It’s 2017 and medical cannabis is legal in 29 states and the District of Columbia. As the number of states in which cannabis is legal has grown exponentially, so has the industry grown by leaps and bounds. Here are some of the biggest trends happening today in the cannabis industry:
Science: A report from Salar Media Group and cannabis lifestyle website Civilized identified key trends that have evolved from the industry and what they mean for future markets. The first and most important is that cannabis legalization has pushed the frontiers of science. The report noted that as of 2015, there are roughly 22,000 published studies on cannabis. “The trend here is that cannabis is now being treated as a medicine with specific benefits and applications to specific diseases. This research will only continue to expand in the years ahead.”
Craft Cannabis: Craft cannabis, like its cousin craft beer, is created for the picky cannabis connoisseur. Farms and cultivators are honing in on special strains in limited batches and releasing them with great fanfare, much like a microbrew’s special beer. Celebrity-branded weed is expected to grow, with Leaf’s by Snoop, Willie’s Reserve and Chong’s Choice already reaping commercial success.
High End Highs: The final trend is luxury cannabis brands, high-end dispensaries and 420 lounges. The Salar report states that cannabis brands “are replicating what happened in liquor brands with the introduction of high-end, more expensive tequilas, dark liquors, vodkas and sake." Of course, those “high” end brands will also be able to command higher prices.
The cannabis industry has come a long way baby. It is no longer your mama’s marijuana. It’s a new day in which cannabis is legal and the sky is the limit!