Enthusiasm for cannabis has grown exponentially in recent years, from the legalization of it as a recreational drug in California and Maine to its potential for medicinal use. While medical research is scant on exactly what marijuana can do, the tides are set to change rapidly for the popular plant as the market warms up to its potential.
The cannabis trends in 2017 may have included the creation of a variety of different products, from extracts to concentrates, and its decriminalization in New Hampshire, but what does the future hold for the newly booming industry? According to a report from Arcview Market Research, the number of marijuana sales in North America grew to $6.7 billion in 2017, representing a 30 percent increase from the previous year.
Amazingly enough, this growth is expected to continue since there’s more in store for cannabis in the coming year. With celebrity strains set to become more popular and the branding of CBD oil and cannabis as solutions for body ailments, the sky is the limit when it comes to the substance.
From trendy chocolates that contain CBD oil to more funding for the medical use of cannabis, here are some of the marijuana-related things you might see in 2018.
Increased Funding For Medicinal Research
The cannabis indica and cannabis sativa plant varieties have been used for a number of years to help those undergoing chemotherapy deal with the treatment’s side effects. However, due to cannabis’s classification as a Schedule 1 drug, which can be prone to abuse, it’s been difficult for marijuana to be studied for its medical potential. Fortunately, as time goes on and the legality around the drug changes, so will our knowledge of its true medical potential. According to a report by Salar Media Group and Civilized, “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.” With medical marijuana in greater demand than the stuff used for recreational purposes, there’s too much possibility to be ignored.
The Branding Of Cannabis
Small batches have become popular for everything from craft beer to jam to coffee, but as cannabis continues to enjoy its more prominent reputation, there’s going to be a lot more market appeal for unique, sought-after strains. While there are sure to be some celebrity brands that appear in the coming years, big brands will likely stay away from the product until it has mass appeal, leaving the door open for marijuana-specific brands like Diego Pellicer and Recreator. While this economic boost will create a lot of expensive marijuana options that are unique in strain and luxurious in style, with so many producers there will still be options for every pocketbook.
The Success In CBD Oil
Cannabidiol is the part of the cannabis plant that doesn’t cause the familiar effects associated with marijuana use; as a result, it’s often used in medical marijuana to treat pain or the symptoms associated with chemotherapy. Fortunately, with the ever-changing marijuana map and the bump in research of marijuana as medicine, the CBD oil industry is set to see a huge boost in profits over the next few years.
Hemp Business Journal estimates a growth of $2.1 billion in sales by 2020, a figure that represents a 700% increase in sales from 2017. Not only that, consuming CBD oil in some of your favorite products will also be more common. Sakara Life, a Gwyneth Paltrow approved brand, is now producing delectable CBD chocolates, made with cacao butter, coconut sugar and CBD oil.
Marketing The Marijuana Seeds
While CBD oil is projected to make itself known on the marketplace in the short term, one can also make a bet that marijuana seeds will be showing up in a variety of other marketable products. Given the low concentration of THC (the compound that provides the familiar high) in marijuana seeds, they should be showing up in a few more corners of the world, from beauty products to well-known food items and CBD water. With the sales for a company like Medical Marijuana Inc. at approximately $8 million in 2016, a figure that has more than doubled from $3.4 million in 2013, the market is changing rapidly. With the falling prices of cannabis and marijuana seeds, this product is set to be more economical and readily available than ever before.
Options for marijuana use may be more attainable than ever before with producers popping up all over the place, but alongside this newfound prominence you can also look forward to getting your pot like you would your pizza! The cannabis delivery company Eaze just recently received $27 million in funding to become a home delivery service that caters to all your cannabis needs. And not far behind them, other companies like Buddha Blossoms and Kind Courier are also following the potential for this up-and-coming delivery service. With Oregon and Alaska already set to allow the delivery of recreational marijuana, more states will likely follow suit in the coming year, with the delivery start-ups right behind them.
Kathy T. Cooley wrote this story for MJ News Network.