It’s interesting to know that cannabis has been a part of ancient healing methods in many parts of the world. It was not just for recreational purposes, but cannabis tinctures were OTC multipurpose medication used in the USA until its prohibition in 1937. Since then, the herb has faced many revolutionary moments from being categorized as schedule 1 to medical marijuana. Fast forward to the present times, and the cannabis market is taking the world by storm with a legal cannabis market estimation of 73.6 billion by 2027.
As many companies are making way for the medicinal use of cannabis, there is a probability of witnessing a high influx of investment in the cannabis sector. Which, in turn, will pave the way for some groundbreaking innovations too. Let us explore the anticipated trends in the cannabis industry that can turn out to be an opportunity for investors and innovators in the field.
Table of Contents
1. One of the fastest-growing Industry
Presently cannabis use is legal in Canada and many states in the USA. After years of difficulties and social unacceptance, cannabis has finally emerged as a valuable compound in the past few years. As more consumers benefit from the plant, the medical marijuana business is rising at a whopping rate.
The sector’s opportunity is cascading from large scale growers to small business holders like cannabis dispensaries and lounges. As the selling and consumption of cannabis in places like coffee shops trend, many investors are revamping their game by deploying investment in rapidly growing markets. It would be fair to say that cannabis is swiftly turning out to be a social stimulant, and innovators could make a fair share out of it.
2. More to innovative products
Over the past couple of years, edibles like weed gummies and oils have become an integral part of the cannabis industry. Likewise, one of its significant compound CBD has become a popular supplement among people for its healing properties. Hence, the online market for CBD products is increasing, and various players are efficiently catering to the consumer’s needs.
From lubricants to fitness supplements, CBD is gradually becoming part of our everyday life. Primarily because of its non-psychoactive properties and ability to integrate well with Human Endocannabinoid System (ECS) CBD is attracting a broader user base.
With each category of product alluring a different customer base, CBD has a strong foothold in the cosmetology sector. It seems that users cannot get enough of the compounds and terpenes in a cannabis plant, so there is more scope for innovative products that can easily blend into a user’s lifestyle.
The latest developments in this field, such as nanoencapsulation that enhance the water solubility and bioavailability of CBD oil is something users are looking forward to. The emergence of cannabis and CBD in the beverage market can create whole new avenues for commercializing cannabis. Moreso, technologies that aim at providing safe and smoke-free consumption of cannabis and CBD products can allure the untapped market of health-conscious consumers.
3. Scope in Research Arena
All thanks to the preliminary and independent research conducted on the medicinal uses of cannabis, there is a considerable increase in the awareness about the potential uses of cannabis. However, as the cannabis industry matures, there is an innate need for more clinical trials and experimental studies.
The lack of any solid clinical evidence hinders the much-deserved growth of cannabis in the medical sector. So, there is a whole new opportunity of data mining the track records from patients and hospitals to make way for better research. It also means deploying innovators and investors who take a keen interest in revolutionizing the cannabis industry through their investment.
4. Cannabis and its Alternative Uses
Some research studies signify that cannabis and hemp plants are not only limited to recreational and medicinal purposes. These plants contain several fibers and oils that have been used throughout our history. Some places sparingly cultivated them to manufacture fabrics as well as textiles. This means there is an incredible opportunity for cannabis to flourish in the plastics and polymers industry.
The alternative use of cannabis in this sector also leaves much scope for revolution as innovators meet the opportunity of creating new cannabis products. In fact, Green Health Docs mentions that it’s possible to combat the nation’s opioid epidemic with medical cannabis, since it’s an effective alternative to addictive painkillers. Also, the industry holds the potential to earn a considerable amount of benefits due to the low cost of the plantation. The unused part of the cannabis and hemp plant after the extraction can become a fodder and useful raw material for this purpose, hence can multiply profit-making opportunities. The biodegradability of such products is another factor that could draw innovators’ attention towards pursuing this opportunity.
The Bottom Line
Legalization in the past decade and technological advancements are coherently contributing to tremendous growth in the cannabis industry. Some investors call cannabis a recession-proof industry. Despite the pandemic turbulence in recent times, the cannabis market’s future projection shows a positive trend. Following some recent developments in cultivation and distribution techniques, it is quite likely that the investment in the cannabis sector will reap benefits.
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