Keeping abreast of cannabis industry trends can help you know what to do next and adjust the focus of current work in time. These are the top three cannabis industry trends that you should pay attention to.
1. Higher sales than ever.
The biggest of cannabis industry trends for the next few years is the national and global expansion of the legal cannabis market. New Jersey and New York recreational cannabis legalization are anticipated this year, along with states in Midwest and other East Coast states. The global recreational cannabis market is projected to reach $31 billion by 2021. The CBD market alone could reach $22 billion by 2022 according to a Brightfield Group report.
2. Products are growing ever more diverse.
Vaping in 2018 has outpaced flowers as the most popular method of consumption in California. Expect one of the most significant cannabis industry trends to be the continued shift away from flower and towards other methods of consumption.
Vapes are one of the hottest cannabis products in 2019. In the first quarter of 2018, vape sales grew 69 percent in total, according to BDA Analytics. CBD vape sales alone rose 105 percent over the same period.
3. Massive CBD market growth.
In 2019, expect the rapid expansion of the CBD market to be among the most notable cannabis industry trends. With an annual growth rate of over 140 percent, the CBD market could eclipse the adult-use marijuana market by 2022. This is largely due to the passage of the 2018 Farm Bill which legalized hemp farming nationally.
With its new legal status, hemp and the CBD derived from it are now legal and lucrative to produce. Compound that with CBD's reputed health benefits and the CBD industry is set for impressive growth.
Of course, there are also other trends in the cannabis industry. The cannabis consumer demographic is growing ever more diverse. A more sophisticated customer base wants a variety of products with different effects, potency levels, and prices. Visit our official website: https://www.transpring.com/ or follow us on Facebook and Instagram: @transpringhq for more information.