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BlogSo far, the emergence of the legal cannabis industry in the United States has been a huge success. Growers, dispensaries, head shops, medical facilities, and other cannabis-related businesses can now be found in many parts of the country. On top of that, attitudes to cannabis are becoming more positive, and new legal markets are emerging […]
So far, the emergence of the legal cannabis industry in the United States has been a huge success. Growers, dispensaries, head shops, medical facilities, and other cannabis-related businesses can now be found in many parts of the country. On top of that, attitudes to cannabis are becoming more positive, and new legal markets are emerging around the world.
However, many people will wonder – what will be the future of the marijuana industry? With major cannabis companies taking over smaller companies and licensing issues in various states, some entrepreneurs question whether it’s too late to get into the legal cannabis industry. With that said, there are many positive signs for the future. Here’s a glimpse into the future of the cannabis industry.
It’s now been over a decade since Washington and Colorado became the first states to legalize marijuana for recreational use. The medical marijuana industry has had even longer to find its feet. But while many fast-growing industries begin to slow down after a while, it seems the marijuana industry still has room for growth.
Each year, the marijuana industry has grown exponentially – but this growth isn’t set to stop. Statistics from Grand View Research show that the U.S. cannabis market was valued at a massive USD 13.2 billion in 2022. On top of that, its value is set to grow steadily each year, with a projected value of 40.1 billion by 2030.
The marijuana industry still faces various obstacles. Marijuana is still federally legal, resulting in issues with funding, payment processing, and even marketing. However, marijuana entrepreneurs have found various ways around these obstacles and, as the industry continues to be massively profitable, it seems that more doors will open for consumers and professionals.
Back in 2012, the recreational use of marijuana was only permitted in two states. This slowly grew to 4 states (along with Washington D.C.) in 2014, with a further four states legalizing recreational marijuana use in 2016. As of 2023, 23 states and three U.S. territories have legalized recreational marijuana.
Medical marijuana legalization has become even more widespread. As of 2023, 38 states, three U.S. territories, and Washington D.C. allow the use of medical marijuana. These trends look likely to continue, with more states considering the idea of launching a legal medical marijuana program or even legalizing marijuana for recreational purposes.
As laws change throughout the country, more consumers than ever will have hassle-free access to high-quality marijuana products. What’s more, new opportunities will arise for those who want to get involved in the marijuana industry. Although there’s no promise, federal legalization of marijuana is also under serious consideration.
As more medical dispensaries, recreational stores, growing facilities, testing labs, and other cannabis companies crop up throughout the country, more opportunities will open up for cannabis professionals. Those who want to work in the industry will continue to see more options emerging, especially when you consider the new legal markets emerging throughout the United States.
Of course, entrepreneurs will also have more opportunities to get involved in the industry. Obtaining a license can still be tricky, but entrepreneurs can consider exciting alternatives such as creating ancillary services for marijuana businesses. The CBD industry is also experiencing continued growth, making it one of the most lucrative sectors of the cannabis industry.
In addition to new U.S. markets emerging, entrepreneurs and cannabis professionals may wish to consider global opportunities. Countries like Canada and Thailand have become hotspots for legal marijuana businesses. Legal, hemp-sourced CBD products are also in high demand in various parts of the world.
Cannabis brand owners must be careful about how they promote their businesses. Although there are many ways to generate buzz for your dispensary, recreational store, or cannabis delivery service, there are still restrictions on how cannabis can be advertised. Plus, many mainstream platforms still forbid cannabis advertising.
Many cannabis businesses use traditional digital marketing methods to boost their brand. For instance, social media marketing and SEO content can help you organically attract customers. In the future, it seems that methods such as influencer marketing will become increasingly common. Marijuana brands may also wish to utilize growing platforms like Tiktok and Threads.
Although new marketing methods and ideas will emerge, some of the classic methods of brand promotion still work the best. Word-of-mouth can go a long way in the marijuana industry, so excellent customer service and customer rewards are especially helpful. You can also bolster your brand visibility with custom-branded cannabis products. These can be sold at your point-of-sale or even given as promotional gifts to valued customers.
Smoking weed has always been one of the most popular ways to get the effects of cannabis. However, due to the potential dangers of smoking, many consumers demand safer ways to enjoy their favorite cannabis strains. Vaporizing has become one of the most popular alternatives, but other smokeless products seem to be growing in popularity.
Edibles and beverages are likely to become particularly popular. These products provide an enjoyable, hassle-free way to get a long-lasting high. What’s more, the forms they come in continue to grow. For instance, some consumers may enjoy cannabis gummy worms whereas others may want to drink cannabis-infused beer.
Other alternatives are also likely to grow in popularity. Those who want non-psychoactive products often turn to topical products such as cannabis bath bombs, creams, and even cannabis-infused shampoos. Hemp-based products are also likely to become more popular – especially psychoactive products such as Delta-8-THC and Delta-10-THC oils and edibles.
The future of the marijuana industry looks highly promising for everyone involved. Consumers will have access to more products than ever. New markets will emerge for shoppers and new opportunities will open up for professionals. Although certain restrictions and boundaries are likely to remain, cannabis businesses can still thrive and grow.
If you want to make sure your cannabis business is future-proof, make sure you work on your branding. Effective marketing, good reviews, and a memorable brand name and logo can go a long way. You can also boost your brand with custom-branded products. For a range of branded cannabis products and guides, visit Cannabis Promotions.