Cannabis Industry Trends in 2020 – Here’s What You Can Expect

Cannabis Industry Trends
Source : Business Insider

The rate at which the cannabis industry is growing in the past few years is really exciting. Substances like CBD have created a lot of hype around the world for their therapeutic effects. The wave of legalization is spreading from the United States and Canada to different parts of the world. More and more research is being carried out to prove the health benefits of the supplement. The industry will undergo some considerable changes this year. While the market will definitely grow positively, the customer base would also undergo changes. Users will acquire more knowledge about the field and get interested in trying different products. Here are some of the top trends we can expect in this year.

Sale will Increase

Owing to the fact that marijuana sale is now legal in almost all states, sales would likely increase in 2020 than before. Last year, more than $400 million was spent on cannabis in July. Experts predict that the industry can grow by 130 million dollars per year in the coming future. While it may not reach this figure this year, it would definitely grow much rapidly.

Legalization Movement will Get Stronger

Recently, cannabis was legalized in Illinois and many other states have decriminalized it in last year. Activists would make efforts to get it legalized in the remaining states in 2020. We can expect it to get legal in Minnesota, New York, New Jersey, Rhode Island, New Mexico and Connecticut. States like Vermont that have already decriminalized the substance would permit the sale of products through dispensaries. The movement is supported by a growing number of people and about two-third of the nation supports federal legalization. This number is expected to rise as more and more people become aware of its potential health benefits.

There are some states considering decriminalization of cannabis or preparing bills for medical marijuana use. These states will soon join the movement and act as pillars for a revision of federal law. Those who have decriminalized the plant would follow the suit of others to legalize its use.

A More Diverse Range of Consumers will Emerge

Though people of all ages and races are enthusiastic about marijuana use, 2020 will see more female customers looking to give the supplement a try. The number of aged customers is also likely to increase with the spreading awareness about its health benefits. Moreover, the industry will see a growing mix of medicinal and recreational users as the year passes.

Types of Products will Increase

In 2020, not only will the industry have newer types of cannabis products introduced but also get new strains from growers from the attempts to breed specific strains to get desired effects. Weed-infused beverages will get highly popular and widely available with some of the most popular alcohol brands getting indulged in this sector. Coca-cola, for example, considers introducing a carbonated drink containing cannabidiol. Though edibles have always remained so popular, this year would see a wider variety of infused foods. Companies not usually dealing with the industry would consider offering CBD edibles. Though edibles and other products will increase in popularity, marijuana flower will maintain its fame as the most preferred form.

Benefits of Marijuana will Gain Higher Popularity

Though a large number of people have already been using the herb to treat various symptoms, more users are likely to get aware of these potential benefits. As science discovers how marijuana and its components can improve the overall health and wellness of a person, it will gain a wider audience. There are science-backed claims that this compound can reduce the risks of many diseases including cancer. Apart from this, people would learn more about the safety of this supplement.

More Practitioners will Recommend Cannabis

As an increasing number of benefits of marijuana get backed up by science and research, doctors will consider recommending this alternative remedy to the patients. This can also mean that the sale of the supplement will increase through dispensaries and pharmacies.

More Compounds will Get Popular

Scientists are discovering that not just THC and CBD produce beneficial effects; other compounds like CBN, CBC and others apart from terpenes can have considerable effects on the effectiveness of the supplement. Users are learning more about these benefits and breeders have started growing strains containing high levels of certain compounds to address particular needs.