Last year was huge for the cannabis industry as it was considered an essential business during the pandemic. Many states voted on legalizing recreational marijuana and medical cannabis. There was also the Marijuana Opportunity Reinvestment and Expungement Act (MORE Act) that was passed by the senate. With so many changes happening all at once, it’s safe to say that there is a lot to expect from the cannabis industry in 2021.
Many cannabis companies are beginning to make products that are rooted in sustainability. Buyers who care about the environment and climate change are more likely to buy products to improve the earth. People don’t mind paying a little extra cash for eco-friendly products, which is why we should expect a significant increase this year. Cannabis companies can focus on eco-friendly packaging that can lead to waste reduction.
Throughout the past few years, cannabidiol (CBD) has become very popular and oversaturated in the cannabis industry. Prices were continually changing as there was so much competition, no matter where you looked. This year we can expect this oversaturated market to consolidate thanks to federal regulations. Congress has been introduced to the Hemp and Hemp-Derived CBD Consumer Protection and Market Stabilization Act of 2020. If this is passed, CBD companies will need to follow the country’s food and drug guidelines for dietary supplements. Many CBD companies are already preparing themselves for this new ride.
Although some cannabis stocks such as Innovative Industrial Properties have experienced a significant amount of profit, there are still some that have yet to do so. Wall Street expects some of the largest publicly traded cannabis companies such as Cresco Labs, Green Thumb Industries, and Planet 13 Holdings to be some of the companies that turn a new leaf in profitability this year. Planet 13 has one location in Las Vegas and is the largest dispensary in the country. This year, they plan to open up a second location in Santa Ana, California, which will double their sales.
In 2021 cannabis will be more accessible than as places offer delivery and curbside pick-up services. If you’re interested in staying up to date with cannabis news, keep an eye out for virtual conferences and events. This year will be filled with innovation and improvement in the cannabis industry.