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The Future Of Marijuana Industry – What Do You See?

Cannabis industry is booming and will continue to grow. In the upcoming years, various discoveries of marijuana use will be seen. This will expand the cannabis market more thus bringing more value and worth to it. Well, challenges will still linger but at least they have marijuana marketing services.

The cannabis industry has been flourishing with growth in the last few years. With the rapid expansion of legalization in various states of the United States, the marijuana market is unstoppable now. As recorded till November 2022, 21 states have legalized the personal use of marijuana, while, 37 states have allowed its use for medical purposes.

To have a more detailed outlook, in 2021, cannabis sales had reached up to $25 billion. With the augment of its sales, the marijuana industry is expected to grow at a yearly growth rate of 25% till 2030 building up to $40 billion.

Current progression in the cannabis industry

If you depict the graphical representation of the cannabis market, it is an ever-changing topography.

And, so is the legal landscape. With the growth of the market, there has been a continuous adaptation of laws and regulations based on legality, distribution, use, and growth.

Moreover, the addiction industries such as alcohol and tobacco are also heavily investing in the marijuana industry to expand their foothold in the market. Through various company acquisitions, the alcohol industry is intending to sell cannabis more, in masses. This led to the launch of a new product line, that is, marijuana-infused drinks, and it is marketed as a substitute for alcoholic drinks. As time goes on, this can dramatically alter the current scenario of the cannabis industry.

With such advancements in the cannabis industry, more paths are unearthed to advertise the products such as Cannabis SEO firms. This is increasing marijuana awareness all over the market.

The future of Cannabis Marketing in the U.S.

As seen above, it is a huge yet fast-growing industry with consistent new launches and discoveries. It is an economic giant with big retailers, multi-millionaire companies, dispensaries, media outlets, and cultivation facilities. Still, the lingering stigma of its recreational usage has been an issue for the industry.

Presently, there is also no way to direct marijuana marketing through social media platforms. Due to their ad restrictions, it became a challenge for cannabis services to compete with the other “addiction” industries and grow.

Although, the following trends are most likely to change the game of the marijuana market as more consumers get exposed to cannabis variations.

  • Chances of increased legalization

Cannabis legalization has progressed a lot, especially looking over the last few years. So, it is obvious that more U.S. states will open its door to the use of marijuana.

Many states like Colorado, Washington, Alaska, California, Massachusetts, Illinois, New Jersey, Michigan, and others have legalized the recreational use of cannabis. Florida, Oklahoma, Pennsylvania, Texas, Arkansas, and some more are yet to legalize its personal use.

  • Discovery of more cannabis products

As marijuana has been accepted by many states, major addiction industries are increasing their foothold here. They have been investing a lot in the marijuana market to incorporate cannabis into their product and sell them to the masses. Recently, new lines of cannabis-infused drinks have been marketed as an alcohol alternative. For example, Coca-Cola may produce a fizzy beverage that includes CBD, while Molson-Coors is contemplating making a product that incorporates cannabis.

Even while edibles have always been well-liked, there will probably be a wider range of these goods available in the future. Additionally, due to the federal authorization of the substance, CBD edibles are likely to be offered by businesses that are not typically associated with the cannabis sector. Marijuana flower will probably continue to be the most often used form of the drug in the near future despite the rising popularity of edibles and other cannabis products.

This is just the beginning; more such products are yet to come in this economical market expansion. But, only the top CBD SEO Company can help gain its popularity via SEO expertise.

  • Establishment of new dispensaries

With new products and increased use of marijuana, more marijuana dispensaries will be established. Through dispensary marketing services, all dispensaries will experience augmented sales as legalization is likely to increase in future years.

  • Sales augmentation in the cannabis industry

Because marijuana is legal in most states, sales are likely to increase in number too. Over $400 million value cannabis was sold on July 4th this year. Experts expect the cannabis industry has the potential to grow up to $130 million per year. This is not going to happen as recent as in 2023, but in near future, for sure.

  • More customer awareness

Digital marketing has plenty of restrictions on cannabis promotion. But the situation will get better as new online marketing strategies are implemented by a top hemp marketing company. These strategies will help people know more about cannabis and thus its customer base might increase as well.

The old customers will exist, moreover, more male and female marijuana users will grow in numbers over time. Additionally, there are likely to be mixed medical and recreational cannabis users in the future.

The consumer base will vary largely based on the amount they spend on cannabis. On average, people like to spend $25 to $50 on its products. Only a few will spend more than that or less than the range.

  • Discovery of new uses of medical marijuana

Scientific studies have proved that marijuana and certain components in it have significant health benefits such as lowering cancer risk. Over time, people will more likely to be aware of these benefits and understand that cannabis is safer than alcohol. Hence, researchers are conducting more studies to discover new uses for medical marijuana.

  • More doctors will advocate medical marijuana use

As scientists are becoming more aware of the benefits of medical marijuana, doctors are likely to suggest increased use of medical marijuana for patients.

  • Investment in cannabis stocks

Due to the cannabis market growth, stocks will also grow considerably. But investment in these stocks will however bear a considerable amount of risk. Though there are plenty of companies that are willing to take that risk.

Apart from these anticipated new changes in the marijuana industry, some roadblocks will continue to take a toll on this market.

A few challenges the cannabis market may experience

It is quite fortunate that the marijuana industry to experience growth in recent years. But one of the main challenges they might encounter is with digital marketing. Due to the limitations in the social media platforms regarding the promotions of cannabis, paid marijuana marketing become a no-valid option, and companies or dispensaries have to stay dependent on organic traffic only.

Even the dispensaries, cannot deploy online advertisements on Google and Facebook. That is because these podiums prohibit such marijuana companies and entities to run ads on them. In such cases, dispensaries can opt for dispensary marketing services from experts who provide cannabis marketing solutions like cannabis SEO firms.

Banking is another limitation imposed on cannabis businesses. Banks are prohibited to sanction or conduct any transaction with any establishment or entity in the cannabis industry. Doing so might violate certain banking laws and the institution has to face certain consequences.

To change these limitations into possibilities, dispensaries and companies must take assistance from a top-tier cannabis consulting agency. These services craft marketing strategies based on your target customers, the products you are selling, and your brand vision. TopIT Cannabis is an expert in providing effective marketing solutions to cannabis brands who seek success with proper brand promotion. We bring you only the relevant digital marketing ideas to reach your customers and give them an insight into your products.

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