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Are you looking to start your own cannabis business but have no idea where to start? Do you already have a marijuana business but keep seeming to get beat out by the competition?
Trends in the cannabis market are constantly evolving and its important to be aware of these trends. The cannabis industry is currently undergoing a period of exponential growth as legalisation continues its march around the world. With new states legalising each year, we can expect this trend to continue for years and years to come and will undoubtedly change how people consume their weed.
With any new market this will happen. If you are in the industry or are wondering whether to invest, here are the trends that will be changing the industry.
More products
With the advancement in technology happing quite rapidly and the demand for new products by many customers as the market grow, there seem to be so many new products on the market and it doesn’t look like that is going to slow down anytime soon. Newer products that have recently become popular in the marijuana industry include the dry herb vaporiser, bongs, dab rigs, tinctures, and even newer infused foods and edibles. Many of these products can now even be found online, at sites like Smoke Cartel here. The most popular of these by far being those of bogs and dry herb vaporisers with edible not far behind.
When it comes to the marijuana industry, diversity is exactly what you need. There is quite a bad stigma around smoking so the fact that there are now options which allow you to consume marijuana without smoking it makes the industry that much better and allows them to cater to a much bigger customer base.
Banking options
Since the DEA hasn’t yet changed any of the drug laws, marijuana is still technically an illegal product, even though so many countries around the world have now made it legal. This means that cannabis businesses don’t really have many baking options and will struggle to get any kinds of loans from the bank. This can be a big problem because it means that start-up businesses will need to either have all the money, they need up front or they will need someone to invest in their business to get up and running.
Although technically still illegal and struggling to have more banking options, there is talk about how this will change for the better in the future and how cannabis businesses will be treated as any other businesses would be treated.
Customer awareness
These days, because cannabis is becoming more and more legal around the world for recreational use, people are starting to become more aware of the different products that are available to them and how they can go about purchasing them. This is because they are now more freely available and even talked about, rather than being hidden in the shadows of illegality.
This the customer awareness growing along with the industry, so are the standards of the customers. This means that cannabis store should know have a lot more knowledge on their products that they are selling in order to be able to cater to the customers efficiently and effectively.
More legalisations
In the future its safe to say that more and more states in the USA will starts catching onto the trend and start legalising the recreational use of marijuana, at least to a certain degree. This goes for countries all around the world too. At the moment marijuana is legal around the world in varying levels but there is bound to be a point in the future where the sale, consumption, and possession of marijuana is legal.
Online accessibility
At this current point in time there is already a massive online market for marijuana. This is because we are now living in a digital age where everything is moving online. There is already a growing market for online store that sell cannabis related products, such as accessories, concentrates, and more. Soon you will not only be able to just purchase related products but actual marijuana itself online or through various different apps. Now only will this allow for the market to grow incredibly but also make it that much easier for customers to get what they need.
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