The Year 2019 bodes well for the cannabis industry and the users as well. It is evolving every day and is in constant flux. With the new legislation making use of cannabis legal, the product range is expanding, and customers are also finding alternative ways to use it. Among the frenzy of changes going on in the industry, here are a few trends that you should pay attention to:
CBD market share is on the rise
CBD products are the most sought after cannabis products. 2018 saw an uprise in the CBD products available on the market, ranging from edibles to tinctures. The expanding market share of CBD in the year 2019 amounts to be a notable trend in the industry. Experts are predicting an astounding annual growth rate of over 140% in the CBD market. It is expected to overtake the now leading adult-marijuana market as well. It is owing to the passing of the recent Farm Bill, which has made hemp farming legal in the nation. CBD products of good quality strands like indica are now legal to use and are witnessing a rise in market share.
The product range is diversifying
Earlier, a majority of people were using the flowers, but in 2019 vaping is the new trend. It is the new ‘it’ thing among the teenagers, and it provides a plethora of medicinal uses as well. Sale of CBD vapes rose by 105% in the last year. Besides that, edibles too have become a favorite among people. CBD chocolates and CBD gummies both witnessed an increase last year. Big investors like Coca Cola and Anheuser Busch are entering into the cannabis industry, planning to launch infused beverages. Lattes, smoothies, beer infused with THC are also available on the market.
Investment is flooding in
The industry of cannabis is largely shaped up by the investment that is flowing in. Plenty of large corporations are likely to make investments in the cannabis market. They are planning to make distribution deals, invest in product design or invest in producers as well. It’s not just about corporates, its individuals too. Individuals are making up on the boom by buying stocks. The trends of growth began last year, and it is still catching up in 2019. Big Canadian weed corporations are attracting investors, as well as a lot of media attention. These businesses are also present on American and Canadian stock exchanges.
The highlight of the cannabis industry is an ever-expanding territory, owing to the legalization. Every state becomes a massive industry as soon as the government legalizes the use of cannabis. While the legalization of cannabis is on the rise in both the USA and Canada, still many more states are opening up to the possibility of marijuana. In 2019, states like New Jersey, Connecticut, New York, Illinois, and Minnesota are most likely to legalize hemp. The rest of the states are also at least thinking about legalizing medicinal marijuana. With legalizing in New York, it will become the single largest market for recreational use of marijuana. In the states where marijuana is legal, you can get it delivered right to your doorstep.
The popularity of brands
Another notable trend of this popular market is the paradigm shift towards catering to a more sophisticated customer base. There is a growing demand for luxury products in wellness-related CBD products. People today resort to using luxury skincare products, organic products, and even quality edibles presented by big brands. Brands are taking control of the market, with brand ambassadors becoming a major job today. Apart from CBD and THC, which are two major cannabinoids, Terpenes is also gaining momentum. It is organic compounds of weed which give it taste and flavor. Owing to the demand for flavors like pineapple and blueberry, Terpenes is also becoming a favorite among marijuana users.
Sales are higher than ever
Sales of cannabis were skyrocketing in 2018, but 2019 is set to see a significant increase. With the coming together of government, investors, and even consumers, the sale of marijuana is blossoming. The market is expected to grow multifold in the coming years. By the year 2021, the global cannabis market is set to reach $31 billion, while the CBD market could climb up to $22 billion by 2022. The market is growing, and the demand is shifting to alternative products. Even the demographics are evolving, with more older people and women using it. Good quality marijuana is now easily available at various online dispensary Canada websites at affordable prices.
The cannabis industry is the epicenter of change. It is growing and evolving by the day, with changes in laws, target audience, and even the product range. The market will continue to expand in the coming years, for its acceptance will only increase with time. Amid the ongoing research, it will widen its horizon to medicinal use as well.