The Future of the Cannabis Market

Gina Lisella • Feb 28, 2019
Cannabis Open

 

When we wrote our first blog on the cannabis industry, just three short months ago, there were only two recreational cannabis dispensaries open in Massachusetts. As of this writing, there are eight, with several slotted to open very soon. In many states cannabis in one form or another is legal, several more are poised to legalize, and there are even slight stirrings that changes to the illegal status of cannabis on the federal level may be in the works, according to WKRN in Washington D.C. The 2018 Farm Bill allows licensed farmers nationwide to grow hemp more freely, removing it from the Schedule 1 drug list and opening avenues for widespread retail potential of CBD products. But is the massive growth trend in the cannabis industry going to be short lived?

According to most experts on market trends, the answer to that question is an unequivocal no. Over the past year or so, cannabis sales have been growing as states begin to legalize it. In 2017, medical cannabis sales in the U.S. totaled 5.2 billion dollars, and that number is projected to grow by more than 200% by 2022 (PR Newswire). A study conducted by New Frontier Data (cited in the North Bay Business Journal) predicts a 26 billion dollar annual cannabis market by 2025. Believe it or not, the industry’s market value is already “comparable to major worldwide corporations like Netflix and McDonald’s” according to PR Newswire. All this despite the fact that there are still many legal and regulatory hurdles cannabis brands need to overcome to get their products to market. And don’t forget that the market is not limited to the United States—more nations arounds the world have adopted or are considering cannabis legalization and decriminalization. 2019 is set up to be another huge year of sales for cannabis companies, and growth into future years shows no signs of slowing down.

If you want to solidify your place in this upward trending market with massive potential, partner with Dion Label Printing to ensure that all your labeling expectations are met and exceeded. Read about some of the ways we are poised to expertly work with cannabis brands here and here, and request a sample packet to see our quality print for yourself!

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