Gone are the days when society’s views on marijuana made it a taboo subject. Following its widespread legalization, the cannabis industry saw rising sales and increased acceptance of weed culture. However, it has not only been uphill for the cannabis industry. In 2023, for example, the cannabis industry reached a point of oversaturation that caused businesses to cut costs on things like product variety and employees.
Although the overall stigma surrounding weed has improved, the cannabis industry still fights against the population of people who want to keep marijuana use under wraps. Encouragingly, 2024 is showing true promise in the continued erosion of weed stigma, movement toward legalization, and overall market growth.
The End of a Stigma
One of the greatest challenges faced by the cannabis industry early on was the negative stigma surrounding the flower and its users. However, recent years have shown a drastic decrease in negative opinions regarding weed. One of the most impactful contributions was the legalization of medicinal marijuana across the country. Research and study trials showed the great promise of cannabis in treating the symptoms of different ailments. This allowed the public to view marijuana in a more positive light than it had before, as a medicinal alternative rather than a recreational drug. The accompanying decrease in weed stigma helped ease the transition as states began legalizing the recreational use of marijuana, showcasing that it could be normalized in a regulated setting. In 2024, you can expect to see further destigmatization as the cannabis industry flourishes and creates more cannabis-based experiences and products.
Key Weed Trends
Like any other market, the cannabis market goes through ebbs and flows. Key weed trends in the coming year will likely include legalization, product growth, and consumer sophistication.
Legalization
The cannabis market relies heavily on its increased legalization, both medicinal and recreational. Although federal legalization has not yet happened, even states like Mississippi and Oklahoma are on a path toward recreational legalization. On an international level, the trend is also toward widespread global legalization. These trends are likely to continue in 2024.
Product Growth
In 2023, the cannabis industry saw immense growth in product variation and even launched trials for cannabis-based experiences. From beauty and wellness products to cannabis-themed hangout spots, the market is growing rapidly and showing potential for investors and collaborations with different markets. In 2024, you can expect to see continued growth in CBD-based products, as well as emerging experiences for users to explore cannabis in more normalized settings.
Consumer Sophistication
Now more than ever, consumers are upping their cannabis education game, making it easier for them and cannabis businesses to know what they want out of cannabis products. In 2023, for example, the industry saw increased demand for wellness cannabis products, such as beauty products, vitamins, and supplements. Overall, there has been a rapid growth in CBD sales, which is sought after for its benefits like its healing properties. In 2024, you can expect to see the cannabis industry responding to consumer demand by offering new products and product advancements.
The State of Cannabis Now and Later
The cannabis industry is continuing to grow and thrive, showing great promise for future products and experiences. There’s no time like the present to find your favorite cannabis product and try something new. Shop the catalog at Far & Dotter to explore both old and new cannabis products!
