What is the Cannabis Industry Most Optimistic for in 2022?
The cannabis industry is growing rapidly, and there are many changes on the horizon that entrepreneurs should be excited about. Join us as we discuss what the industry is most optimistic about in 2022. We’ll detail what to expect and the impact these changes could have on your business.
Reduced Stigmas from Legalization
As cannabis continues to get legalized in different US states, the social stigmas associated with it are slowly dissipating. This is good news for entrepreneurs as it means more people will be open to using cannabis products without fear of judgment or legal consequences.
Nine different states passed some form of decriminalization, adult-use or medical use laws regarding cannabis in 2021. As more states follow suit, the illegal stigma cannabis has suffered for multiple years will become a memory.
Growing Sales from Legalization
As legalization becomes more widespread, cannabis products will begin to be sold in more outlets than ever before. Greater sales will undoubtedly follow, which is excellent news for entrepreneurs as their customer base and sales outlets grow larger and larger.
Different types of products are already becoming more available as well, such as CBD edibles, topicals, tinctures and other smoking accessories. This trend is expected to continue as the industry grows, and entrepreneurs should be prepared to offer a variety of products to meet the needs of their customers.
The Cannabis Market Continues to Grow
Every sector of the cannabis, CBD and Kratom markets including growers, extractors, manufacturers and retailers are likely to see significant growth. Sales in 2022 are predicted to hit around $35 billion and that number looks to grow further as legalization spreads.
This is great news for entrepreneurs because it means there will be opportunities for them to enter the market and be successful. However, it also means there will be more competition. Entrepreneurs need to make sure they are offering a quality product that meets the needs of their target market.
New Technology Accelerates Industry
New cannabis tech is constantly hitting the market, not just for growers and users, but for entrepreneurs as well.
One of the most anticipated tech innovations is in the regulation industry where banks and dispensaries have a history of issues. With new technology, the industry can take big steps forward in working with traditional financial institutions instead of being outcasted to smaller private banks and credit unions.
Growing manufacturers are also turning to new technology like bladeless trimmers to retain more THC on each batch. This allows for not only better quality control but reduced manual labor for companies.
A Change In Shopping Experiences
Because dispensaries have had a harder time trying to work with traditional financial institutions, customers have suffered as well. Customers are having to take out cash from ATMs in order to pay for product because dispensaries can't process debit or credit cards, but with the rise in online shopping and legalization, this is changing.
Dispensaries are starting to offer online ordering and delivery services which are convenient for customers and can help increase sales for businesses.
This is just one example of how the industry is changing to meet the needs of customers, and entrepreneurs should be prepared to change with it.
Cannabis Creates an Economic Shift
There are billions of dollars being created from the legalization of cannabis, and the benefits are already evident to entrepreneurs, workers, investors and cities.
Taxes from cannabis sales are being applied to city projects and local municipalities and causing a shift in wealth. These resources will help create new jobs and uplift resource-starved public services and utilities like roads, hospitals and schools.
Cannabis Industry Trends in 2022
There are many new and exciting things happening in the cannabis industry, and entrepreneurs have plenty of reasons to be optimistic for what's to come. From increased sales and new technology, to changes in shopping experiences and an economic shift, there are plenty of upcoming opportunities for those who are willing to seize them in the cannabis industry.
Tess DiNapoli is an artist, freelance writer, and content strategist. She has a passion for yoga and often writes about health and wellness, but also enjoys covering the fashion industry and the world of fitness.
