The cannabis industry is emerging as a major business market. Even though cannabis is illegal on the federal level, medical marijuana is legal in 29 states and recreational marijuana is legal in 9 states. The continuous support for legal marijuana show signs that some of the other states like Oklahoma and Kentucky could legalize medical marijuana. In addition, Vermont and New Jersey could pursue recreational marijuana legalization.
The growing number of cannabis users are changing the landscape of leisure activities. Here are some of the trends that will impact and contribute to the cannabis market in the future:
1. According to ArcView Market research, by the year 2027 legal cannabis spending will reach $57 billion.1 Majority of the spending will take place in the United States.
2. A rapid growth in legal cannabis market will expand to different target markets and call for more product education. Consumers will want to know where the cannabis is coming from, how is it grown, where and how can it be used. In addition, such fast-growing, profitable market will call for cannabis business education. People will want to gain skills specific to the cannabis industry.
3. According to BDS Analytics, the number of individual marijuana brands will increase and will own the majority of the cannabis market share. For example, Colorado state has seen a brand owned cannabis market growth of 19% in just as little as three years. 2
4. Technology will start playing a big part in cannabis growing. To meet the growing product demand and industry regulations, cannabis merchants will employ advanced analytics and tracking technologies to cut costs and maximize profits.3 Every seed and plant will be recorded and tracked to ensure optimal harvest and full compliance.
5. The cannabis banking problem will start to diminish since cannabis vendors will gain access to secure banking options like Credit Card and Pin-Based Debit solutions through Merchant Club of America.
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1. “Legal Cannabis Industry Poised For Big Growth, In North America And Around The World” by Thomas Pellechia on Forbes.com. Posted on 3/18, accessed on 6/4/18.
2. “BDS Analytics’ Top 10 Cannabis Market Trends for 2018” by BDS Analytics on bdsanalytics.com. Posted on 2/18, accessed on 6/4/18.
3. “Technology Quarterly the Future of Agriculture” on economist.com, accessed on 6/4/18.