In the ever-changing world we live in, the U.S. cannabis industry is increasingly becoming a major force in boosting the American economy.
A recent article on the Green Entrepreneur website reports that the sale of cannabis in 2021 is expected to add more than $90 billion to the U.S. economy. That’s a 30 percent increase over the previous year and is expected to be more than $150 billion within four years.
Lots of growth is taking place in the cannabis industry. The Green Entrepreneur article shares the thoughts of several business leaders in the CBD and cannabis industries regarding anticipated industry changes in the next few years.
The Founder and CEO of Lazarus Naturals is Sequoia Prince-Lazarus, and he believes that the incredible popularity of CBD products will eventually lead to the lowering of prices. With more reasonably priced brands entering the marketplace, more common luxury brands will probably lose their market dominance.
Nichole LaMay is in charge of human relations and culture at the Mammoth Distribution company. She says there is now an opportunity for cannabis brands to prioritize employee development and create work cultures. This, she says, can lead to more productive workplaces.
As the CEO of Your CBD Store, Marcus Quinn says that cannabis brands can’t afford to be idle because competing brands will continue to offer more innovative products.
Mr. Quinn says today’s cannabis industry is different from what it was five years ago. This CEO sees the importance of combining cannabinoids and says the most successful companies will develop products that contain certain cannabinoid combinations.
For Thomas Rimbach, small businesses must maintain a firm footing in the cannabis industry. Being the Co-Founder and CEO of the Baked Brothers company, Mr. Rimbach sees the importance of prioritizing customers’ needs and maintaining sustainable business methods.
In Rimbach’s opinion, it’s important to utilize sustainable business methods and satisfy customers’ needs. If cannabis becomes legal on a federal level, he is afraid that corporate interests may change how the cannabis industry operates.
The U.S. cannabis industry has undergone many changes recently, and federal legalization has not occurred yet. For now, the innovative companies are moving forward.