Predictions About the Cannabis Industry in the near future in the US

Date: 28.07.2020

''As we see from many examples users and patients have the greatest power to induce changes, there are more and more of them and they are well educated and well aware of their rights.''

The cannabis industry has been growing by the minute in the past couple of years, and it seems that it will not slow down in 2020 either. According to some predictions, the growth will be faster than ever. Moreover, if more countries legalize cannabis, more medical research will be conducted, thus opening new doors for treatments that were not available before. Here is what is predicted for the near future in the cannabis industry in the US.

Worldwide Legalization

It is expected that the cannabis market will grow at a rate of 30% per year. Spending on legal cannabis worldwide is expected to reach billion by 2024. That said, more and more countries outside the US are starting to legalize cannabis. According to some experts, Colombia and Portugal, being among the first ones to legalize cannabis, will continue to dominate the global market in 2020. ''Source Wikipedia''

New Medical Research

It seems that a lot of doctors worldwide are supporting the legalization of medical cannabis, especially if it is used in additional treatments for some severe medical conditions like cancer, epilepsy, and multiple sclerosis. According to research, cannabis may offer help to patients in cases where modern medicine fails to deliver, and all that with little or no side effects. The legalization of cannabis would enable further medical research in the near future.

The Rise of the Edibles

Soon we are going to see improved edibles on the marjet. While they provide long-lasting effects, the average onset time of action is somewhere between 45 and 90 minutes. Scientists are trying to discover the best recipe for faster onset time for edibles. If this happens, the industry will be forever changed, and the cannabis-infused cookies, gummies, brownies, drinks, and other edibles may start to dominate.

CBD Will Be Bigger Than Ever

It seems that CBD will be even more popular in the near future. With more countries legalizing CBD, mostly because it is not psychoactive and has proven to have many health promoting benefits. Well-being, stress reduction and mood improving qualities of CBD are making it very sought after.  

Stricter Regulations

As the cannabis industry grows bigger, more testing will be required. All the testing laboratories will work together to find the best practices in testing. That will lead to safer and more quality products for consumers. The hemp industry should also be affected by those regulations.

Price Reduction

It seems that cannabis prices are falling at last. The price reduction happened right after the German government established a reference price that is within the range created by Luxemburg and Italy. The European cannabis market is still in its infancy, but it looks like it has the potential to become the leader in the cannabis industry. It is estimated that it will become the largest medical cannabis market in the world by 2027.

Better Education

As the year passes, more educational programs will be available for both consumers and companies. Stricter rules will be imposed on companies in terms of production in order to create safer products for their consumers. Additionally, it is expected that consumers will use cannabis more responsibly. There will also be a lot more transparency when it comes to the Certificate of Analysis (CoA).

The Bottom Line

So if the legal cannabis market will be growing as  fast as thus far or faster, we will not be surprised, but rather satisfied. But there are many factors influencing this rate. As we see from many examples  users and patients have the greatest power to induce changes, there are more and more of them and they are well educated and well aware of their rights. That is why the voice calling for a dire need for a multifaceted and user-oriented changes in this field is becoming increasingly loud and according to the predicted changes also heard.

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Bob Melamede, Ph.D. Cannabinoids and life MAY 2020