The cannabis industry is by far one of the fastest-growing industries in the world. The legal cannabis industry saw gross profits grow by 191.07% in 2022 and revenue increased by 59.64% which led to an improved gross margin of 18.8%.
With technology and innovation constantly developing, there is still room for more growth within the cannabis industry in all markets from cultivation to manufacturing and marketing.
The cannabis industry works with trends, and in this article, we will look at some of the popular cannabis trends to look out for in 2022 including new accessories, cannabis beverages, growing legalization, and lower state tax, so if this sparks your interest, keep reading!
New and unique accessories
Long gone are the days when the only way to consume cannabis was with the traditional joint or bong. Now, there are a wide variety of new and unique cannabis accessories that make the consumption experience more interesting. Things such as vaporizers, crushers, pipes, dab rigs, storage containers, joint holders, one-hitter pipes, and different variations of bongs which you can discover more about over here, are all popular accessories that are trending amongst cannabis consumers. Apart from that, there is an incline in tinctures, edibles, and topicals as well which are also very popular and widely used, especially for the consumption of medical cannabis.
The cannabis beverage market is growing with more and more people purchasing cannabis beverages. In the US, the sales of cannabis beverages doubled from 2% in January 2020 to nearly 4% in December. In Canada, this number was steady at around 4% throughout the past year and entered into 2020 at 4.5%. Cannabis beverages have also branched out into cannabis-infused alcoholic beverages such as beers, wines, and cocktails which no doubt contributed to the rapid growth of this market.
More states in the US are moving towards cannabis legalization however, the federal government still hasn’t budged on this matter. However, the more states begin legalizing cannabis, the more progress there will be regarding the federal government looking at laws. It is predicted that we will see shifts in Rhode Island, Maryland, and Delaware for recreational cannabis laws and Mississippi, Kansas, North Carolina, and South Carolina for medical cannabis laws. There is also a focus on cannabis banking reform however this is not a short-term focus. Almost 50% of the United States population where cannabis use amongst adults is legalized and this trend is expected to continue rising in the coming year. This won’t come without challenges though and these laws will be tested in court by opponents who challenge these laws and regulations.
Lower state tax
The final cannabis trend in 2022 we will discuss is lower state tax. We are seeing cannabis companies increasingly call for lower state taxes as this is an issue in places such as Alaska and Canada. Cannabis growers in Alaska are financially burdened with an $800 cultivation tax and in California, cannabis companies are warning that high taxes are resulting in market collapses. Licensed cannabis companies are in a dire situation which is leading them to the point of having to decide on paying exorbitant taxes which will fail to pay their employees which has ripple effects on employees who will not be able to feed their families. Cannabis companies have written letters to government and legislative leaders with the hope that there will be a lower state tax.
The cannabis industry is booming, with no signs of a decline any time soon. This is a lucrative industry and is raking in billions annually. In 2022 we can expect to see trends in the cannabis industry such as new and innovative cannabis accessories, the rise of cannabis beverages, the growth of legalization, and lower state tax for legal cannabis businesses. If you are an entrepreneur, now is an excellent time to take up space in this industry and for investors, there are plenty of opportunities to make some good money in this profitable industry.