In the last five years, the cannabis market reached new heights and ground-breaking records. Did you ever expect CBD to explode as hard as it did? Did you ever expect the topic of cannabis to present itself to the Supreme Court—let alone the 2021 Tokyo Olympics? Did you ever expect COVID to come along and heighten cannabis sales across the country? We sure did not. All these unforeseen shakeups have led to some interesting trends in the cannabis industry.
Higher Market Share For Non-Flower Products
When we think of cannabis, flower is usually the first product to come to mind. Cannabis dispensaries stock all variations of flower, from indicas to sativas to hybrids for your smoking pleasure. In 2021, though, non-flower products like edibles, CBD, and vapes might win the popularity contest. Interestingly enough, cannabis-infused beverages are gaining more traction than ever. According to Green Entrepreneur, “big investors including Anheuser Bush and Coca Cola have entered into talks to invest in infused beverages.” We also have certain beer companies brewing THC-infused non-alcoholic beer to make all your hangovers go away.
Continued CBD Market Growth
We already see how vast CBD use has grown in recent years. From millennials to seniors to pets, CBD use is on the rise and doesn’t show any signs of slowing down in 2021. In fact, experts expect CBD sales to climb to record-breaking numbers—it might even overshadow cannabis flower. “With an annual growth rate of over 140 percent, the CBD market could eclipse the adult-use cannabis market by 2022. This is largely due to the passage of the 2018 Farm Bill which legalized hemp farming nationally.” This is one of the cannabis trends we’re most happy to see!
A Flood Of Money And Investments
As the cannabis market grows, so does the number of people who want to be involved and grab a slice of the pie. More popularity often equates to more investors. With more money in the cannabis market, we might see a further boom in dispensaries and canna-based products.
This next detail stands as both a pro and a con: larger corporations love that flashing dollar sign and want to claim their stake. How do you feel about corporations moving into the cannabis market? “Both plant-touching and non-plant touching weed businesses are listed on Canadian and American stock exchanges. This means more access to capital and bigger operations than ever.”
Additional Product Variety And Branding
As investors pour their money into the cannabis market, it leaves room for entrepreneurs and companies to come out with more products. We mentioned early that some Cola brands are starting to look into THC-infused drinks. This is largely thanks to an influx of money that allows brands to further their cannabis research and explore a variety of ways to consume cannabis.
More specifically, we see more and more customers wishing for a variety of cannabis flavors in their foods and drinks. As Green Entrepreneur puts it, “As the market grows in size and product diversity, people want access to products with a variety of flavors. Terpenes are easier to taste and therefore more important than ever with the rise of concentrates.”
Cannabis Legalization On The East Coast
It sure took New York and New Jersey long enough to catch up with the canna-friendly West Coast. Cannabis trends suggest that East Coast legalization is on the horizon with more Nor’Eastern states taking the steps. Better yet, cannabis legalization might also head toward to Midwest with states like Illinois, South Dakota, and Minnesota jumping on the bandwagon.
Increase In Cannabis Sales Tax
Lastly, we wanted to mention a not-so-great dip in cannabis sales. It’s only natural that an increase in demand leads to an increase in tax sales—unless you live in Oregon or another state that does not deal with tax sales. This increase would mean that the cost of cannabis would become greater and possibly less accessible to certain demographics.