The cannabis industry has undergone substantial growth over the past decade, transforming from a largely illicit market to a thriving, legitimate sector. As the global cannabis market continues to expand, 2024 is a pivotal year, with several key trends shaping its future. Ultimately, today’s trends toward technological advancements and shifts in regulatory environments will determine the trajectory of the cannabis market for years to come [1]. Here, we’ll explore what the future of the cannabis industry may look like, given the current landscape and trends.
The dynamic process of legalization and regulation
Without a doubt, the ongoing waves of legalization and regulatory changes worldwide will significantly influence the future of the cannabis industry. For example, the push to legalize cannabis, particularly for recreational purposes, has gained momentum in many countries. In the United States, states like New York, South Dakota, and New Mexico have recently joined the ranks of those that have legalized recreational cannabis use [2].
At the federal level, the discussion around the Controlled Substances Act and the potential for full legalization has intensified. Yet, the Drug Enforcement Administration (DEA) continues to grapple with the potential federal legalization of marijuana (defined as cannabis with more than 0.3% Delta-9 THC) and what it would mean. Fundamentally, federal legalization would significantly alter the cannabis industry. For instance, if marijuana were to be removed from the list of controlled substances, it could open the door to interstate commerce. As a result, cannabis companies could more easily operate across state lines and further integrate into the national economy [2].
Navigating current cannabis regulations
In addition to legalization efforts in the United States, many other countries have moved towards legalizing marijuana for both medical and recreational purposes. Hence, this global expansion of legalized cannabis has reshaped the greater market dynamics, creating new opportunities for cannabis brands and companies to tap into international emerging markets. However, businesses are challenged to successfully navigate the complex regulatory environment, particularly in markets where public opinion is still divided [3].
Changing perceptions
Accurate knowledge about cannabis has led to people updating their perceptions about this infamous plant. The result has been instrumental in driving the growth of the legal market, particularly in the United States. As more states have moved to legalize marijuana, both for medical and recreational use, public opinion has shifted. As a result, many people accept adult-use sales, where consumers can legally purchase and consume cannabis products. For many, the once-taboo act of smoking marijuana has become a legitimate form of recreation. This normalization reflects the expansion of cannabis dispensaries across the country, which cater to the growing demand for recreational marijuana and hemp goods. Indeed, the cannabis plant, long demonized under federal law and classified as a controlled substance, enjoys a new status as an agent of wellness benefits. Hence, more citizens have pushed for the federal government to reassess its stance and regulate cannabis at a national level [4].
Under President Joe Biden’s administration, policymakers have discussed the possibility of federal legalization, which would mark a significant turning point. Some propose that if cannabis was removed from the list of controlled substances, lawmakers could establish uniform regulations across the United States [5]. This way, they argue, consumers and businesses could more easily access and distribute cannabis plants and products. Most likely, this legislation would spur further growth in cannabis sales as more adults feel comfortable participating in the recreational use of cannabis.
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Technological advancements and product innovation
As the cannabis industry grows, technological advancements are increasingly important in shaping its future. For example, innovations in cultivation techniques, such as the use of artificial intelligence (AI) and automation in cannabis farming, have led to higher yields and more efficient production processes. These advancements not only drive market growth but also allow cannabis companies to produce a wider range of products from marijuana flower and other bio matter [6].
Product innovation also plays a significant role in market growth, with companies developing new and diverse cannabis products to meet evolving preferences. Indeed, the demand for cannabis products tailored to specific needs, such as low-THC options or high-CBD products for medical use, has fueled growth [7]. Additionally, the rise of “cannatech”—technology specifically designed for the cannabis industry—has enabled companies to develop novel products. An example is the cannabis detector made by Cannabix Technologies; it’s a marijuana breathalyzer for law enforcement, workplaces, and laboratories [8].
Digital shifts
Digital transformation has already reshaped the retail side of the cannabis market. For example, the growth of e-commerce platforms and the use of blockchain technology for supply chain transparency make it easier for consumers to purchase cannabis products online. The advantages of digital e-com trickled down to the brick and mortar cannabis sector as well. Marijuana dispensaries increasingly adopt these technologies to enhance the customer experience and stay competitive in a rapidly evolving and competitive market [9].
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Wellness integration
The integration of cannabis into the wellness sector profoundly impacts the future of the cannabis industry. Indeed, as ongoing research highlights the potential wellness benefits of cannabis, more consumers turn to cannabis as a viable alternative to traditional prescription drugs [10].
