The world has moved into the 2020s, and cannabis has moved along with it. With everything evolving, cannabis is becoming more normalized all around the globe. There is increasing evidence about its benefits coming to light, which adds to the popularity and widespread legalization. Today, people from almost every part of the world are using the herb for medicinal and recreational reasons.
Are you wondering about the future of cannabis and the trends that shape the industry? Read on and find out.
The cannabis industry is a highly dynamic one, and it evolves by the day. The trends help determine the course of the sector. Here are some trends that you must keep an eye on:
This is the era of innovation, and the same holds for the cannabis industry as well. The industry experts have been trying to come up with innovative technology to improve customer experience and expand the product range. Due to this, nanotechnology has come into the light.
It is a unique technology that turns cannabinoids like CBD and THC into tiny water-soluble particles. The technology is proving immensely beneficial for the food and beverage industry, trying to incorporate cannabis into their products. It can help enhance the texture and taste of the products.
A majority of states in the US and a few countries worldwide have already realized the potential of the medicinal herb and have legalized it. The US government has passed the law to legalize hemp in the year 2018, known as the Hemp Farm Bill. It has allowed people to grow and cultivate hemp, an industrial cannabis plant. You can now consume hemp-based CBD products in many states, provided they have 0.3% of THC or less. With more and more benefits of the herb coming to light, it is evident that many others will follow the same path.
Besides legalizing the herb, the FDA has also approved a cannabis-based drug called Epidiolex, which helps treat epilepsy. With legalization, the advertising and marketing arena of cannabis products has also been evolving. Brands are using digital marketing tools to reach customers, and with that, Cannabis SEO is also gaining significant momentum.
It is not only the product range that is diversifying but also the cultivation methods. Rather than opting for a commercial approach that focuses on larger areas, cultivators are now opting for small-scale farms and striving to achieve specific outcomes. The change in approach has led to operational control as well as the adoption of new techniques. It has helped in preserving the cannabis plants, providing higher quality products. Some cultivators are also cultivating unique extraction gardens that focus on a specific strain and type of herb grown using an extraction machine.
Despite being a restricted industry, cannabis has quickly become the fastest growing economy across the globe. With the numbers of sales and market share soaring high, it contributes significantly to job creation. Besides the growers and cultivators of the cannabis plant, more than 3,40,000 people had full-time legal jobs in the cannabis sector. According to research by New Frontier Data, the number could reach 1 million easily by the year 2025, provided cannabis becomes legal in every state of the US. More and more cannabis jobs are bound to pop up in the coming years.
Gone are the times when the cannabis industry was working solely on its own. Given the hype that cannabis is enjoying at the moment, many industries are opening up to it. The herb is being used as the raw material in plenty of industries, especially medicine and wellness. The markets today are brimming with topicals and cosmetic products that contain cannabis and CBD. People realize the therapeutic properties of the herb and are incorporating it into their skincare routine. Similarly, food and beverage brands are leveraging the popularity and offering edibles infused with cannabis, like cookies, brownies, beer, and even coffee.
The top-performing stocks on the market today are dealing with cannabis – be it directly or indirectly. With the industry evolving by the day, the stock prices are also quite volatile. Many top companies are going through the roof, attracting both big and small investors. It has become a lucrative investment option, and many people are eyeing the stocks to earn from the popularity of cannabis.
The cannabis industry is changing rapidly. From business models to laws, from new talent to investment, everything is transitioning by the day. While some predicted that the market would experience a boom in the year 2020, many experts believe that the industry’s real potential is far beyond the limits. Now is the most exciting time to be a part of the cannabis industry.
Jessica is a cannabis and health industry consultant who frequently writes about the latest trends in the industry. She has been writing for a long time now. Through her writing, she hopes to influence as many people as possible to help maintain better health and lifestyle. She is reachable at firstname.lastname@example.org