As the cannabis industry continues to move forward, most people believe it will continue to accelerate in the coming years, from consumers to the distributors and retailers.
The rapid growth of the cannabis industry is attributed to the various steps governments have taken toward legalization. In 2021, investors doubled down on their support for the technology that is currently helping to drive the industry forward.
Despite the challenges that the industry faced in the past year, such as the global pandemic and the lack of progress on federal policies aimed at modernizing the industry, it still managed to grow. With the support of a record-high number of Americans for legalization, industry leaders believe the market will continue to flourish in 2022 and beyond.
- Stereotypes Will Fade
Despite the various positive effects of cannabis, negative stereotypes about consumers continue to exist. However, this is expected to change in the year to come.
A study by Dutchie surveyed 5,000 adult cannabis consumers in Canada and the United States, revealing that most of them are women. They are also highly educated and have a healthy lifestyle. This proves that the stereotypes about consumers are not only wrong but also very contrary to what people typically imagine.
A study conducted by FlowHub revealed that the number of modern cannabis consumers is increasing. This shows that the industry leaders are in a solid position to capitalize on the growing industry’s opportunities.
As the number of cannabis consumers continues to increase, industry leaders must increase their efforts to help them find the right product for their needs. This will allow them to make informed decisions when it comes to buying. One of the most critical factors that industry leaders should consider is the increasing number of product descriptions geared toward helping consumers look past the high THC content and focus on the quality of the product.
- Normal Cannabis Shopping Experience
Despite the various positive effects of cannabis, the presence of regulations has hindered the operations of its retailers. Although the federal government is unlikely to pass legislation that would allow the national legalization of cannabis by the end of 2022, several states will still be holding out for the opportunity to do so.
This will allow the industry to move toward a more convenient and safer shopping experience. One of the most critical factors that industry leaders should consider is the increasing number of technological solutions that allow them to provide this retail experience. Unfortunately, most of the industry has still had to rely on cash payments. This is not an ideal solution for both consumers and businesses.
In addition to the traditional payment methods, consumers are also starting to use pay-ahead and roadside pickup services. These services will only grow in importance next year. Although the traditional e-commerce model has dominated the operations of most industries, the cannabis industry will finally see the emergence of innovative solutions that will allow it to provide a more seamless and secure shopping experience. These new services will help retailers manage their compliance requirements and lower costs.
The New Era
The following year will bring various changes and surprises to the cannabis industry. Due to the increasing number of countries that are expected to allow the legalization of cannabis, technology will play an essential role in making it easier for consumers to access these products.