The industry is now on a roll not unlike the roll out of the alcohol industry after prohibition. Serious well funded operators abound and the underground sector has come out of hiding. hopefully we do not spend decades to get it all right.
It looks good though and that is because its safety cred is far better than alcohol.
The market is also expanding into microdosing to gain benefits without the unnecessary high. That will hugely expand knowledge in a way impossible with alcohol.
In a way the conflict is fully behind us. I started into this in 2007 and against an intact prohibition MEME. That had been intact since 1970 and really long before. We are now rushing forward with the full weight of science mining the opportunity..
For nearly 20 years, scientist and industry educator Liz Rogan has had her finger on the pulse of the industry. As a longtime expert, advocate, and educator of the cannabis industry and a trusted voice as to what to expect going forward, Rogan contributes weekly to the popular “State of Cannabis” Show on Clubhouse. With Forbes Magazine stating that the legal cannabis market is projected to reach $43 Billion By 2025, Rogan shares her three trends coming for 2022, all impacted by increased legalization, access, and research.
“Perhaps some of the most exciting trends include what is being done with research to understand the cannabis plant and how it can be used to help people,” says Rogan.
Liz Rogan Shares Three Cannabis Industry Trends Coming in 2022:
1. Increased Mainstream Use: The increased demand for CBD from cannabis and hemp is projected to reach $13.4 million by 2028. As consumers become aware of the benefits of CBD, the market growth of consumer end-user industries such as food and beverage, personal care, cosmetics, and pharmaceuticals is expected to grow. With the national and global legalization of medical and recreational cannabis (with THC value over .3%), we will see accelerated growth & demand. Data shows Americans have a more positive feeling about cannabis and specifically CBD with THC. In an April 2021 Pew Research Center Poll, nine in ten Americans favor some form of marijuana legalization. This is a drastic change in support for legalization over the last two decades. In response, more states are crafting policies to regulate both medical & recreational cannabis. The shift stems from the 2018 Farm Bill, which removed hemp products (THC value under .3%) from the Controlled Substances Act, which meant hemp could be legally cultivated on US soil. The ready availability of CBD has led to a boom in the marketplace. Hemp is legal in all fifty states. With advancements in research and medical professional education combined with increased availability and use, there is an exponentially increased interest in the medical benefits of CBD & cannabis. Marijuana is legal for adults in 18 states and Washington, D.C., and medical marijuana is legal in 37. From July 1, 2020, to June 30, 2021, nine states legalized new programs for medical and recreational marijuana—the largest number of states to legalize marijuana during any comparable year to date. With increased legalization, the market grows exponentially, with a legal market projection of $43 billion by 2025. Additionally, sales will be helped by the continued crackdown on the illicit market.
2. Explosion of Low-Dose Product Offerings: With increased access and interest from the mainstream consumer, many different, lower dose cannabis-infused products will be available. Emerging innovation will lead to new product categories. The more conscious, educated CBD consumer has increased demand for clean products, wanting to know the source, and learning about & understanding the plant and how it interacts with the body. They will be looking for lab-tested products they can trust. The savviest consumer will be aware of synthetic cannabinoids and actively look to avoid them. People are interested in a new and different way to consume CBD, with THC or without. The CBD Drinks market alone is projected for a 27.5% annual CAGR growth during the forecast period of 2021-2026. Look out for current brands that aren’t in the CBD space to broaden their offerings, and many innovative products will emerge in the market. With increased supply on the market, prices have become increasingly competitive. Cannabis-infused products will not just be in the food and medical industry, but skincare fashion and more - however, shelf space is limited, so there will be not only consolidation in the marketplace, but many brands coming online will fail.
3. Increased Use of Cannabis Medicinally: More research will lead to more use of cannabis medicinally. The good news is that research is ramping up. Data from the National Library of Medicine and PubMed.gov states that researchers published more than 3,500 peer-reviewed scientific papers in 2020 alone, and more data is being uncovered as cannabis producers partner with research facilities as well. As new and better research comes out, more doctors will recommend use as they understand how the cannabis compounds may affect the body. Research from doctors and Harvard Medical School has provided information for developing a promising treatment for seizures and epilepsy, which led to the drug Epidiolex, which was approved by the FDA in 2018 to treat two rare but devastating forms of epilepsy Dravet Syndrome and Lennox-Gastaut Syndrome.
Rogan is on the cutting edge of the newest cannabis products, regulations, and industry trends and has been assisting cannabis business owners, counseling medical cannabis patients, and educating the public about the use of cannabis for the past 17 years.
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