With each new year, we look ahead at the trends to come. What can we expect to see in the cannabis industry? Cannabis businesses are growing quickly, and the pace could accelerate in 2022.
Everyone’s got their eyes on the cannabis market, from investors to entrepreneurs. Even though the industry is relatively new, it’s seen rapid growth since cannabis was legalized in many countries and states.
Based on things like shifting attitudes, new products, and legalization, we expect to see substantial growth in the cannabis industry. Here’s what we predict for 2022:
The pro-legalization movement is spreading rapidly across America. As of writing this post, cannabis is currently legal in 18 states (and 10 countries around the world). People might be inspired by our Northern neighbors in Canada, where cannabis is legal nationwide.
Although the legalization of cannabis remains a contentious issue, we expect it to trend in a positive direction. In 2022, we look forward to seeing which states will vote to legalize cannabis.
Changing the Public Perception of Cannabis
Each decade, we see drastic shifts in our culture and societal norms. Think about how the perception of cannabis has changed over the last 100 years.
Did you know that in the early 1900s, cannabis was legal in the United States? But by 1931, it was outlawed in 29 states. Nearly 100 years later, we’re starting to see the reversal of prohibition. And with that comes shifting attitudes about the substance itself.
As people learn about new ways to use cannabis, it’s no longer seen as the “bad guy”. The intoxicating properties of this plant are due to the cannabis THC levels. But recently, we’re seeing a bigger push toward CBD cannabis.
This product does not have the same intoxicating effects as its THC counterpart. Instead, CBD cannabis products create an entirely different experience. For some, they offer medical benefits that may alleviate ailments. This positions cannabis as a mainstream product that’s used for recreational and medicinal purposes.
New Ways To Consume Cannabis
When you picture what it looks like to consume cannabis, you probably envision someone lighting up a joint and taking a puff. But in reality, cannabis consumption looks a bit different these days.
If you’re looking for an alternative to smoking, you can consume cannabis in any of the following ways:
- Those who like inhaling cannabis (but without the smoke) can try vaping instead.
- Spread this product directly on the skin to experience its effects.
- Consumers can try cannabis in the form of brownies, oils, and beverages.
The owner of A Little Bud, a cannabis dispensary, writes, “Cannabis-infused drinks are rising in popularity, from sparkling water to tea. Drinks infused with CBD allow customers to enjoy the relaxation benefits of cannabis without the high that’s associated with THC.”
With these alternate consumption methods, more people feel comfortable trying cannabis. As we see more public acceptance of cannabis, we can expect more growth in the industry.
Which Products Will Sell the Most?
Cannabis is an incredibly unique plant. Depending on what strain of cannabis you purchase and how you ingest it, you can experience highly different effects. So, what will be more popular in 2022: THC products or CBD products?
The two products serve very different purposes. THC products are popular among recreational users; this cannabinoid is known for its psychoactive effects. But not all cannabis consumers are looking for this type of experience.
Since the pandemic, the wellness movement has been gaining more traction. It’s a lifestyle that promotes spiritual, physical, social, mental, and emotional wellbeing. Many people are choosing to add CBD to their wellness routines. As this movement gains popularity, we predict that CBD sales will continue to increase.
Although we anticipate CBD products will outsell THC ones, the growing market will lead to increased sales of all cannabis products.
Stocks Bounce Back
We’ve seen the effects of the pandemic on nearly every industry. Those effects can be positive or negative. Take a look at the real estate market, for example, which is hotter than ever.
But cannabis hasn’t fared so well this past year. Most stocks have dipped more than investors anticipated. Is this trend here to stay?
We’ve got a hopeful outlook about 2022. After the market slump, we’re expecting it will grow to new heights in the next few years. This is based on a few factors:
- As more states legalize recreational cannabis, it becomes more accessible to purchase.
- People are beginning to recover financially from the pandemic, which gives them more income to purchase or invest in cannabis.
- Bigger cannabis businesses are acquiring smaller ones, which accelerates the growth of the industry.
Are you thinking of starting your own business in the cannabis industry? If so, 2022 is the time to take action. Sales are rising, stocks are bouncing back, and legalization is continuing across the United States. We foresee exponential growth in the cannabis industry, from the stock market to local dispensaries.
Norm Bour started VapeMentors in 2013 and since then has consulted in every sector of the Vape and CBD space worldwide. He is a recognized author, speaker, and trainer.