A recent Gallup Poll result says 87% of Americans are for medical cannabis while 60% support recreational marijuana. In 2016, the Los Angeles medical marijuana businesses made close to $1 billion in revenue while a report from the New Frontier Data estimated that by 2020 the legal cannabis market would employ over a quarter million people, even as the Bureau of Labor Statistics fears a job cut by 814,000 individuals in the manufacturing sector. With most reports pointing to a favorable future for the marijuana industry, the following is expected to be a major factor in dictating marijuana industry trends in 2017 and beyond.
1. The pot industry will attract more attention
With positive results coming from every corner for cannabis, 2017 will witness more states pushing for legalization of social marijuana. A successful legal battle will mean more sectors of the economy especially the financial sectors finding ways to take a cut of the cannabis money by opening the doors of banks to marijuana money and the issue of marijuana banking will be resolved and allow people to buy through banks thereby helping to mainstream industry players. Also in sports, the pot will find fair ground for use by sportsmen and women on health reasons.
2. Growth of cannabis crafts
People realize how much they can make through marijuana value chain. The separation of roles in the production and packaging process leading to out growers and offer takers. More people will want to grow for marijuana brand following prescribed grade and supply like it’s done in tobacco and other fast moving consumer goods. There is also the need to create a class for affluent customers with luxury cannabis brands setting them apart from the general users as found in other products.
Already, cannabis legalization is influencing where people live, and states, where marijuana is legal, will gain more. With such development, the value chain will increase, and more people will bring new ideas and products into the cannabis market.
3. Brand emergence
With freedom comes competition and it is expected that a liberalized marijuana economy will lead to the emergence of brands for recognition. Already, there is the emergence of brands such as , Herba Buena, bloom farms, speed weeds, and Yeruba Buena these branded growers are bringing innovation into marijuana market to get premium prices for their acclaimed premium products. The psychology is that people need to buy from responsible producers! This trend will continue with more value chain in the cannabis market in 2017.
4. Cannabis technology
As cannabis moves from hiding into the public zone, the need for responsible use of weed becomes the responsibility of all including the technology-savvy to help in various ways to enforce the use both social and medical marijuana. For instance, there is the need for products to test a driver smoking weed while on the wheel. Just like breathalyzer test to check the amount of alcohol in a driver’s system will come handy in cannabis use control. Other pot products and weed use convenience products will find their ways into the market.
5. More sports people followers
As the days go by, we expect more marijuana advocates from the sports community to handle chronic pains associated with most games. From wrestling to soccer, to boxing and other high impact sports, men and women of the sports community will move towards getting marijuana use in their various sports.
In closing, more manufacturing innovation to bring cannabis both medically and recreationally to consumers will take front stage in 2017 and more will be expected than in the days without legal backing for the use of marijuana.