Colorado and Washington were the first to legalize recreational marijuana in 2012, followed by 20 more states 11 years later. During this widespread legalization, the cannabis industry has experienced much growth. Here are a few noteworthy trends that provide a glimpse into the industry’s future.
1. New cannabis products are emerging in various markets
Cannabis is a versatile plant, and its legalization has led to the introduction of many new cannabis products. It’s even used in the beauty and wellness industries in serums, lotions, vitamins, and supplements. COVID-19 also shifted product demand, as consumers began to prefer non-inhalation products like edibles. As cannabis is further destigmatized and researched, the industry will continue to see an emergence of innovative cannabis products to serve multiple markets.
2. European countries are becoming leaders in the cannabis industry
Germany came in as the fourth largest market for cannabis in 2022 and is cautiously but steadily working toward legalization. The Netherlands and Switzerland are following Germany’s example. If Germany succeeds, the Netherlands and Switzerland are sure to engage in further pilots for recreational sales. This emphasizes the worldwide use, legalization, and destigmatization of marijuana and points to a promising future.
3. Sales are stagnating in some markets
Although stagnant sales may seem negative, it’s actually an exciting trend for a new industry. Stable sales indicate that the industry is maturing and that cannabis and its recreational use are becoming more normalized. The stigma surrounding recreational marijuana is one of the biggest issues in the industry. This trend signals the end of a battle and the beginning of frictionless legalization efforts for states that haven’t gotten on board yet.
4. There is an increase in consumer education about cannabis
For a while, consumers were primarily fixated on the THC content of cannabis as they aimed for a certain high. Consumers are now more aware of the various uses and benefits of cannabis, thanks to research and open conversations about cannabis use. This not only helps expand the industry beyond THC-focused cannabis products but also encourages a decrease in lab shopping.
5. The marijuana industry may add nearly $100 billion to the economy
The U.S. cannabis industry is projected to reach $100 billion in annual sales by 2030. This means great things for both the economy and the industry’s growth. A major selling point in terms of legalization has been the potential benefits the cannabis industry would have on the economy. These future projections back up that claim and are an incentive for both consumers and nonconsumers to continue supporting the cannabis market.
Be a Part of the Trend
The cannabis industry is growing to serve all types of consumers. There are a multitude of cannabis products that extend beyond recreational use, and more are sure to come.
The best place to start exploring what the cannabis industry has to offer is with a trusted dispensary. Far & Dotter offers cannabis products for recreational use and holistic care so you can reap all of the benefits of cannabis. Visit our dispensary or browse our online selection today to explore your options.
