The cannabis sector is blooming as legalization spreads to new countries around the world and more products are now becoming available. We can see new shops opening with a cannabis theme, offering products of different types. What predictions have been made for the cannabis industry for 2023 in a market that seems to witness significant changes every week?
Continue reading to learn more about last year’s market events and predictions for this and the upcoming years.
The 2021 Cannabis Industry
In 2021, there has been a significant expansion in the cannabis sector. People are becoming more accepting of cannabis products as many have felt the numerous benefits of CBD.
Domestic cannabis sales in the US rose by 70%, the market was worth $61 billion, and support for the legalization of marijuana reached a record high of 68%. These are very impressive numbers for every sector. What is important to note is that the cannabis industry’s client base is also evolving and expanding.
A Significant Increase in Sales
One of the key projections is a rise in sales for the cannabis sector as a result of the legalization trend and cannabis products being accepted by a lot of people.
The fact that more businesses like DankStop are selling quality cannabis products, devices, and accessories, particularly those containing cannabidiol, is another factor influencing the anticipated increase in sales (CBD).
The CBD’s ability to draw customers who might otherwise have no interest in the cannabis industry seems to be what Wall Street and investors find most alluring.
Customers on the medical and recreational sides of the equation are typically more eager to try CBD-based products since they don’t frequently include traces, or trace levels, of tetrahydrocannabinol (THC), the cannabinoid that causes psychotropic effects.
One expectation for the cannabis sector is a significant rise in the variety of cannabis products on the market.
On one hand, new strains will likely be developed, and on the other hand, it’s anticipated that some items will gain popularity and become more generally available.
For instance, Molson Coors has previously produced sparkling water with CBD that is available for purchase in Colorado. Regarding grocery items, a wider range of goods should become more readily available.
A Wide Range of Clientele
The population of cannabis users diversifies with time. There will soon be a wider mix of recreational and medical cannabis consumers, as well as more senior and female customers. It is a fact that more people are now willing to try cannabis.
Who would have thought that cannabis could be utilized as a health and safety product at a time when staying clean is a hot topic?
The National Institutes of Health and the US National Library of Medicine claim that it has been discovered that several cannabinoids have strong antibacterial properties against gram-positive infections like MRSA strains.
It has also been demonstrated that endocannabinoids are efficient at eliminating biofilms. This is one incredibly beneficial way of cannabis use which many are likely to accept as legalization and inquiry efforts proceed.
Financial and Banking Trends
The issue of banking is one of the key problems facing the cannabis industry today.
Many people think that legislation enabling legal cannabis businesses to use banking services and obtain funding will finally pass.
Ironically, cannabis has been deemed “vital” by the industry, although many people carry sacks of cash, putting them in danger and exposing them to risk.
The legal marijuana business as a whole will be significantly impacted only by the introduction of banking services.
The investment would flow more freely, prices might increase, and trading cannabis would be a lot simpler.
Instead of obtaining riskier and more expensive venture capital loans, a cannabis company may seek bridge loans from the bank.
To preserve market share in the growing legal marijuana industry, expansion is crucial.
However, escalation calls for further funding, which operators might not have.
The opportunity to obtain conventional funding from banks would help businesses of all sizes expand their operations in the legal marijuana sector.
Are you seeking cannabis solutions that are compliant, secure, and simple to integrate as the cannabis sector continues to grow? Make sure to talk to professionals and seek the most appropriate solutions.