The cannabis industry grew by nearly 40 percent last year. This industry generated over $25 billion in revenue in the United States alone. As states continue to legalize cannabis for both medicinal and recreational use, the amount of money generated by this industry will only grow.
If you’ve been closely following the growth and development of the cannabis industry for a few years, you probably want to know what’s next. While it is hard to predict the future, there are some safe assumptions we can make about where cannabis is headed.
Here are some details about where we think the cannabis industry is headed in the coming years.
A Growing Need For Cannabis Testing
As more states legalize cannabis, the need for testing this plant will grow. Modern users insist on knowing how potent their cannabis is. The CannaDx Sensor offered by MyDx provides cannabis enthusiasts with lots of useful information. With this sensor, you can find out information like:
- The chemicals in the cannabis
- THC levels
- CBD levels
- Cannabinoid/terpene ratio
This information is sent to MyDx app via a Bluetooth connection. Getting this in-depth knowledge of your cannabis can improve the consumption experience and protect you from harmful chemicals. In the years to come, more and more people will use the CannaDx sensor to improve their experience.
The Emergence of Brand Loyalty
A recent study found that the average cannabis user thinks very little about the brands that grow their favorite strains. However, experts predict that branding will become extremely important to the growers of the future. Once companies are able to brand and advertise their cannabis products to the masses, brand loyalty will start to take root.
Since cannabis is still considered illegal at the federal level, cannabis brands are unable to release their message to the masses. There is a lot of chatter on Capitol Hill about the impending federal legalization of cannabis. Not only will legalization help with branding, it will also allow dispensaries to deposit funds into a bank without fear of legal action being taken.
When brands are able to provide consistent experiences to consumers on a variety of touchpoints, you will see brand recognition and loyalty start to grow in the cannabis industry.
Less Focus on Strain Classifications
If you’ve ever visited a dispensary, you are well aware of how most cannabis is classified. Generally, cannabis is either considered Sativa, Indica or hybrid. These classifications fail to relay an accurate description of the effects of a cannabis product. In the future, you will undoubtedly see more labels related to terpene profiles and cannabinoid ratios on cannabis packaging.
There are already a host of products providing this information to their customers. With this information, consumers are able to anticipate the high they will achieve with a particular product. Cannabis users of the future will insist on this information, which is why many cannabis brands are working on getting ahead of this trend.
As you can see, there are a lot of changes in store for the cannabis industry in the years ahead.