2021 is all set to bring in significant new changes to the CBD or cannabis industry.
The industry looks forward to yet another year of drastic growth driven by increased awareness of the CBD and its enormous health benefits when consumed in any of its available forms.
The industry will, in all probability, face significant challenges too. Still, with the right moves, it is not something that can't be overcome.
This article presents to you the top industry trends soon as predicted by experts.
More Types Of Cannabis Products Will Emerge
Experts foresee the introduction of new types of cannabis products and new strains of the herb created by mixed breeding. Cannabis particularly CBD and its oil are widely popular in various forms like CBD oil vape pens.
There is also a significant probability that beverages infused with Cannabis will increase in popularity and be more readily available for public consumption.
Some big players in the field of alcoholic drinks are considering introducing such Cannabis-infused beverages.
Another likely thing to occur in the coming year in the CBD industry is introducing new varieties of CBD edibles.
Not only that, but more manufacturers of CBD edibles are also likely to emerge too due to making use of CBD legal throughout the federation.
Though edibles are likely to gain in popularity, the marijuana flower will, in all likelihood, remain the most popular consumed form of the drug.
Sales Of Cannabis And CBD Products Will Surge
Ten US states have already made the use of Cannabis legal. That translates to more sales than ever before for Cannabis and CBD based products.
We should not forget that the last fourth of July saw cannabis sales peak to $400 million. Experts believe that the strong surge in sales is all set to continue in 2021.
The herb and its derivative products can reach sales surges of $130 million annually shortly.
It is indeed true that this isn't the figures of today. Still, experts predict that the cannabis industry will achieve it within the span of a few years.
The Cannabis Legalization Movement Will Go From Strength To Strength
Illinois was the last US state to have made cannabis consumption legal.
But the activists behind mobilizing public opinion for making Cannabis use legal will continue their efforts, and more US states are expected to follow.
Experts expect the following states to make Cannabis use permitted soon, hopefully in 2021:
- New Jersey
- New Hampshire
- New York
- New Mexico
- Rhode Island
Additionally, Vermont is all set to make even recreational use of the drug legal. It is already legal to possess Cannabis and cultivate the drug in their homes.
Today's American populace is overwhelmingly in favor of legalizing the use of Cannabis, and more than two-thirds of the population wants the federal government to make it legal.
The legalization movement is further bolstered because this favorable public opinion is all set to increase even further.
A section of US states that experts anticipate will decriminalize marijuana like Virginia or introduce bills to oversee the medical use of marijuana.
Detroit lawmakers have just recently introduced a proposal to allow the sale of marijuana in the city.
Such legal regulations will eventually pave the way for the full legalization of drugs in states like Pennsylvania and Texas.
Increased Customer Diversity
It is further likely that Cannabis will find a more significant number of elder and female consumers.
There is also a substantial probability of more people turning to Cannabis and its derivative products for medicinal and recreational purposes as the clock turns through the next year.
Cannabis Spend Budgets Will Vary Greatly
It is also expected that the upcoming period will see a greater diversity of the amount spent on Cannabis and CBD products by people visiting their local dispensaries.
This amount usually varies from anything between $25-$50 on each visit. Only a small number of people spend significantly more on CBD products on a single visit.
There is also a large section of people who, on average, buy CBD products worth $10 and less.
This consumer section is a little over one-third of all the people who buy CBD.
Greater Public Awareness Of CBD Health Benefits
Many scientific studies of cannabis components, particularly CBD, suggest that the herb might have a wide range of benefits for a person's health.
The range of CBD benefits might also include cancer, as per reports. With time, the populace is going to be more aware of all such health benefits.
Additionally, Cannabis is safer than alcohol and other drugs and that it is impossible to die from a cannabis overdose is likely to add to its popularity too.
New Medical Uses Of Cannabis Are Emerging From Scientific Research
The latest prominent finding on the topic of medical uses of Cannabis suggests that the drug may have compounds with anti-cancer properties.
This is what preliminary studies suggest, and more research on the subject is underway.
Another potential development is that scientists may develop synthetic cannabinoids that have enhanced the medicinal properties found in the herb.
The anti-cancer effect of these compounds is potentially much more potent.
Besides its anti-cancer effects, CBD is attributed to antibiotic properties and can even work to treat infections that resist treatment through traditional medication.
Bacteria don't appear to grow resistant to CBD, making topical CBD creams a great idea.
CBD Stocks Might Attract Attention
The incredibly strong growth indicators for the cannabis market is all set to fuel sharp surges in the stocks of the companies dealing with Cannabis and its derivative products. The risk will remain, but the prospects are exceptionally bright for many CBD companies.
Doctors Will Prescribe CBD Products More
As the medical benefits of Cannabis become clear and proved by suitable medical studies, more and more doctors are likely to include such medications in their prescriptions.
Such adoption of CBD by the medical fraternity will result in more CBD products being sold from dispensaries than ever before.
In today's world, where the focus is increasingly shifting on wellness, the importance of slowing down and unwinding a bit has been recognized by the overwhelming majority of the people.
CBD has the double benefit of both recreational as well as health benefits.
With the increasing awareness of such properties and as people shed their outdated preconceived notions, CBD is all set to hit the US by storm.
As brands with a CBD product lineup increase, there will be an increase in the number of brands and users.
It is hoped this article gives you an accurate account of what you can expect to see in the CBD industry soon.
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