So much has happened to and for the cannabis industry in the past 10 years. It went from pretty much being illegal and limited medical patient access to now being recreationally and/or medically legal in more than half the United States and Canada! Times have clearly changed as more people are open and accepting of the use of cannabis by adults. Of course with these changes cannabis businesses and products went from being of little value to being one of the fastest growing industries today.
"Marijuana Business Factbook estimates the legal-marijuana industry's economic impact in the US was between $20 billion and $23 billion in 2017. It estimates the economic impact could reach as high as $77 billion by 2022," according to a report by Business Market Insider.
Ever since weed has been legalized in several states more people want in on the billion dollar pie and are creating businesses, products, and ideas of all sorts to meet the needs and desires of consumers. We went from simple bongs and having only flower/dry herb as a way to consume. Now there are products like the Puff Co Peak, twisty glass blunts, CBD topicals and tinctures, and dab rigs for consuming concentrated cannabis with some of the highest THC levels. Everyone wants in and almost everyone wants to get high. The fact that cannabis has come this far is a miracle. For many folks they never imagined being able to walk into a store and buy a pack of pre-rolled joints without any fear the feds were gonna come find them, but here we are in 2020 with thousands of dispensaries across the country.
So what's next for cannabis? Who knows but as an individual who's had the pleasure of being in this industry for 4 years now it's interesting to watch these changes as well as think about and guess what may be next for this quickly growing industry.
Marijuana Iyana's 2020 Cannabis Industry Predictions -
Cannabis products specifically targeted towards baby boomers/seniors.
More cannabis and intimacy products, maybe CBD infused sex toys??
More celebrities will invest money or launch their own products in the industry
A significant increase in POC owned cannabis businesses and brands.
More interesting and inventive smoking devices for flower and concentrates.
More nationwide retailers carrying CBD products, Target may definitely carry CBD or hemp infused product in the next year.
New cannabis farming technology that saves time in the drying and trimming process
More large cannabis companies will open themselves up to public investments and trade.
One or two more southern states will legalize adult cannabis use in 2020 (fingers crossed Louisiana or Georgia are next) .
Increase in cannabis content creator and influencers on social media and those influencers getting paid way more than ever before.
(Featured photo via verdantisadvisors.com)
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