The world of Cannabis usage is steadily changing, thanks to new laws, societal affectations, and strains of hybrid products. There is no way to know exactly what the cannabis landscape will look like in 2021, but there is enough information out there to make educated predictions.
Mainstream celebrities such as Martha Stewart and Gwyneth Paltrow have inspired a whole new group of cannapreneurs who are hopping on the celebrity cannabis bandwagon. They, in turn, are generating a multitude of social media influencers who walk in their shadows. This will continue to gain traction throughout the next year. In addition, ganjapreneurs will grow their lifestyle and apparel brands to boost awareness, and teens will embrace the new, edgy status-quo.
Cannabis consumption lounges took an enormous hit in revenue, just like other public establishments in 2020. As we lean into getting vaccinated and more restaurants and other indoor gathering venues reopen, cannabis lounges will once again join the fray and start earning money again. The new roaring ’20s is right around the corner, which means people will be itching to get out and be social. This applies to cafes, bars, restaurants, and cannabis lounges.
CBD will continue to be touted as a miracle agent, healing everything from anxiety and depression to acne, heart disease, and even cancer. In 2021 there will be more transparency available to the general public so they can single out the truth about what benefits it holds, but there will also be plenty of Big Pharma and mom and pop shops to peddle the dream. The new administration is going to take a hard look at the existing laws in 2021, so changes are to be expected.
The FDA has been slowly coming around to the concept of medical marijuana. It has already given its approval of one cannabis-derived drug product and three synthetic cannabis-related products. 2021 will be the year they expand their list of acceptable, legal medicinal marijuana. In addition, more states will be legalizing marijuana in 2021, as evidenced by the November 2020 election. Some of the states changing their laws are Connecticut, New York, and Rhode Island.
In 2021, new stores and delivery outlets will become available to service customers. As far as pricing, the demand for cannabis has continued to be strong with a reduction in supply, leading to a price increase.