What’s New on the Cannabis Market in 2021?
The last several years were nothing short of exciting for the cannabis industry. Not only more states have legalized marijuana, but you’ve never seen this many users interested in trying different strains. That includes everything from classic orange strains to creative hybrids with ice cream or similar tastes.
In this article, we provide an overview of the latest events in the marijuana industry. Here is what you should know about the changes and how they affected both users and manufacturers!
Promising Cannabis Legalization News
While Canada is spearheading the global efforts to promote marijuana as a recreational and medicinal tool, the cannabis industry still requires more weed-friendly nations to thrive. If you take a look at the cannabis legalization map, you discover that now only eight states in the entire US outlawed marijuana completely. South Dakota, Montana, Arizona, and Vermont were the latest to join the list of 40+ states that consider cannabis legal.
The legality still varies depending on the state. For example, some states with legalized marijuana only allow medicinal use, and others even restrict it to CBD oil. The good news is there is a clear trend toward loosening cannabis laws. We can expect to see relaxed regulations when it comes to using marijuana products recreationally.
These moves in a positive direction are the result of campaigns of the entire industry. You can see marijuana advocates on television, the internet, and other media. Informing yourself about marijuana has never been this easy, which attracted the public’s interest.
An important thing to note is that even doctors are eager to recommend marijuana more often these days. Medical professionals follow the latest trends, and they understand the plant can have a positive effect on many patients. That’s why you will often find a recommendation to use cannabis, although it’s usually indicated as an addition to the existing treatment.
Deutsche Welle mentions that cannabis use worldwide increased by 60% over the last decade. The trend of legalizing marijuana transferred from the United States to the rest of the world. Some European countries decriminalized personal possession and use of cannabis, such as the Netherlands. France relaxed its laws for punishing minor marijuana crimes, and there are indicators that they will change regulations soon.
Unfortunately, the COVID-19 pandemic might have delayed changing these laws. Despite that, industry development and increase in marijuana popularity are clear. That’s what leads to states and countries thinking about adjusting their laws and legalizing cannabis for medicinal and recreational use.
Users Know Which Marijuana Products They Want
The increased interest in marijuana also implies that users understand this plant better than ever. They know what they are looking for, which is why they are looking for specific products. That primarily refers to the content of THC and CBD in their cannabis items.
An average marijuana user understands that THC is the compound with psychoactive characteristics in this plant. Some users don’t mind the extra kick and euphoria given by THC, but others prefer cannabis products with a low quantity of this compound.
Even the laws are adjusted to the THC amount. For example, the US federal regulations imply that all cannabis plants and derivatives with no more than 0.3% of THC are legal.
CBD products have emerged as the user favourite when it comes to cannabis items. The popularity of CBD oil keeps growing over the last several years. That’s because it doesn’t have psychoactive properties but might have multiple potential benefits for your long-term health.
Searching for Unique Tastes and Aromas
Those who stick to cannabis strains are seeking new tastes and aromas. That means users are readier than ever to try ice cream, fruit, and other hybrid strains with unique tastes. However, they also understand the quality requirements. It’s why they want to confirm that their cannabis products come from reputable sources. That makes it understandable why marijuana items from organic farms are among the most demanded products in 2020.
The cannabis industry now has more informed buyers than ever. Those who want to try marijuana for the first time ask their friends and rely on information found on the web. People are more careful about their health as a result of the COVID-19 pandemic. That’s why they are more open to trying marijuana, especially those that might help fight stress and reduce anxiety.
Another trend noticed in the cannabis market is that more people now prefer vaping instead of smoking. The industry argues this is a healthier way of consuming marijuana, which is why users resort to vaping. The vaporization process releases considerably fewer toxins, which makes it both consumer and environment-friendly. Additionally, people can also choose from a variety of flavours to suit their preferences.
CBD Topicals As an Interesting Cannabis Product in 2020
Apart from CBD oil, other cannabidiol products also gained extra attention from users in 2020. Those who find CBD oil inconvenient to use might turn to creams and other topicals.
The primary benefit of these topicals is to help in providing pain relief. You can put them on a specific area where you feel pain, and they will start acting in seconds. That fast-acting formula is among the reasons why consumers are attracted to these products. You can check out our list of the top 15 CBD topicals in Canada to find your favourite.
Final Thoughts – Can the Industry Hope for an exciting future?
A simple look at the cannabis market size over the last several years is enough to notice a constant growth trend for the industry in North America. In 2018, the market share was $10.6 billion, but the experts expect it will grow at least nine times in the next six years. They indicate the marijuana industry could reach a market size of $97.35 billion by 2026. That means the compound annual growth rate (CAGR) will be over 32%!
If you consider that cannabis had a bad public image without a valid reason for a long time, it seems that the plant is now making a big comeback. Users worldwide have become interested in this plant and are ready to try it for medicinal and recreational purposes. That indicates the plant is set for a bright future, and we look forward to seeing what’s in store for the marijuana industry in the coming years!