Just a few short years ago nobody would have expected the new position that cannabis has acquired as a legitimate, legal and money-making product. Times have changed, and nowadays the cannabis industry is attracting attention from investors and entrepreneurs alike. There are huge gaps in both the consumer and medical market looking to be filled.

This transformation from the black market to the stock market began much earlier than most people think. Research into the beneficial health properties of cannabis stretches back decades and as more evidence comes to light, more and more US states and countries around the world are sliding towards legalization. In the last few years, the marijuana industry has boomed, with estimated global sales of $12.2bn in 2018 alone. Over 94 million people in the US admitted to using cannabis, and as legalization continues to roll out, the market shows no signs of stopping. Which is great news for US companies like Smoke Cartel who offer cannabis accessories online in an easy, one stop shop. As this new market expands, many new trends are expected to emerge in the upcoming years. Here are a few important areas we think are worth keeping an eye on.

Legalization will continue to expand

The first approved cannabis-derived medical products became available back in the 90s, and in 2012 Colorado and Washington became the first states to legalise recreational use of marijuana. Since then, the slow creep of legalisation has continued, as 35 states moved to legalise medical cannabis, 15 have legalised recreational use, and many more have loosened their laws around CBD products. The economic effects are already being felt in terms of extra tax revenue and job creation, and this is causing other states to sit up and take notice. Financial incentives are hard to ignore, even for conservative lawmakers, and it is thought that this domino effect of profit-seeking legalisation is set to sweep the entire country.

Customers will be more aware of the products

Marijuana is no longer the taboo topic that it once was. Its popularity is growing and with that, a general acceptance and normalisation of the drug are on the rise. This is allowing information and expertise around cannabis to flow more freely. On top of this, dispensaries and head shops are popping on high streets and in malls around the country. This is giving an opportunity for many curious potential consumers to come into contact with marijuana for the first time and also allows them to get first-hand information from professional and highly trained experts. All in all, this is adding up to a knowledgeable customer base, who are more informed than ever about cannabis and cannabis products.

Sales will continue to rise

Since the first pockets of legalization, the cannabis industry has grown exponentially. Consumer spending in the US cannabis sector topped $10bn in 2018 and it is set to rise by up to 40% in the coming years. Experts are predicting it will hit $23bn by 2020. Investment activity continues to increase year on year. Large amounts of the market is still in the hands of illegal sellers. More and more people are willing to try cannabis but still as much as 80% of the profits are made on the black market. As the private sector expands, consumers are moving away from illegal sellers and onto the high street. A large part of this growth is down to new cannabis users who are swayed towards the drugs as it becomes legalised and more socially acceptable.

Professionalism will increase

The cannabis industry is growing on all fronts. Locally owned start-ups, new brands, and the emergence of chain stores, right the way up to the mammoth cultivators floated on the stock markets. This growth is increasing the demand for professional expertise in the sector. As markets continue to grow, cannabis businesses are attracting professionals from other economic sectors. As the stigma around cannabis is washed away and looks likely never to return, these businesses that were once looked down upon as glorified drug dealers are now being seen as legitimate, high profit and high growth enterprises. To the eyes of many investors, cannabis is now seen as no different from any other product on the market.

There will be more products available

Now that cannabis is a legal substance in many areas, research and development has been given a new lease of life. Less government regulation and more clarity on the future of the industry has allowed businesses to invest in the future of cannabis. New strains and products are coming on to the market all the time and big business is increasingly interested. Coca-Cola is rumoured to be developing their own brand of CBD infused drinks, and you can bet that other huge brands are going to want a piece of this new pie.