After overcoming several hurdles in 2019, the cannabis industry is poised to have a major year in 2020. With legalization continuing to expand and revenue expected to increase, the marijuana industry is quickly becoming one of the fastest-growing sectors across the board. As with every industry, one of the best ways to understand where a market such as marijuana stocks could be going is to keep a keen eye on any and all emerging trends.
However, seeing as the cannabis industry is still relatively young, there are plenty of directions the sector could gravitate toward. That being said, there are a few trends that we believe point the cannabis industry in a positive direction going forward. Here are some of the top emerging trends you can expect to see in the cannabis industry throughout 2020.
CBD Market Growth
CBD first arrived on the scene around 2018 and has since seen an annual growth rate of more than 140%. As hemp and CBD become more widely popular, much in part to new legal statuses, we suspect that growth will continue to rise even more than it has been. Additionally, with CBD’s many health benefits, this could create additional unique opportunities in the medical industry.
More Cannabis-Based Products
With more money being spent on research and development within the cannabis industry, people can expect to see an expansion in the amount of cannabis-based products in the marketplace.
Additionally, with a market that continues to grow and become more diverse, consumers will want access to a larger variety of products. Not only does this create a unique opportunity for plant-touching businesses, but it also opens up new doors for ancillary service providers.
A Rise in Sales
While it may be hard to imagine, the global cannabis market is expected to increase to nearly $30 billion by 2021. Not only does this signal a growing market, but growing demand, as well. Although the industry may be young, it is poised to see one of the biggest evolutions the market has ever seen.
One of the biggest hurdles the cannabis industry has faced over the years has to do with federal laws, rules, and regulations. However, research has shown that more than two-thirds of the US population support the federal legalization of cannabis. While complete legalization may not occur this year, changes in banking laws could make business operations much easier for cannabis-based businesses in 2020 and entice investors to become more involved.
Stay Ahead of The Curve
As mentioned, the cannabis industry has shown tremendous growth in only a few short years. While it’s difficult to predict the future of any new industry, paying close attention to trends is one of the best ways to stay ahead of the curve. The above trends we just mentioned are some of the most emerging and important trends we believe will pave the way for the cannabis industry in 2020.
Have you noticed any trends in the marijuana industry that we forgot to mention? Do you think any new trends will emerge throughout the year? Let us know in the comments below what thoughts you have, and don’t forget to subscribe to our newsletter to stay up to date on all of the latest cannabis news.