Changes in the Cannabis Market in 2021
The cannabis niche is one of the most rapidly growing and also one of the most attention-attracting ones. Cannabis is also one of the most popular drugs in the world and it attracts the attention of consumers, business owners, marketers, legal sphere representatives, growers, researchers, and so on.
Currently, marijuana is legalized for medical use in 35 states and the District of Columbia. Moreover, in 16 states, it is allowed to purchase the substance for recreational use. And the number of states on this list continues to increase along with the number of people who are interested in the plant. Even more people become loyal to the plant and accept the idea of marijuana use.
Let’s have a look at some of the most interesting facts about marijuana that are true as for 2021:
- The acceptance of marijuana is really huge – more than 50% of Americans believe that the substance should be legalized.
- The drug is legalized in 35 countries with 16 of them allowing usage for recreational purposes and this number continues to grow.
- The relation to the plant also changes as there appears even more information about the use of marijuana for medicinal purposes.
- The changes to export and marketing rules are introduced by the FDA even though the substance is still under strict control.
The whole niche is developing, evolving, changing, and growing and it is important not to miss the moment when you can get the most profit out of it. Numerous businesses appear in the niche every year but considering the rapid growth of interest and the increasing number of consumers, it is still reasonable to enter the market in 2022.
If you already have a cannabusiness or are planning to start one, think about contacting a professional marketing agency that will help you promote your brand and make it visible online thus attracting new customers. An MjSeo Agency is the best choice if you want to achieve your goals faster and create a product that customers will want to buy.
It is expected that the global revenue from the cannabis industry will grow up to $33.6 billion by 2025. It means that the industry will grow each year and 2022 might be the decisive one during this period. Numerous changes are happening in the world right now and it is expected that the number of states and countries around the world that legalized marijuana will only increase, which will also influence the number of various businesses related to it – from growers to legal to manufacturers.
However, it is necessary to remember the challenges that still exist and will also affect the industry in the future. Among them is marketing, for example. There are numerous limitations and restrictions to cannabis advertising and it is vital to know about all of them if you want to achieve success as a business owner.
Adult-Use Legalization in Europe
In 2021, Malta became the first country in Europe to legalize cannabis for adult use. The next countries expected to take up the lead are Germany and Luxembourg. It is also known from the Global Cannabis Report: Second Edition that several other countries in Europe are interested in the legalization of cannabis. Among them are Switzerland and the Netherlands. It is expected that the example and experience of these countries will influence the other states and sooner or later most of them will join Malta.
Many people have accepted the benefits of cannabis use and its positive influence on people’s lives. However, this is mostly true only for Canada and several USA states. Numerous countries around the world and in particular Europe still require time to accept cannabis. Many influential people from the niche believe that 2022 will be an important year in terms of normalization as a new stage for the industry is beginning.
Regulatory Clarity and Capital Market Stability
Many specialists believe that the next year will bring new legislation and regulations to the market. They will influence already existing markets as well as become the basis for the new ones. For example, Japan is one of the countries that might be opening a CBD market as it was rumored during the last time.
Overall, it is essential to understand that the stability of markets is still crucial and will be on the front burner in 2022, while 2021 was not a good year for making a capital because of all the events in the world. Specialists in the niche state that the next year will be a period of changes and it will be the perfect time to enter the market especially with new products, services, and ideas.
Considering the pace at which the cannabis industry is changing, it is simple to lose the perfect moment. At the same time, the phrase “better late than never” is perfect for new businesses and all the hesitation will cost you money eventually.
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