The marijuana industry has experienced exponential growth in the past few years. This applies to not only the size of the market but also the growth and production trends. Technology and consumer behaviors are also changing with the legalization of cannabis in most states. What does the future hold? No one can tell for sure, but the emerging trends might shape the future of the industry.
Here are trends to watch out for:
1. Crop steering& Indoor cultivation
There have been many innovations in the cannabis industry. One of the hottest trends in indoor cultivation and this can be attributed to crop steering. Crop steering allows growers to maximize their yields by optimizing all growth stages. This way, the plants grow enough foliage and stems in the vegetative stage, which ensures vigorous flowering.
2. Access to banking
Many stakeholders anticipate that the upcoming US Senate this year will pass legislation to grant cannabis dispensaries access to banking and financing services. Weed stores like the Starbuds dispensary in Baltimore accept cash payments. This leaves staff handling vast sums of cash, which can be risky. Opening up banks to the cannabis sector will significantly impact the marijuana market, making transactions easier.
3. More product varieties
There are multiple cannabis products and strains, and you’ll find them in most dispensaries near Baltimore. But, we expect breeders to surprise us with newer strains. Moreover, cannabis-infused beverages will likely be more popular. And some will be manufactured by leading alcohol industries. For instance, the Molson-Coors Company may come up with a marijuana-infused drink.
Also, we may experience more varieties of edible products in the market. They may be sold by firms that aren’t involved with the weed industry. It’s expected that the marijuana flower may be the most popular form of cannabis.
4. More sales!
Marijuana is legal in most states, and there’s an increasing social acceptance of the drug for medical and recreational use. It’s expected that there will likely be more sales in the future. For instance, cannabis sales hit the 400 million dollar mark in July this year, and experts expect the market to reach 130 million dollars yearly in the future.
5. Increased awareness of cannabis benefits
Ongoing studies show that the compounds in cannabis can have tremendous health benefits. More and more people will likely become aware of the benefits of cannabis; this will bring about diverse clients on board. This may include older and more female clients. There will also be an upward trend in demand for both medical and recreational products.
6. Stronger legalization movement
Public support for cannabis legalization is at its highest. Many patients have since benefited from products in most Medical dispensaries. Again, more and more states are easing the stringent laws on cannabis use. Activists are working tirelessly to have it legalized in many other states globally. As more people become aware of cannabis benefits, we expect more states to legalize its use.
In summary, cannabis users are becoming more aware of cannabis benefits, and breeders are coming up with newer strains to cater to different needs. We expect more product varieties, improved sales, and significant growth in the market size in the future.