2019 Cannabis Trends - Where is cannabis heading?
There are very few industries as exciting as the cannabis industry right now. Legalization is currently unfurling across the Great White North. According to a report from Deloitte, Canadians are predicted to splash out up to $7 billion on cannabis in the next year alone. The report indicated a significant trend among consumers -- that more people are open to trying cannabis (and they're not shy about it).
Progressive cannabis reform is noticeable far beyond Canada. The research firm Brightfield Group predicts that a Spanish recreational cannabis market will launch online next year. Brightfield estimates its value at almost $206 million by the year 2021. Let's not forget about the United Kingdom either, where medicinal-grade cannabis treatments are expected to become available on the NHS with a prescription next month.
The Global Cannabis Market is on Fire
Currently, the United States is a major player in the cannabis industry. Thus far, 29 U.S. states and Washington D.C. have legalized weed for medicinal use, while nine states have given recreational cannabis the green light. Perhaps the success of the U.S. cannabis industry, (which is projected to accumulate $47 billion in sales revenue within a decade) has inspired the rest of the world to follow suit.
Regardless of who may be influencing who in the cannabis space, one thing is for certain: the global cannabis market is evolving into something quite astonishing. The global marijuana industry is swelling at a CAGR of 34.6% So, should you be an investor, you ought to know what's trending in the modern cannabis industry if you want to capitalize on this booming new sector.
1) Scientific Research Will Help Place Cannabis Products on Pharmacy Shelves
Medical cannabis studies are ongoing, with new trials set to commence in the coming year that could potentially place pot-based products directly on pharmacy shelves. Take GW Pharmaceuticals for example. The British company responsible for developing an FDA-approved cannabidiol-based epilepsy treatment called Epidiolex® is in the process of recruiting study subjects for a Phase 3 clinical trial of the medicine.
Rather than using the drug to treat epileptic patients, GW Pharmaceuticals will test the medicine’s potential for the treatment of Tourette's syndrome-related seizures. Regulatory applications are expected to be submitted next year to approve the use of Epidiolex throughout Europe and the U.S. for patients with TS. The medical cannabis brand has already been awarded FDA orphan drug designation for CBD as a treatment for TS.
Other areas of medical cannabis research will open up next year. Data from the Phase 2 Clinical Trial of Marijuana for Symptoms of PTSD in U.S. Veterans will be available in January. Then, there's a study on Cannabis Oil for Pain Effectiveness. September 2019 is the estimated completion date for this study. While enrolment may be ongoing, MAPS was finally given the go-ahead to begin screening investigational new drugs in January 2017: indicative of a cannabis trend associated with gaining FDA approval for investigations research purposes.
2) Legal Cannabis will Create Jobs and Entice Investors
There's no denying the fact that the legal cannabis industry has already created (and continues to generate) countless jobs. According to projections from cannabis market research firm New Frontier Data, as many as 255,000 cannabis industry jobs will blossom by the year 2019. Data collected from the firm’s 2017 annual report suggests a notable shift in career choices and much more opportunity for individuals who might have formerly been working in the shadows of the illicit black market.
Not only is the cannabis career trend helping to reduce unemployment rates and bolster economic growth, but it is also stimulating investor attention. As the market flourishes, more assistance is needed from budtenders, cultivators, scientists, laboratory testers, developers, suppliers and many more. Colleges are even beginning to develop cannabis-focused courses.
3) Canadian Cannabis Exports will Help Companies Grow on an International Scale
Boasting a federally legal cannabis regimen that goes into effect on October 17, 2018, America's Northern neighbor is securing more cannabis deals than any other place on the map. Certain cannabis companies in Canada are already exporting medicinal-grade marijuana to European countries, such as Germany's up-and-coming market.
New opportunities will begin to transpire for Canadian cannabis investors and low-cost cultivation countries, such as Africa and South America. Expect to see new places on the map turning a vibrant shade of green, as Canadian investors search outside of their legal bud boundaries to develop partnerships with new pot industry players.
4) Concentrated Cannabis Products will Dominate the Market
Refined, pure and potent, cannabis concentrates are stirring up much excitement as of late. Sales of these cannabis-extracted products are predicted to reach $3 billion this year - a 49% increase from last year.
By the year 2022, sales of cannabis concentrate products are projected to top $8.4 billion, based on predictions made by Arcview Group; this is one million dollars less than the cannabis flower sales forecast for the same year.
Since cannabis concentrates like pure CBD and THC are the main ingredients for a profusion of cannabis products sold in today's market, demand is unlikely to dwindle. From cannabis-infused beers to eye serums and vape liquids, concentrates are essentially the backbone of the booming industry. It is clear that concentrates are more than just a short-term cannabis trend.