Riding High on Growth: The Top Cannabis Industry Trends Shaping the Future

While change and innovation dominate the cannabis industry, it is flourishing like never before. An explosion of legislation and growing social acceptance fuels this sector's growth. A number of entrepreneurs, investors, and policy makers see it as a potential growth area.

Fremont, CA: The cannabis industry is experiencing unprecedented growth, fueled by dynamic changes, innovation, and a shift in societal attitudes. A surge in legislation and increasing social acceptance are propelling the sector to new heights, making it an attractive arena for entrepreneurs, investors, and policymakers alike. As we step into 2024, several trends are shaping the landscape and driving the rapid expansion of the cannabis industry.

Innovations in Cannabis Products:

The evolving cannabis landscape continues to give rise to innovative product categories driven by consumer demand. Beyond traditional cannabis flower, edibles have gained popularity, especially in the wake of the COVID-19 pandemic. With a focus on respiratory health and stress relief, cannabis-infused products such as beverages, vapes, and pre-rolls are tailored to meet the evolving needs of a dynamic consumer market.

Enhancing the cultivation and distribution of cannabis

Controlling cannabis plants carefully ensures crop yield. Future cannabis industry trends will fine-tune cultivation and distribution technologies. The cannabis industry (or the broader agricultural industry) sees ongoing improvements in technology such as crop steering.

Growers will be able to optimize their resources as demand for advanced cannabis production technology grows. Crop steering is at the forefront of cannabis cultivation priorities; growers want to strike an ideal balance between electrical conductivity (EC), water content (WC), humidity, and CO2 levels.

Cannabis producers are adopting various distribution methods to decrease operational costs as legalization grows. Integrating ERP applications with state systems will transform how growers track cannabis products.

Sustainable and eco-friendly cannabis practices

Environmental impacts of the cannabis industry are increasing as the industry flourishes. The cannabis industry is trending towards sustainable and eco-friendly practices due to labor-intensive cultivation processes. By minimizing carbon emissions, increasing recycling programs for plastics-based products (vapes), and improving cultivation practices, companies will begin to meet the challenges of a greener future.

Cannabis tourism

The cannabis tourism industry is rapidly gaining recognition as a sustainable travel option. Several luxury retreats now offer exquisite accommodations, concierge services, curated weekend itineraries, and immersive cannabis-tasting tours. A Forbes report declared cannabis tourism a $17 billion industry. With Americans feeling pandemic-weary and inspired to travel again, we can expect the cannabis industry trend to play a major role in travel plans for years to come.

Regulatory opportunities for cannabis

Legal marijuana consumption faces mounting pressure as public support for marijuana legalization rises to nearly 90 percent. A federal bill passed at the tail-end of 2022, the Medical Marijuana and Cannabidiol Research Expansion Act (H.R. 8454) has fueled momentum. It simplifies the process for developing FDA-approved CBD drugs. Despite medical marijuana legalization progress, thirteen state legislatures are currently debating legalizing recreational cannabis.

Federal legalization of cannabis remains uncertain, but it is gaining momentum. Cannabis industry trends are constantly evolving, but there are ways to ensure businesses remain fluid in the midst of these changes.