The cannabis industry has been experiencing rapid growth over the past few years, and it is showing no signs of slowing down. Some experts predict that by 2022 the cannabis market will be worth more than $30 billion. But what trends are driving this type of growth? And how can you capitalize on these opportunities to grow your own business?
Unlike many industries out there, cannabis seems to be where growth isn’t slowing down anytime soon. And if current trends continue as expected, this means that more people will become interested in trying or purchasing new products at some point during 2017 – continuing the cycle into 2018 and beyond.
The Road to Legalization
One of the biggest trends driving cannabis industry growth is increased demand. A 2016 survey from Marijuana Business Daily found that 70% of marijuana dispensary owners expected sales to increase in 2017. While legalization has been slow going at times, more and more states legalize medical or recreational use every year. This decreased restriction means that even though federal law may prohibit certain types of business, for now, there will be no shortage of potential customers eager to purchase your product once it’s legal.
Research & Development
Another trend fueling this type of growth is an increased interest in research and development within the market itself. Companies in the cannabis industry have invested heavily into developing new forms of consumption and methods for growing plants indoors to meet customer demands efficiently throughout all seasons.
The Global Market
Unfortunately, the United States is not the only country that can benefit from cannabis industry growth. Other countries like Canada are also reaping the benefits of loosening their restrictions on marijuana use and cultivation, allowing international companies to expand into new markets worldwide. This growth means that you don’t necessarily need a physical location in every major city or state – simply selling your product on an international scale could help grow your business exponentially.
Amazon and Cannabis
While Amazon has not yet jumped on the bandwagon, other companies like LeafLink are already making it easier than ever to sell your product online. When you use their platform, they take care of everything from order fulfillment and shipping logistics so that all you have to do is sit back and wait for customers to place an order with you.
The cannabis market has already seen huge growth over the past few years, and experts predict that it will continue growing exponentially throughout 2018 as well. With so many opportunities emerging within the space every day, now may be the perfect time to enter this lucrative business venture yourself.