The cannabis industry continues to mature and grow exponentially with each passing year. The expansion is not only reflected in the size of the global market but also in the methods of production and changing cannabis consumer behavior. As such, cannabis industry trends tend to evolve faster than most markets.
Here are the top five cannabis industry trends that you need to watch out for in 2021 and beyond.
1. Marijuana Dispensaries Are Going Online
E-commerce is gradually becoming a standard for all cannabis dispensaries. Online purchases, marijuana delivery services, and curbside pickups went big in 2020. The move online has increased customers by 142% since February 2020. Experts believe that the trend will live long, saving customers the hassle of heading out to the brick and motor store to get their favorite bud.
Retailers are also finding ways to recreate the dispensary experience, providing live or pre-recorded budtender consultations on their socials and websites. Robust search filters can help you pick your favorite strains before checking out.
2. Cannabis Industry Trends Show Higher Sales Than Ever
The biggest evolution is the record-breaking year in consumption and revenues attained. Recreational marijuana market sales in the US topped $11 billion in 2020, despite being an emerging submarket. Cannabinoid-based pharmaceuticals are expected to generate up to $2 billion in 2020.
The number of cannabis dispensaries is on the rise as more states continue to legalize marijuana for recreational use. Consumers and investors alike should expect weed sales to blossom over the next decade as the market grows exponentially.
3. Alternative Products Are Gaining Market Share
The weed consumer demographic is becoming more diverse, with the average cannabis consumer being middle-aged. The growing demand in the market reflects a shift to alternative products as users looks beyond dried flower/leaf. New products such as edibles, extracts, and vapes are gaining traction at marijuana dispensaries. While consumption of flowers appears to be declining, it still accounted for the largest market share at 74% in 2020.
4. A flood Of Investments
The boom in cannabis sales is now attracting investments from all sides. Cannabis delivery services are at an all-time high. Dispensaries are investing in legal marijuana in distribution deals, product research, and local production. Additionally, individuals looking for ways to cash in on the cannabis bubble can invest in weed stocks. Cannabis stocks are on a strong uptrend, showing a quick recovery after a dip in March 2020. Increased investments may present better access to capital and bigger operations for cannabis dispensaries.
5. Cannabis-Friendly Payments
As more marijuana dispensaries shift online, store owners are having to think of new ways to facilitate payments. Sadly, most credit card companies and banks still frown over the businesses, with those that support their services imposing hefty charges on processing fees. E-wallets, cryptocurrencies, and pre-paid gift cards are revolutionizing payment options. Online dispensaries and marijuana delivery services can take advantage of these flexible, cashless systems.
As consumers continue to agitate for more relaxation of legislation against weed, it is important to keep tabs on the latest cannabis industry trends. To order medical marijuana from a Santa Rosa dispensary, reach out to Sonoma Patient Group.