The cannabis or CBD industry has been going through massive changes in the past few years. Some of the changes have benefited the industry and turned it into an unstoppable juggernaut. Already a multi-billion dollar sector, it is about to get bigger as consumers start to make their preferences clear. Here’s what you can expect in 2022 and beyond.
New Products Making Cannabis Consumption Easier
Manufacturers and suppliers are coming up with a wide variety of CBD products to ensure that consumers adopt CBD. In addition to CBD topicals, gummies, capsules, and oils, you will also find discreet vaporizers like PAX 3 that don’t compromise the flavor. These vaporizers come with a smartphone app to let users personalize their vaping sessions. Users can set their custom temperature, even with automatic sensors.
With such innovative products hitting the shelves, it will be difficult for consumers to stay away from the CBD industry.
Legalization of Marijuana
In 2021, new THC isomers, like Delta 10 and Delta 8 THC, emerged. The consumers quickly and widely adopted these but faced legal challenges in court. Recently, some states were found to be changing the definition of THC so that they can include all the THC isomers. Also, these states require that the concentration of THC is lower than .3%. Throughout 2022, this back and forth is expected to continue as federal, state, and city governments take another look at the marijuana, hemp, and CBD laws.
Currently, there are 11 states where recreational marijuana is legal and 23 states where medical marijuana is legal.
|States that have Legalized Recreational and Medical Marijuana||States that have Legalized Medical Marijuana|
|Alaska, Colorado, California, DC, Maine, Illinois, Michigan, Massachusetts, Oregon, Nevada, Vermont, and Washington.||Arizona, Delaware, Arkansas, Connecticut, Iowa, Florida, Hawaii, West Virginia, Utah, Rhode Island, Pennsylvania, Oklahoma, Ohio, North Dakota, New York, New Mexico, New Jersey, New Hampshire, Montana, Missouri, Minnesota, Maryland, and Louisiana.|
Spurring of Sales Due to Big-box Retail Access
As companies gear up to market cannabis as a dietary supplement, hemp is expected to hit mainstream retail stores. Big-box chains are expected to offer various ingestible and topicals in different applications and product categories.
Vitamin Shoppe, in 2022 was one of the first retailers to support topical and ingestible CBD products. In 2021, CBD started being distributed in the alcoholic beverage channel. With Breakthru Beverage Group making its mark in the CBD industry in partnership with Recess, Republic National Distributing Company, and Southern Glazer’s Wine & Spirits, you can expect to see more spirits and wine wholesalers joining the race.
Big Names are Entering the CBD Sector
Initially, big brand names were hesitant to embrace CBD fully. However, since the regulatory landscape is stabilizing and clearing, many corporate giants are diversifying their products and adding CBD-based products to open new avenues of growth. For instance, companies like Coca-Cola, Johnson & Johnson, Procter & Gamble, Unilever, and others are joining the game, and they are doing it through acquisitions of the existing cannabis market leaders.
The Safety, Quality Assurance, and Education Regarding CBD are Skyrocketing
An all-time high will accompany the mainstreaming of CBD in spreading awareness and education regarding cannabinoids. Thanks to this, consumers will become more comfortable and confident in purchasing CBD products. They will also be aware of the safety of the products and how they are regulated. One of the reasons consumers are still on the fence is not having enough knowledge regarding these products.
Most CBD brands will be forced to enhance their compliance and quality assurance efforts to stay afloat amidst strife competition. Furthermore, they will have to sell high-caliber products to reap the rewards of their product investments and R&D.
So, how does the Future of the CBD Industry Seem to be?
The future of the cannabis industry seems bright. With more states legalizing CBD products and governments stepping up to regulate the brands, you can expect more consumers to join the bandwagon. Furthermore, in the coming years, consumers can expect to see more products in the health and wellness sector, alcoholic beverage industry, and food supplement sector using CBD as their core ingredient.
In many ways, the industry is unstoppable and will only get bigger in 2022 & beyond. While companies still have to navigate a few obstacles, they will be able to overcome them and look forward to growing exponentially. Also, the lawmakers are expected to remove most of the barriers to innovation and normalize growth for CBD companies.