4 Emerging Trends in the Cannabis Industry

, 17/12/2020

No industry can escape change. Nor should they want to. Change is what makes innovation possible, and this is what makes processes better for companies and products better for consumers. It opens up doors to unparalleled opportunities that would have never been possible before.

With that said, some sectors, like the cannabis industry, tend to evolve more quickly than other markets. Because it’s still a relatively young industry, it can be drawn to more directions than more mature markets, and this is exciting. Cannabis has overcome several major hurdles within the past few years, and there are a few trends that will continue to propel the industry forward.

As a vertically integrated company, North Star Holdings touches every part of the cannabis supply chain, from cultivation, processing, manufacturing, concentration, and retail distribution. As such, some of the industry’s emerging trends affect us in a more nuanced way than other organizations in the industry. Here are four of the trends we’re the most excited about:

1. CBD Market Growth

If you’re familiar with the cannabis industry at all, you know about CBD. Since its introduction to the market in 2018, it’s experienced an annual growth rate of over 140 percent. And for good reason. CBD products don’t have the psychoactive effects of THC, but they offer amazing health benefits that have the potential to change the medical field forever. Hemp and CBD products are becoming more widely accessible thanks to new legal statuses, so it should come as no surprise to hear that the CBD market will only continue to grow in the coming years.

2. Increased legalization

Federal laws, regulations, and rules have been a major barrier to the cannabis industry for as long as it’s been around. But this is finally changing. Over two-thirds of the U.S. population is in support of the federal legalization of cannabis. The cannabis market is expected to grow by 25 percent and become a $120 billion industry by 2030. Complete legalization is still a touch out of reach, but not by much.

3. Sustainable brands

The cannabis industry is maturing and broadening its customer base, which means that consumers will be able to become more particular about the brands they buy from. There has been a push for clean, organic products, and this is just as much true for food as it is cannabis. That’s why we start with the best seeds that we know produce high-quality flower free of genetic defects and only use all-natural and organic nutrients to grow our saplings into healthy plants. Our entire mission doesn’t just revolve around giving our customers what they want, but we also want to give them what’s best for their physical and mental well-being as well.

4. More convenience

As a result of the global pandemic, dispensaries may continue to offer more convenient delivery and pick-up options that helped them survive COVID-19. Drive throughs and curbside pick-up transactions could become the new norm, and customers could stand to benefit from these touchless transactions even once the pandemic subsides.

These are just a few of the trends the industry is currently experiencing, but, as always, these changes are already proving to be so transformative.

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