January 20th, 2021 | Updated on April 13th, 2021
The cannabis industry has been on the rise for the past years, and will keep on rising this 2021. Even if the economy slowed down due to the pandemic, it did not slow down the cannabis market. In fact, cannabis sales keep on growing as people are mostly staying at home and looking for ways to keep their sanity.
With the rise of cases of stress, anxiety, depression and other mental illness, CBD is expected to fill the gap in strengthening our mental health. Cannabis offers a wide variety of therapeutic benefits, both physically and mentally.
People are starting to understand how cannabis works in the body system and how they can benefit from these products. So, it is expected that year 2021 will be great for the cannabis industry.
The industry has been moving forward and will keep on growing and here are some things that might impact its rise.
Soften Regulations Against Cannabis
The lack of federal regulations has been a hindrance to the cannabis industry for years. The Food and Drug Administration (FDA) approves all the products that come into the market.
According to FDA’s recent rules, drugs that contain cannabidiol (CBD) fall under Schedule I substances and they require approval from the agency before being offered to the public. This impacts the quality of ingredients of CBD products available in the market.
More U.S. states are legalizing the use of cannabis, both for recreational and medical use and with more studies being conducted; the FDA is expected to create easier regulations.
More Investments in the Cannabis Industry
The cannabis market is growing, and companies, even celebrities can’t look down at its potential. As more companies pour money into research and product development, we can expect a wide variety of high quality products to choose from.
One notable investment came from Jay Z, who is now a legitimate player in the cannabis industry with his high-end cannabis brand, Monogram. In 2019, Jay Z joined Caliva to develop Monogram and on December last year, they released a four-strain line of craft, indoor-grown cannabis flower and joints.
Diversified Cannabis Products Available
Gone are days that cannabis is only linked to smoking pot. There are now a wide variety of cannabis products available for different types of use, including wellness, beauty and even for pets.
While there are a lot of cannabis products available in the market, it is expected to expand as more companies are digging deeper to develop new lines of products to cater the growing demand. Some worth trying cannabis products are CBD oils, THC gummies (check THC products here), and hemp pre-rolls.
Increase in Education and Awareness
As the cannabis buzz increases, resources about its use, benefits and effects are surging too. Pro-cannabis groups and some health publications are now providing education and awareness to cannabis where people interested can easily dive in.
In 2021 and the succeeding years, we will see brands focusing more on providing education to public about the potential of cannabis. We can also expect family and friends who have tried cannabis products to come out and share their stories.
The cannabis industry has been growing rapidly and despite the economic uncertainty, it will keep on rising. As more people become aware and educated of the benefits of cannabis, more people will try it.
In case you’re having doubts, you may want to consult with a health professional or talk to the shop where you are buying. They can definitely give you informative advice and guide you on how to choose and use the products.
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