Hey dispensary operator!
Welcome to the changing landscape of the cannabis industry. The road ahead in 2024 is looking green, promising, and packed with opportunities. We’re seeing a rising tide of states embracing recreational marijuana, and the global market value is on track to reach a staggering $40 billion.
That’s a lot of moolah just waiting to be snapped up… and you should be ready for it!
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To help you navigate, we’re spotlighting five major cannabis trends on the horizon. This isn’t just about keeping up—it’s about staying ahead of the growing demand.
In this report, we’ll discuss recreational use and using cannabis for medical purposes. So, let’s dive into what 2024 has in store for us.
#1 More US States Are Saying Yes to Recreational Marijuana
More and more US states are making recreational marijuana legal. Believe it or not, National Survey showed that about 61% of Americans think marijuana should be legal. This is a big jump from previous years, and it’s helping push new laws about cannabis across the country.
As more states like New Jersey say yes to recreational cannabis use, people see it in a new light. It used to be seen as a bad drug, but now it’s looked at as a real business that can create jobs and help towns and cities make money. In fact, some states have already made more money from taxes since they made cannabis legal. Just look at cannabis consumption lounges after the announcement of the SAFE Banking Act.
One of the cool things about making marijuana legal is that it opens the door for new products in the cannabis industry. This could be anything from new kinds of marijuana to cool edibles and oil.
Marijuana legalization also means more chances to learn about the health benefits of marijuana. A lot of people use marijuana just for fun, but there’s also research that suggests it can be good for your health. If more states make cannabis legal, we might learn more about how marijuana can be used for those benefits.
Of course, not everything about making recreational cannabis legal is good. Some people are worried that it could make more people use drugs or drive under the influence. But many experts think that if we make the right rules and teach people about it, we can handle these risks.
It looks like North America will probably make cannabis for recreational purposes legal in the next few years. This could change the cannabis industry a lot, as well as help towns and cities make money and create jobs. There are some risks in making marijuana legal, but there are also many benefits that we can’t ignore.
#2 New Kinds of Synthetic Cannabinoids are Coming
Synthetic cannabinoids, or lab-made versions of the stuff found in cannabis, bring both good and bad news. On one hand, they might be helpful for medical use, such as treating long-lasting pain and mental health problems like Alzheimer’s disease. On the other hand, some kinds of synthetic cannabinoids have been linked to serious health problems like seizures, psychosis, and even death. Because of these problems, some places have made stricter rules about synthetic cannabinoids, with some types being completely banned.
Even with these worries, the synthetic cannabinoid market is still growing. This is because more people use cannabis products and want stronger, more focused effects.
One area where synthetic cannabinoids could make a big difference is in treating long-lasting pain. This is a big health problem that affects millions of people all over the world, and the treatments we have now rarely work well enough or have serious side effects. Synthetic cannabinoids might be a good alternative, providing focused pain relief without the risk of addiction or other bad side effects.
Medical cannabis could also help treat mental health problems like anxiety disorder and depression. These are common problems that can be hard to treat with the medicines we have now, even with CBD. Synthetic cannabinoids might offer a new way to treat these problems, possibly providing better relief with fewer side effects.
While the arrival of new synthetic cannabinoids is exciting for the medical cannabis industry, we must be careful. Like any new technology, we need to think about the risks and benefits before it’s used widely. It’s all about finding the right balance between potential improvements and keeping things safe.
#3 Unions Are Growing in the Cannabis Industry
As the cannabis industry grows bigger across the United States, workers are calling for better protections and rights. With cannabis now legal in many states, the industry has been creating jobs and making money for many communities. However, like in any industry, there can be problems with how workers are treated and the need for fair pay. In recent years, workers in the cannabis industry have been joining together in unions to ask for better work conditions and pay.
Looking ahead to the growth of the market, we can expect to see more cannabis industry workers joining unions or creating their own. Unions give workers the power to talk to employers about getting better pay and benefits and to have a bigger say in their workplaces.
One reason why more workers are joining unions is that there aren’t enough people to fill all the new jobs being created in the cannabis industry. Because there aren’t enough workers, some jobs pay more as companies compete to hire people. By joining unions, workers can better talk to their employers about their working conditions, safety, and benefits. This could make the workplace more stable and better for both the workers and their employers.
Another reason why unions are growing in the cannabis industry is that the jobs can be hard and sometimes dangerous. Many jobs require special knowledge and skills. That’s why it’s so important for workers to have a say in how they’re treated and how much they’re paid.
Unions in the U.S. cannabis industry are good for everyone. Unions give workers more power and help the industry to grow. They also make sure that workers are treated fairly. It looks like unions in the cannabis industry are here to stay, and that’s a good thing.
#4 Big Growth Expected: Cannabis Packaging Industry Could Reach $1.6 Billion in 2024
As more people become interested in cannabis-based products, the U.S. market for cannabis packaging is set to grow a lot. With more places making cannabis legal, many consumers are looking to discover the benefits of this plant. This has caused a surge in demand for these products.
As more cannabis products are made, the need for improved and earth-friendly packaging solutions also grows. Packaging is very important as it helps to keep cannabis products fresh and safe for people to use. So, we need better and more innovative packaging options and designs.
Packaging is also a silent salesperson. Eye-catching designs can help a product stand out and attract more buyers. Because of this, companies are putting more money into designing their packaging to make their products stand out.
Another big trend in the cannabis industry is the focus on sustainable or green packaging. Packaging materials that can be composted or broken down naturally are becoming more popular. This is because more and more consumers care about the environment.
Given these factors, it’s unsurprising that the cannabis packaging market is expected to grow significantly. The industry is getting ready to spend money on research and development. This is to create better and greener packaging solutions that benefit businesses and consumers.
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#5 Huge Growth Expected: Global Marijuana Market Could Hit $40 Billion
Currently, the world legal cannabis market is one of the fastest-growing industries. More countries are making marijuana legal, and because of that, this market could be worth as much as $40 billion by 2024. That’s a lot more than its value of $17.7 billion in 2019.
More and more U.S. adults want cannabis products because they’re starting to accept the use of marijuana for medicine and for fun. Medical marijuana is being used a lot to help treat diseases like chronic pain, cancer, and epilepsy. At the same time, recreational marijuana is becoming more popular, especially in countries where it’s legal.
When a country makes cannabis legal, it opens up new chances for businesses to make various products. From medical marijuana to edibles and drinks, the cannabis industry is always changing. This makes people want even more cannabis, which could increase prices and bring in even more money to the industry.
Legalizing cannabis also creates more jobs. Currently, the cannabis industry employs over 200,000 people in the US alone. This number could go up as more countries legalize marijuana.
Of course, there are still problems in the cannabis industry. There are rules to follow and some people still don’t like the use of marijuana. But despite these problems, it’s expected that the industry will keep growing and become a big part of the world economy.
The world cannabis market is growing fast. The rising demand for medicine and fun products, as well as the legalization of cannabis in many countries, is driving this growth. Even though there are challenges, the cannabis industry is expected to play a big part in the world economy in the years to come.
The future of the cannabis industry looks bright. As people’s opinions about cannabis continue to change, we can expect even more people worldwide to accept it. Both young people and older adults. We’re all excited to see and try new and exciting products in the future.
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