The blossoming of the U.S. cannabis industry continues its robust emergence, with sales expecting to bolster the economy by $92 billion by the end of 2021. That would be a 30% increase over 2020. Analysts are looking at a remarkable $160 billion by 2025.
In addition to almost certain market growth, what other trends are in store for this still new sector? Here are a few forecasts that most industries agree upon.
Accurate Dosing and Delivery Methods
One of the biggest challenges today in cannabis is packaging the product to allow consumers to know how much they are taking and how much is appropriate to take.
Much of this gets down to delivery methods. For example, how much THC is delivered to the body from one inhalation from a vaping device? The results can vary widely based on the concentration of the vape liquid. What’s the standard dose in the average gummy? And what about those CBD drops one places under their tongue?
The cannabis industry is still so new that highly uniform standards for delivery and dosing have not been worked out very well. Expect progress on this to be an ongoing trend to watch.
More Brands for Common Folks
The majority of cannabis producers are focusing on a pricey luxury market, said Sequoia Prince-Lazarus. He is the founder of Lazarus Natural, a brand seeking to focus on “a void in the marketplace.” That void is a lack of affordable brands.
Analysts say that as competition grows and the industry matures as a whole, more sellers will compete in low and middle-range market niches brings down prices for cannabis overall.
Development of Recognizable Profession
Think about commonly recognized industries, such as plumbers, accountants, clothing store workers, or grocery store workers. These are all recognizable professional sectors that employ people with well-defined skill sets.
The cannabis industry will focus on developing its own sense of professional development in the coming years. For any industry to grow and take its place as a legitimate sector of the economy, it must develop people with specific skills within its business milieu.
Over the next five years, a person who says that they are “in cannabis” will become a more sharply defined quality and quantity.