Cannabis has existed for centuries and its consumption has lately seen a huge expansion in the market. With more and more countries legalizing marijuana, conducting researches, and experimenting new things with the plant has seen a rise. With the developing mainstream interest in medical and recreational marijuana, many companies and businesses are directing their attention to the plant. From health and leisure products to business and job opportunities, there are a lot of new trends we can expect from the year 2020 in the cannabis industry. Here are some of them:
- Expansion of legalizing cannabis consumption– We have seen countries like America, Canada, Australia, etc. have legalized the consumption of marijuana in recent years. These countries have realized the benefits and importance of the plant and are now working towards earning profits from the state. This has inspired the consumers of weed to start reforms and work towards legalizing the plant in various countries where the use and consumption of cannabis are still illegal.
- Hike in CBD market– You must have definitely heard about the word CBD or cannabidiol because more people are talking about it like never before. This non-intoxicating cannabis compound helps promote natural balance and wellness when it interacts with the body’s endocannabinoid system, thus it has become quite common in many households and used by a lot of people. Lately, the hemp market has seen huge growth, and all thanks to CBD.
- Cannabis companies’ consolidation– Doing business with cannabis was difficult earlier as it was illegal and hence investing in it was very risky. But now in states where the plant has been made legal, new ventures are entering the business industry and they have started to buy small legal cannabis companies. There is a rise of cannabis consolidation because of the federal laws which permit a lack of access to banking to the smaller legal companies.
- Growth in cannabis jobs– With being one of the fastest growing industries and more companies investing in this venture, cannabis job opportunities are surely going to increase. The USA has already seen a huge growth in full-time legal cannabis jobs in the year 2019. Hence, when more countries legalize the plant, the cannabis industry is going to see a boost in job opportunities.
While these are only some of the trends, we might also witness other new and exciting cannabis trends in the year 2020.