These are the cannabis trends of 2018 that will most affect the value of the industry.
In 2017, at least $5.86 billion worth of legal cannabis was sold in the United States alone – according to says an Arcview Market Research report. Clearly that figure is poised to rise even farther up before the end of 2019. This is good news both for farmers of cannabis, processing companies and end users of the product.
Having sampled opinions from industry leaders and cannabis entrepreneurs, here’s what to expect before the year ends.
Cannabinoids Will Gain More Ground in Healthcare
Cannabis products like THC and CBD oil will penetrate the health sector further and will gain more acceptance. A lot of factors will be responsible for this but the demand for prescription medication alternatives by users will be a major motivation for the paradigm shift.
It is worth noting that Medical marijuana patients spend at least three times more money on weed products than those who use the substance for recreational purposes. For many observers, this is perhaps the single greatest indicator of the impressive acceptance and use of cannabinoids by the United States market. In fact, New Mexico recorded some 40,000 (84% growth) in medical marijuana patients last year alone.
There is no telling how far this growth goes this year with the legalization of the substance in all 50 US states. Market analysts project that the medical cannabis industry will be valued at over $19.48 billion by the year 2024.
CBD Will Dominate
CBD (also known as cannabidiol) is one of the over 100 naturally occurring cannabinoids found in the cannabis plant. The special thing about CBD is that is carries out its therapeutic effects in both humans and animals without getting them high. In contrast, tetrahydrocannabinol (THC) is psychoactive.
This relatively recent discovery means patients can now buy CBD edibles online knowing it will not get them high or interfere with their daily activities. Many cannabis companies are already in the market, making, distributing and serving thousands of users every day.
Everyone Will Benefit
It’s not all about the profits. The cannabis industry is about giving back to the people and the planet. Some companies are already giving back through discounts, bonuses and more. A company in California for example is buying 500 acres in NorCal to turn it into a natural forest and to bring back some of the animals. We will also be putting up some of the biggest greenhouses in California on this land to create a theme park where people can come and see how we work with mother earth and the plants.
Now, that was our planet’s benefit from the green revolution. On the workforce, more people are going to get placements as the industry grows. This is a win-win situation for everyone that will be involved in the cannabis manufacture, supply and consumption chain. These include weed farmers and the industries that service it, cannabis companies, ecommerce website builders, digital marketing experts, distributors, and most importantly, the patients.
Will the medical marijuana industry continue to grow or is it just another bubble? This is one of the many questions industry leaders try to answer every day. Unpredictable as the future might seem, it appears cannabis products are not done growing in acceptance and consumption CBD oil edibles make a sound argument for this fact. The stats are in favor of a growing industry and people are finally getting quality products from regulated companies.