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Industry Trends Transforming the Cannabis Industry to Watch Out for

Dec 8, 2020 9:56:07 AM / by Head Coach

The last few years have been a game-changer for the legal weed industry, with several states legalizing the consumption of cannabis for both recreational and medical uses. Allowing these products to the market has brought about numerous significant breakthroughs in the cannabis industry. As we take steps into the new era of weed consumption, it will be exciting how these trends will transform the way we get high. Here is a list of industry trends transforming the cannabis industry that you should know.

Expanded Cannabis Legalization

More states will be opening their doors to medical and recreational marijuana. Although cannabis has taken a back seat in most governments, weed is legally and socially becoming more accepted worldwide. Mass legalization will result in a growing weed market, leading to increased competition for cannabis companies. As a result, the established cannabis companies will seek smaller companies to expand their market reach.

App-Based Retail

The way consumers purchase cannabis has also changed dramatically with legalization. Gone are the years when we used to walk into a store and buy whatever we want. Modern dispensaries are well equipped with apps, with products displayed and labeled clearly where you can select whatever cannabis product you desire, and then have it delivered at your doorstep. Also, to comply with marijuana retailing laws, integrated Point of Sale platforms are becoming a trend to simplify and automate your daily sales and tax compliance reports.

Digital Cannabis Manufacturing

Through technological advancements, the cannabis industry is experiencing transformations in manufacturing approaches. Due to the rate of cannabis legalization, its demand will soon be high, making technology an essential tool for companies producing large batches of medical and recreational cannabis. Before it was traditional weed smoking, now consumers get high with vapes, edible gummies, capsules, and much more, due to growing manufacturing trends in the marijuana industry. To keep up with the demand, you should watch out for these new ways to harness the magic of marijuana through producing innovative products.

Customized Products and consumption

Choosing the right cannabis blend and what to put in your vape can be a challenging hustle. That's why the next big step in marijuana consumption is tailored to blends balanced to fit unique individual experiences. Some companies are already taking this road of personalization and with good reason. With more people vaping than before, it's only natural that companies look for ways to make money through this channel. In the coming years, marijuana retailers may adopt the bespoke product creation to deliver a targeted experience for the user.

The cannabis market is expanding very fast and in many ways. The legalizations and loosening of regulations towards marijuana seem to be a worldwide trend that is encouraging. With this in mind, companies should be investing in technology to speed up their process and get their products to market faster. Keeping an eye on these four cannabis industry trends will keep you ahead of your competitors in this industry.

 

Head Coach

Written by Head Coach