Cannabis industry trends and predictions in 2022/2023 

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Contributor: Jennifer Gallagher

Contents

Cannabis trend
What does the future of cannabis look like?
Cannabis industry forecast
The verdict

As the popularity of cannabis increases, it’s a topic that’s on everyone’s lips. But what does this increased fame mean for the marijuana industry outlook

The legalization of cannabis has had an impact on the marijuana industry, seeing rapid growth. 

Ready to start cultivating your female strains for distribution? You may be permitted to do so soon!

So how much has the cannabis trend changed so far? Medical marijuana has been legalized in 37 U.S. states already, of which 18 allow recreational use for adults. 

As one would expect, the future of the cannabis industry comes with inherent risks and uncertainty. Join us as we discuss the recent industry trends and predictions for 2022 and 2023.

Cannabis trends

The good news for the future of cannabis is that there are many plans in place to decriminalize the herb. Many activists are also working to enact medical marijuana bills, making it available to more patients.

U.S. trends

The U.S. marijuana industry expects to grow tremendously. 

New technologies for extraction processes, medical research, and new products like nanoemulsion tech impact cannabis trends.

An increase in revenue, profits, employment, and business development reflects increasing growth in the cannabis industry.

The call for legalization

The legalization movement indicates a positive marijuana industry outlook as calls for public support reach an all-time high.

Rising interest in the development of therapies and other consumer products offer endless possibilities.

What does the future of cannabis look like?

Since governments the world over are realizing the value in these plants, resulting in a favorable cannabis industry forecast. As more research dives into the potential health benefits, we also see various technologies creating a bright future for the cannabis industry.

Today, cannabis consumers go beyond slackers looking to get stoned. For example, those seeking a boost in productivity or wellness could find benefits in microdosing.

Whichever the consumers preferred effect, the range of marijuana products has something to assist. 

Knowledge of cannabis

As we gain knowledge about the effects and benefits of various strains, the future of cannabis brings increased consumption. 

As a result, the current marijuana industry statistics indicate that we can expect to see significant growth over the next two years.

Not only is this spectacular news for cannabis enthusiasts, but also for the economy, thanks to increased income opportunities. 

Cannabis industry forecast

What does the growth to date says about the cannabis industry forecast??

Data shows that the projected growth is estimated from approximately $24 billion in 2021 to approximately $70 billion by 2026.

In 2019 the U.S. legal marijuana industry was estimated at $13 billion and provided about 340 000 jobs. 

Legalization and annulment of penalties

With more states legalizing marijuana, annulment of penalties on growers and distributors boost the cannabis industry forecast. There’s a positive outcome for those incarcerated for possession, too—with many possibly being released soon. 

In 2020, declining revenue determined the cannabis market projected fast growth expected in 2022. 

Marijuana industry statistics

Marijuana industry statistics show that an average of 50% of consumers have increased their intake since Covid hit in 2020. Revenues in stores increased by 52% to 130%. More users are also using the e-commerce platform for the purchase of cannabis.

The cannabis industry statistics between 2015 and 2021 show an increase in new marijuana consumers.

Sales increased in 2020 globally by $31 billion, proving the rapid growth of the green fields of the marijuana industry.

Marijuana industry projections

Marijuana industry projections for the medical and pharmaceutical industry show an acceptance of the possible benefits. Many consumers report assistance with conditions like:

  • Depression
  • Anxiety
  • Insomnia
  • Cancer
  • Seizures
  • Pain relief

With its topical benefits, we also see various CBD creams and gels available at more retailers.

As with any other, the marijuana industry comes with risk management in the form of crop damage, shortage of workers, and cyber risk. The most significant is a lack of capital. 

On a lighter note and looking toward a bigger picture, the future of cannabis looks bright and will continue to grow.

The marijuana industry projections show a huge demand for medical, hotels, restaurants, social bars, pubs, and travel markets. We might even see cannabis consumption lounges soon.

The marijuana industry outlook is promising as it recovers from the pandemic. 

The verdict

The marijuana industry projections that we’ve discussed reveal a bright and prosperous future from an economic and employment creation perspective. 

The legalization and penalty bills annulment will increase consumer usage, aiding to the growth in production and retail.

So, what the future of cannabis look like?

There can only be a glowing one in the foreseeable future for different industries, even for entertainment and travel.

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