We’re entering the holiday season, which means the new year is just around the corner. We feel like there are 3 major cannabis trends to watch in 2020. It can be difficult to predict where the marijuana industry is going because there are so many changes being addressed with a lot of breaking news and noise on a daily basis. However, there are a few top events and cannabis trends that should be closely watched. Let’s take a look at these cannabis trends.
The CBD Factor
CBD is becoming quite trendy and is certain to take center stage on the cannabis market. In fact, CBD products have taken over the past domination of THC products. These days, CBD products are on so many consumers’ lips. that CBD is at the center of all the cannabis trends to watch in 2020.
There were to regulatory occurrences in 2018 and this changed the growth and the direction for the cannabis market. For one the FDA or Food and Drug Administration approved a seizure medication produced and packaged by GW Pharmaceutical. The drug is known as Epidiolex and it is the first CBD product that has been produced and released by a pharmaceutical company. Secondly, hemp, which has a high CBD level of potency and low THC content was legalized and produced in the United States on the commercial market.
Since then, many more pharmaceutical companies have unleashed several clinical trials and studies to race against the clock of isolate various treatments for different diseases so as to be competitors in the CBD marketplace. And because of fewer government restrictions with CBD, marijuana dispensaries do not hold the power of being the only entity that stocks and sells CBD products. Many believe that a lot of fortune 500 companies will jump onboard; trying to get a piece of the pie with both hemp based and CBD products.
Research is showing that cannabis trends towards CBD are well received and this specific market is expected to grow from its current $1.9 billion to $20.1 billion in 2024. If you were to include the sale of THC products, the number would rise to $44.8 billion in 2024. Hemp and CBD products have a growth rate prediction of forty nine percent. Even though, regulations have been lifted for CBD, there are still things to consider as it relates to cannabis trends.
People are still fearful of federal prosecution and some are still weary of the lack of banking services in the financial institutions. Some entrepreneurs have very little clarity around the idea of the consumption of CBD products as a food additive. There are two innovative pieces of legislation in the works to fix these issues, but they have not gone through the legislative process as of yet.
Currently, the STATES Act has an amendment to exempt any legal activities associated with the Controlled Substances Act. It would ease marijuana prohibition from the federal level by giving these regulations to the states’ that have legalized weed. The Safe Banking Act allows chartered banks to federally accept funds from the state level. Many advocates are giving the FDA a hard time to insist that the rules change to include CBD regulations. Once this has been done, it will probably trigger a huge acceptance of CBD products.
The most significant player in this ball game is the Canadian government. However, there are still clouds hovering above. Last year, Canada’s full legalization of recreational and medical marijuana had set one of the largest trends of the year. It was key to the opening of more companies and the potential for high profitability in government and private sectors.