In the past decade, the cannabis market has been growing rapidly. Just like any other booming business, there are some innovative trends that are forcing competitive advantages in the market. Let’s take a look at some of the most popular trends taking over the industry today.
Automated Home Growing Solutions
As states are passing laws allowing the cultivation of cannabis plants in residential homes, the market for home growth products has skyrocketed. Cannabis companies are making it easier than every to make sure you grow the perfect marijuana for your needs. With automated systems, it takes the guesswork out of growing. Many of these systems are even smart-phone enabled, making the growing process even easier.
Cannabis Delivery Anyone
The booming world of on-demand cannabis delivery is just getting started. Marketers in Oregon, Alaska, and California have established recreational weed delivery services for their growing customer base. Cannabis delivery is on the way to matching food delivery needs all around the country.
As the rush of the first wave of legalization starts to fade, consumer cannabis prices are falling. This means that the cannabis growers who were majorly profiting at the start of legalization, are now slowly seeing their profit margins dip. It’s likely the market will continue to go down as more suppliers pop up.
Those growers wanting to stay in business are going to need to increase their production efficiency. This includes areas such as using LED lighting solutions and implementing HVAC cost-saving measures. In addition, as we’ve seen the dominating businesses of today become more environmentally friendly with their production practices, it’s very likely that cannabis growers will be held to the same standards in the coming years.
Although cannabis has been used as a smoking substance for many years, times are changing. Those who don’t want the risks of smoking or just don’t like the practice now have other options. Cannabis is being infused with many products, such as chocolates, coffee, breath mints, and more. This wide array of smokeless consumption options is paving the way to expand the consumer market with their buy here now attitude.
More Funding Venues
Due to the nature of the cannabis industry, there has been a wide lack of funding from traditional banking sources. Many growers are relying on their own funds, private venture funding, and crowdfunding to supply them with money to establish their products.
Many high-profile lawmakers are pushing for the acceptance of the cannabis industry into the business world. They are encouraging banks to look at these growers as business endeavors, just like any other form of business. These businesses are making money and banks can make their share by funding them.
Bigger Investors Overtaking The Market
As cannabis is becoming legal in more and more states across the US, many big investors are noticing the trend emerging. After some small businesses have been stationary for many years, it’s likely we will see an emergence in the big investors. They will likely take over the market and cause much smaller, self-funded establishments to either merge with other small businesses or go out of business.
The cannabis market is not longer a major gamble. It’s a wide open industry were the major players are getting ready to step in. Smaller growers are going to have to step up in their efforts or risk losing it all.
These are just some of the many cannabis industry trends that are emerging. Marijuana is a new market that is just in its early days of development. There will be a lot of changes to come as the future unfolds.