2020 was a crazy year. It impacted everyone in many ways. Words can’t even describe the mishappenings that one had to face, which continues to be the same. But somehow, cannabis managed to navigate the challenges easily without a dip.
Having said that, we aren’t here to talk about what happened. The topic of discussion is understanding the position of the cannabis industry in the year 2024.
The green wave is growing
In the light of new reforms and awareness about cannabis growing, many people support the legalization of cannabis more than ever now. In fact, many believe that the third wave of the cannabis stock bubble is already arriving. And compared to the last two, it will be the biggest. Many Canadian companies will dominate the market cap and trading value.
As per a survey, more than one-third of Canadians consumed cannabis during the pandemic crisis. And the studies predict that there will be an increase in the use of cannabis during and after this public health crisis.
Product expansion and a diverse range of products available
Gone are the days when cannabis was only about cannabis flowers or prerolls. The last few years saw a rise in the consumption of cannabis using live resin, and other concentrates, vape pens, edibles, and a whole set of new cannabis products are hitting the stores. Today, you can find Zig-Zag cones with various CBD hemp flowers in rolling paper.
You can expect more additions in these categories this year. Besides these, some even predict that THC/CBD capsules, cannabis-infused topicals, hair and beauty products, suppositories, and other products will see a steady rise throughout 2024.
In fact, some leaders suggest that since medical cannabis is gaining popularity, one will see an increase in the use of topicals for skin-related issues. The segment will see a rise in the valuation of around $5 billion by 2027.
Also, with the market targeting women cannabis users, there will be an uptick in the accessibility of cannabis-infused drinks or juices.
Cannabis will me than just THC or CBD
While the popularity around THC or CBD won’t suffice anytime soon, that won’t be the only sought-after cannabinoid anymore. There will be an increase in the growth of products that will contain minor cannabinoids like CBC, CBN and THCA, THCV.
Also, one can expect more research into understanding the benefits of these cannabinoids and how they can be beneficial. In fact, consumers are already purchasing broad spectrum cannabis products to seek the benefits of synergistic effects.
Technology will take over conventional means
There is a rise in online platforms in the last few years. The concept seemed to infiltrate the cannabis sector as well. Since the businesses had to be off-site for most of the year 2024, the cannabis industry saw a rise in the use of technology in dispensary and retail operations. Now, one can see online menus and cannabis eCommerce sites readily available than they were before. For instance, wccannabis provides a wide range of cannabis products and delivers them to customers.
Additionally, the rise in the customer communication tools like email and text to stay in touch is increasing to nurture loyalty. If you consider the supplier side, there is an increase in automation and software to streamline processes and operations.
Home growing will take a centerstage
It shouldn’t come as a surprise. Many people shifted permanently to work from home. And with the regulations still in place in some places, at-home cannabis growers are increasing. Since one could plant around four plants, there was an increase in the number of people opting for it to pass their time and develop a new hobby.
Solventless cannabis extracts will flourish
Everyone talks about the taste, potency, and purity of rosin. Isn’t it? The year 2024 will see an increase in these solventless extracts. In fact, this has led to an increase in dabbing and vaping a lot more. And with the manufacturing and popularity around resins increasing, one can expect a diverse range of options available in the coming year.
Cannabis branding will become bigger
There are cannabis brands who were trying to make their presence felt earlier but couldn’t because of stringent branding regulations. However, it will change this year. Growing good quality weed wouldn’t mean anything if you aren’t reaching out to your consumers.
And branding strategies will become inclusive. You can expect flashy packaging and nationwide social media marketing to compete with the more prominent brands. 2024 will be about brand supremacy by making cannabis brands more recognizable like any other home goods.
Social Equity Initiatives Will Rise
This is more than a trend. It was long overdue. The industry is making social justice a priority now. They are introducing social equity initiatives. This will benefit thousands of people in Canada, especially those who faced charges related to non-violent minor cannabis offenses.
Many licensed retailers are adopting measures and hiring them as employees and are even donating funds to work in favor of social equity.
Nanotechnology with reducing the onset time of potential effects
Many companies are working to produce products that will have cannabinoid molecules encapsulated inside them. So, whenever they are processed through the liver, there won’t be any delay in the mucous membrane. Thus, reducing the onset time from five to 10 minutes. So, no matter what product you consume, it will offer rapid onset of effects without delays.
Final Takeaways- Cannabis is a growing and evolving industry
The cannabis industry is growing, and its rise and popularity are inevitable. Plus, the progressive reforms, innovative technologies, and streamlining processes are further creating the well-deserved hype. Many more prominent brands are introducing themselves to cannabis to diversify the options and competition.
The benefits of cannabis are further making it easy for brands to develop a variety of products that engage consumers of today. What do you think will continue as a trend in the next couple of years? Will cannabis gain federal legalization? Will the world accept its plethora of health benefits and allow more funds to research its potential health and wellness benefits?
While that might still take some time, until then, you can enjoy what’s trending now.
