A new report from two companies that specialize in the cannabis industry focuses on the many positive cannabis events in 2019 as well as spotting new trends. Those cannabis trends include the growing sophistication of cannabis brands, CBD going global, multi-state operators in the cannabis industry and the emergence of consumption events.
The new cannabis trends report comes from Green Market Report and Axis Wire. Green Market Report focuses on providing financial analysis of the cannabis industry, while Axis Wire is a news service that focuses on cannabis.
The annual cannabis trends report is a “review of the ways in which the cannabis industry is changing and disrupting market paradigms,” according to a press release on the report.
A Good Year For Cannabis in 2019
In the press release, the two companies noted the many successes for the cannabis industry so far in 2019. They included:
- Major institutional investment into the development of cannabis brands
- Companies signing talent “ranging from Jay Z to Seth Rogan”
- A $3.4 billion merger between the two largest cannabis companies in the world, Canopy Growth, and Acreage Holdings
- The exploding popularity of CBD, including becoming “one of the most popular terms in business and media”
Cynthia Salarizadeh, the founder of Axis Wire and co-founder of Green Market Report, said in the news release that 2019 is seeing the cannabis market “reaching the next level. The trends reflect the benefits of the 2018 Farm Bill and the significant investment the industry has received.”
This year also saw the Illinois State Legislature vote to make adult-use marijuana legal in that state, becoming the first state to make recreational marijuana legal and set up a regulated sales system without a voter referendum.
Cannabis Trends For 2019
The report also identified cannabis trends that have emerged in 2019. They included the following.
Marijuana, which already has moved into the mainstream, is now into the luxury market. For example, Green Thumb Industries purchased Los Angeles-based cannabis luxury brand Beboe. Luxury cannabis companies are also getting interest from investors, with Coda Signature raising $24.4 million in Series A funding.
CBD Goes Global
With Congress making hemp legal, CBD – which can be derived from hemp and does not get users high – has become a hot product. CBD products have emerged as wellness products, in drinks and edibles, and in medications for both humans and pets. Some estimates put the CBD edibles market alone at $4.1 billion by 2022.
Chances are, even those who pay little attention to the marijuana industry know the names of MedMen, Green Thumb Industries or Acreage Holdings. That’s because these three companies are among the biggest in the country. Their size also means they can afford to establish businesses in multiple states. That allows them to stand out significantly from the competition, as few companies can negotiate the costs and the web of regulations in each state.
This is starting to happen in California, which now allows the consumption of cannabis at specific events. Organizers must apply and get approval from the state. While it’s only happened so far at a handful of events, expect this trend to spread across the country.
The new report on cannabis trends makes it clear that in 2019, the cannabis industry continues to grow by leaps and bounds. It’s a growth industry that shows no sign of stopping, which means consumers will have even more choices for cannabis products in the coming years.