Keeping Up With The Trends: The Biggest Markets in Cannabis

As members of the cannabis industry, we are ever-curious about the shifts and changes that guide the direction of our industry as reflected in market trends. It is thrilling to see new markets open up across the nation and around the globe. In June, BDS Analytics rolled out their latest addition on the state of affairs of legal cannabis markets. Their predictions explored where the industry is heading in terms of products, volatility, and location. 

 

Location is quite important when it comes to making predictions about the industry’s direction. As companies, we often seek to enter these markets ahead of the curve in order to establish ourselves in the market before it gets too competitive. Currently, forecasters predict that the United States will continue to maintain the biggest market on the global front.

 

As a market with plenty of space to grow, the U.S. has a stronghold on the cannabis industry that has only further established itself since federal legalization of hemp. Specifically, in the United States, experts predict that markets in Florida, Nevada, and Massachusetts will continue to make significant gains as 2019 rounds out. Entering into these areas could prove to be critical for businesses looking to develop their brand. It is important to remember that there are sizable customer bases in countries such as the United States, which in turn will cause an increase in demand in these markets. 

 

According to the research, Europe is slightly more complicated to report on due to countries’ various regulations governing product sales and other procedural requirements. Nevertheless, investors are interested in the United Kingdom. As the largest producer of legal cannabis, the U.K. is a key market globally. Their market is projected to surge in the near future with projections of reaching $87 million this year, and further growth to bring in around $542 million by 2022. 

 

Moving forward, Asia’s legal cannabis market is poised to have influence globally contributing to a share of around $3.6 billion by 2022. In terms of the Asia market, the cannabis industry could see promise in Thailand. As a newly legalized medical cannabis state, some see the country as gearing up to set up a legal framework and implement recreational cannabis. 

 

Investors are also interested in the African market because of countries such as South Africa and Lesotho. These countries may serve as an eventual hub for medical cannabis, as they are currently leading various cannabis development programs. Collectively, these promising countries may end up bringing spending to nearly $6 billion by 2024

 

Trends are shaped by multiple factors and may change at any time. Due to this, market trends keeps us on the edge of our seats in this industry. Trends afford us with a clearer picture of how to plan for upcoming years. As these trends may shift suddenly, we must be strategically oriented in order to mitigate impacts before that change occurs. Changes can be influenced by legislation that legalizes cannabis, a general shift in attitudes that leads to de-stigmatization surrounding the use of cannabis, or by the popularity of medical products both on the pharmaceutical and nutraceutical fronts. These are important lessons for us to recognize as we continue with the industry into its future.

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Patrick Libonate AUTHOR