The cannabis industry matures and continues to grow dramatically with each passing year. Not only in terms of market size but also manufacturing processes, technology, and cannabis consumer behavior.
For decades, the cannabis business has fought for legalization. Finally, when it has been legalized in most of Europe and North America, the cannabis market is growing at a rapid pace and opening doors for other industries to grow with it.
Cannabis Industry Statistics
According to Reports and Data, the global cannabis market size was USD 20.45 Billion in 2020 and is expected to register a CAGR of 26.70% to reach USD 137.83 Billion by 2028. That is massive growth potential and the increasing demand for legal marijuana due to the growing number of legal cannabis countries. The use of medicinal marijuana for a variety of ailments is gaining traction worldwide. Medical marijuana is supplied to patients suffering from chronic illnesses such as Parkinson’s disease, cancer, Alzheimer’s disease, and various neurological disorders. Cannabis oil demand is expanding significantly, particularly in nations that have legalized medical marijuana. Recent novel food regulations in Europe will bolster the growth of CBD isolates even further in the next years. Additionally, children who consume cannabis are administered oil solely because it has demonstrated remarkable benefits in treating illnesses such as epilepsy.
The annual growth rate of the cannabis industry continues to defy expectations every year. Cannabis consumers across the world are showing incredible support for legal marijuana in new markets and old. The stigma is fading away slowly but surely as cannabis sales skyrocket. Medical marijuana regulations are the first steps for some states to open up to fully legalizing marijuana for all adults.
Crop Steering for Indoor Cultivation
One constant in the cannabis market is innovation. The objective of commercial cannabis cultivation is to optimize yields through stage-specific plant growth optimization. In achieving this goal, crop steering has captured the attention of a large number of growers. This technique has been modified for cannabis production to improve yields by manipulating growing conditions and feedings to ‘steer’ plants into vegetative or generative growth. Crop steering allows plants to generate only the amount of leaves and stems necessary for strong blossom development.
Crop steering can be used at any stage of growth to help a grower achieve certain goals. Crop steering systems have exploded in popularity in indoor production facilities during the last few years. To maintain plant balance throughout the cannabis flowering cycle, growers have been experimenting with a combination of vegetative and generative steering.
Crop registration is the process of collecting precise measurements and is likely the most critical component of crop steering. Growers can monitor the effectiveness of their steering activities on the plants and consequent yields through rigorous data collecting.
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Mainstream Businesses Increasingly Supporting The Cannabis Market
AmeriGas, one of the largest propane gas distributors in the U.S., supplies growers in Northern California’s Emerald Triangle with 1,000-gallon propane containers to fuel their operations. AmeriGas is best known for providing propane tanks for backyard grills. However, sales to commercial cannabis farmers are one of the company’s fastest-growing categories.
Clark Associates, based in Pennsylvania and one of the leading distributors of foodservice equipment in the United States, also sees an opportunity in the legal marijuana market. Clark now has four cannabis customers but expects that number to quadruple in the coming months because of the breakneck speed at which the cannabis industry is growing.
Because cannabis companies lack established relationships with equipment manufacturers, Clark is not required to compete with other distributors or persuade cannabis companies to switch providers. However, mainstream businesses see countless opportunities that can come their way through the booming cannabis industry. Therefore, most mainstream companies are taking an active interest in the cannabis market and its future.
In other industries, such as healthcare, where Clark has a strong presence, it might take up to three years from when a sales representative meets a company to when they desire to become a customer. However, in cannabis, if a distributor can meet the needs of a cannabis company, they are ready to proceed. This increases the growth potential for all industries that can associate themselves with the cannabis industry.
Benchmarks for THC Are Being Increased
In the legal marijuana market, there is an intriguing two-way conversation between producers and marijuana users. Each year, breeders and farmers select which cultivars to grow. And consumers use their purchases to communicate their preferences to brands, distributors, and cultivators.
Over the last several years, there has been a distinct increase in demand for strains with a high THC content. Cultivators must play the game and stay current on the market’s preferred strains. Or, much better, a step ahead. In this industry, tastes and preferences fluctuate regularly due to breeders’ continual development of new cannabis strains.
Growers with access to a breeder or an employee capable of initiating a program should produce and identify their strains. The exclusive manufacturer of a particular strain can give any cannabis business a competitive advantage over others.
The Legalization of Cannabis and Its Effect
In the United States, 36 states and four territories have enacted some form of cannabis regulation. In addition, new Jersey, Arizona, South Dakota, and Montana were added to the roster in the November 2020 elections.
Currently, cannabis usage is at varying stages of legality and decriminalization in Europe. These countries include Portugal, the Czech Republic, Russia, Spain, Croatia, Ukraine, and Switzerland. However, it remains illegal in most places in Europe.
Jamaica is the only country where cannabis is celebrated as an integral part of the culture. Costa Rica, Peru, Mexico, Brazil, Peru, Columbia, Argentina, Ecuador, and Uruguay are other countries.
In certain nations, such as Singapore, Korea, Turkey, the United Arab Emirates, Pakistan, Malaysia, and Japan, it is illegal to touch cannabis. Yet, in India, Laos, and Cambodia, it is permitted to consume discreetly.
In Australia, New Zealand, and Africa, recreational cannabis is outlawed. Australia is a global leader in cannabis reform, legalizing medical marijuana for the first time in 2016. Cannabis use is strongly outlawed throughout Africa, particularly in Nigeria and Ethiopia. Compared to other African countries, South Africa is the only country where cannabis use is considered safe. But all over the world, there is a stronger push for the legalization of the use of medical marijuana. Legalized medical marijuana can soon become a big business worldwide and an industry that is being closely watched.
Research Author: Paroma Bhattacharya
Paroma Bhattacharya has dabbled in content production for over half a decade and possesses extensive experience in penning down pieces related to healthcare, technology, banking, and a wide range of other industry verticals. Her articles focus primarily on balancing relevant data while never neglecting to make the material engaging. In addition, she believes in providing objective facts to help people make important business decisions.