It is undeniable that marijuana has become mainstream in the United States. With more and more states legalizing it in some way, the number of people giving it a try is growing and will continue growing. Those who live in a state where it is legal, you might hear or see it everywhere. Projections say that the global cannabis industry will grow to reach $70 billion by 2025 with about half coming from America. Though it is not easy to predict the future of this expanding industry, there are some changes that it will encounter in the near future. Let us talk about trends that would be seen in the U.S.
The popularity of CBD will continue growing
Recently, CBD has captured a lot of attention and has grown bigger than THC. There are two reasons for this popularity – the FDA approved a cannabidiol-based drug in 2018 and high-CBD hemp production has been legalized for production in the U.S. Following this, scientists and researchers have started undertaking clinical trials to verify the efficacy of this compound for various diseases including anxiety, depression, insomnia and even cancer. With no more strict rules governing the purchase and distribution of cannabidiol, products are available at online dispensary and retail stores. The number of product options and the companies making them is only growing.
Cannabis laws will continue to get easy
A large number of people are still hesitant to try the drug because the laws are not yet clear. It is difficult to know when you break the federal law and what is permitted by state law. The industry does not permit the use of banking services and the products are still not regulated by any central agency like FDA. New laws will be introduced soon to make things better. The first step will be an amendment to the federal law that classifies cannabis under Controlled Substances and prohibits its use. The regulation of the substance will be assigned to states. Next, the Safe Banking Act will permit banks to perform transactions with marijuana companies. New rules and regulations will be introduced by the FDA regarding the use of CBD.
The Legalization Movement will grow stronger
Reports say that two-third of U.S. citizens support the federal legalization of cannabis and support from the public gets stronger as the popularity of its benefits increases. Illinois has recently legalized the herb for medicinal and recreational use and activists will proceed to legalize it in other states as well. States, where it is decriminalized, will allow dispensaries to distribute the products.
Contribution from other countries will increase
Recently, Canada has legalized the adult-use of marijuana and the market has been expanding since then, expected to grow to $5 billion in four years. It can be said that rules restricting the promotion of weed-based products will get easy and will facilitate growth for American brands. The industry will get ready for global expansion. By 2024, markets other than Canada and the U.S. will contribute 13.2% by 2024. Countries like Uruguay, Germany, New Zealand, Mexico and others are leading when it comes to adult-use cannabis distribution. Asia, as well as Africa, will also experience changes. South Korea will soon legalize medical marijuana use while others are working on it. It is also said that the production of these products would soon shift to Africa from the U.S.
Marijuana consumers will be more diverse
While it is clear that the number of users will grow, it can also be expected that they will become more diverse and their reasons for the use of the supplement will be varied, whether recreational or medicinal. For example, older people are likely to try the products as they hear about the potential health benefits of the substance. More women are also expected to give it a try. There will also be a variation in how much the users are willing to spend on these products. There will be people who spend an average amount, those who will spend more and others spending less.