Already, medical cannabis has widespread acceptance, with many states and countries allowing its use for various medical conditions. The growing body of scientific evidence supporting the efficacy of cannabis continues to drive these trends. As a result, medical marijuana sales may see substantial growth during the forecast period of the coming years [10].
In addition to its medical uses, cannabis attracts a growing number of alternative wellness enthusiasts. For example, the rise of CBD-infused products, such as oils, creams, and supplements, reflects the growing demand for natural and holistic health solutions. Currently, many of these products attract a public hungry for products that complement a broader wellness lifestyle [10].
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Sustainability and ethical practices
As the cannabis industry matures, sustainability and ethical practices will be more important to both companies and consumers. More specifically, the environmental impact of cannabis cultivation, particularly in large-scale operations, necessitates a push towards more sustainable farming practices. Thus, companies prioritizing eco-friendly cultivation methods and sustainable packaging may gain a competitive edge in the market [11].
Additionally, many citizens are focused on social equity within the cannabis industry. Thus, activists and lawmakers have begun to address the historical injustices associated with marijuana prosecution, particularly the disproportionate impact it has effected on marginalized communities. For instance, many states and countries have implemented social equity programs to ensure that those who have been most affected by the War on Drugs have opportunities to participate in the legal cannabis market [12].
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Market consolidation and investment
The cannabis industry faces a wave of market consolidation, with larger companies acquiring smaller competitors to expand their market share and gain access to new markets. Experts foresee this trend continuing in established markets, where competition is fierce, and companies want to maintain their positions. As a result, market consolidation may spur price compression as larger companies achieve economies of scale and pass cost savings on to consumers [13].
Also, many investors have taken the plunge into the burgeoning market, with venture capital and private equity firms increasingly interested in cannabis trends. Indeed, investors see the potential for substantial growth in both medical and recreational cannabis markets, fueling further expansion and innovation. However, market consolidation also presents challenges for small and independent businesses, which may struggle to compete with larger, well-funded companies [14].
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Consumer behavior and market demographics
Consumer behavior has evolved as the cannabis industry grows, with younger consumers playing a key role in shaping market trends. For example, millennials and Gen Z demand new and innovative products like edibles, beverages, and wellness products. These younger consumers often prioritize factors such as sustainability and ethical practices when choosing cannabis brands [15].
Experts highlight how the demographic profile of cannabis consumers has diversified, with older adults and women playing significant roles in market growth. Thus, these expanding demographics of cannabis consumers create new opportunities for companies to reach broader audiences and tap into untapped markets [15].
Key takeaway: the future of the cannabis industry
As the cannabis industry enters 2024, it is clear that the trends shaping its future are multifaceted. From the ongoing push for legalization and regulatory changes to technological advancements and shifts in consumer behavior, these trends will likely drive the evolution of the cannabis market. Thus, companies that successfully navigate the complex regulatory environment, embrace sustainability, and innovate in response to changing consumer preferences will thrive in this rapidly growing industry. The future of the cannabis industry is bright, and the developments of 2024 and 2025 will undoubtedly play a crucial role in shaping its trajectory for years to come.
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Medical Disclaimer / Legal Disclaimer – Information is provided for educational purposes. It does not and is not intended to constitute legal advice or medical advice. We attempt to be accurate and up-to-date, but the legality of cannabinoids and the science of cannabis are evolving. The author is neither a legal professional nor a medical expert. Before buying or using any products, you should check with your local authorities and medical providers.
References
- History of the Cannabis Industry
- Legality of Cannabis by Jurisdiction
- Countries Where Recreational Cannabis is Legal
- The Rise of Cannabis Acceptance
- Biden Administration Plans to Reclassify Marijuana, Easing Restrictions Nationwide
- AI Is Making Cannabis Cultivation Smarter
- Most Innovative Cannabis Products
- Cannabis Technologies
- How IT is Fueling the Budding Cannabis Industry?
- Cannabis and Wellness
- Sustainability In The Cannabis Industry: Truly Going Green
- Social Justice & Equity in the Cannabis Industry
- Consolidation in Cannabis: What’s Happening With Mergers and Acquisitions?
- Cannabis Venture Capital Investors to Know in 2024
- Cannabis Consumers: Demographics, Trends, and Insights
