophisticated in the sense that he or she craves a craft product. Because the consumer is gaining sophistication, the same needs to happen for the brands.
It’s not out of the question that major cannabis brands will start to dish out millions on marketing efforts and will do their best to attract wealthy investors. We can definitely expect to see more “luxury” brands take over the market, especially as federal legalization becomes more of a possibility for the US.
Expansion of Legalization
Staying on the topic of legalization, one thing is for sure; American states will slowly continue their legalization efforts. Recreational marijuana is already legal for adult-use in 11 states, and for medical use, it’s already legal in 33 states.
These numbers will continue to grow, especially in the next coming year. But another prediction is that marijuana legalization on a federal level is likely to happen, and it’s likely to happen soon. This is not only because of Canada’s success with the Cannabis Act but also because it’s becoming more and more difficult to differentiate between state and federal cannabis laws.
Continued Concerns for Financing
One of the most challenging things that the cannabis industry has faced is a lack of financing. Because there’s so much risk involved for financial institutions, most major banks are refusing to work with cannabis companies. It doesn’t matter that cannabis legalization is taking off, banks are still labeling this industry as a flight risk.
Efforts to change this are in place, but it’s still expected to be a challenge for industry leaders. The SAFE banking act was passed in September of 2019, which focuses on making banking more available to industry members, but there’s still a long way to go for improved financing options.
More Events for Cannabis Lovers
We’ve talked about several challenges that the industry will continue to face in the next year, but one of the most positive trends to happen is an increased number of cannabis-focused events. Some states allow special permits for organizing cannabis consumption events, and it’s highly likely that these events will continue to pop up all over the country as legalization expands.
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