Last year, 2018 was a landmark for the marijuana industry as the two main legal adult-use markets for cannabis opened in the world. These are Canada and California. This has seen the cannabis industry explode and mature to a solid industry to reckon with. However, being relatively young, there are still some federal and legal prohibitions facing the industry. Despite being in its infancy, there are still some significant emerging trends that signal the patterns projecting the future of the industry.
Cannabis Consumers are Valuing variety
According to the latest market research analytics, product diversification was one of the top industry trends. Many brands are diversifying their products so as to succeed and remain relevant in the industry. Cannabis business ought to remain highly attuned to their clients by offering an array of products so as to succeed in the market. The present interstate laws have enabled a level playing field for all players in the market.
Big Corporations are Venturing Into the Industry
Within the short time, already attitude has shifted around the status of the industry. This has led to other companies dominating other consumable markets are already making plans to enter the cannabis industry as well. So far, the industry has been lucrative and attracting major players in other consumer markets. For example, Coca Cola and Johnson & Johnson are already showing signs of venturing into beverages, pharmaceutical and edible products including Cannabinoids like THC and CBD. Other major players in the business world are also investing, partnering and buying stakes in already existing cannabis businesses.
New Methods of Partaking in Cannabis
As competition increases in the industry, innovative ways of using cannabis are emerging. More and more people are warming up to the booming cannabis intake and all have different conduits of consuming the product. Companies are therefore applying innovative ways of meeting the different preferences and in fact smoking cannabis is slowly becoming a dying trend. Some users are health-conscious about smoking pot and hence the industry has come up with new ways that are also socially acceptable. Smart brands are becoming more aware of their consumers’ behavior.
As the market matures and transforms, the possibility of cannabis venturing in the beverage space is imminent. Major beverage companies, both alcoholic and non-alcoholic are looking to cash in on the legal cannabis industry. Coca Cola is already in serious talks of developing cannabis-infused drinks. This is also slowly being picked up by other major beverage companies such as InBev, Corona and Svedka Vodka.