5 Cannabis Trends to Watch For in 2017
Katherine DeMetre | Infocast Events
The US cannabis industry continues to transform. More and more states are legalizing cannabis and sales keep reaching new heights. Just last year, the US reached almost $7 billion in cannabis sales. At this rate, the cannabis sector is poised for major growth.
There are a lot of discussions of what’s to come for the cannabis industry. Here are the five major trends to look out for in 2017.
1. Pot prices will go down
Pot prices are set to go down due to the 9 emerging US legal marijuana states, including California. The number of cannabis cultivators and weed farms will grow significantly in 2017. As more cultivators push more products, the prices of pot will inevitably fall.
2. Cannabis business owners will (hopefully) have access to banking
Despite massive growth in the industry, most cannabis businesses still do not have access to traditional banking and financial services. Without those resources, business owners are forced to work entirely with cash.
3. The medicinal and recreational market will differentiate themselves
Medical patients want to be ensured that their products are safe to consume and are strong enough prescriptions for their conditions. The medical marijuana market will likely focus on more biotech to keep up with patient needs.
Recreational marijuana, however, will start to build their reputation as a fun and safe alcohol alternative.
4. More international countries will emerge into the market
The US isn’t the only country joining the ever-growing cannabis industry. Germany legalized medical marijuana on the federal level in early March. Shortly after, Prime Minister Justin Trudeau legalized recreational cannabis in Canada.
5. Big corporations will surface
As more people invest in the cannabis industry, companies will rapidly grow and form into large corporations. Leading cannabis companies will start to step into the limelight.