What do you expect to see from the cannabis industry in 2018? Do you have reason to believe that things will pretty much stay the same over the next 12 months? Or are you among the group of people who are expecting huge growth over this period of time?
The cannabis industry is not standing still. Instead, thanks to continued legalization in states throughout the country, it’s growing by leaps and bounds. While there is no way of knowing exactly what will happen with the cannabis industry in 2018, there seems to be a consensus that growth will continue to be strong.
Did you know that cannabis sales totaled $6.7 billion in 2016? While the final numbers aren’t yet out for 2017, you can rest assured that it will be more than $7 billion. Forbes touched on this growth earlier in the year, noting the following:
“North American cannabis sales grew by an unprecedented 30% in 2016 to $6.7 billion as the legal market expands in the U.S. and Canada, according to a new report by Arcview Market Research. North American sales are projected to top $20.2 billion by 2021 assuming a compound annual growth rate of 25%. The report includes Canada for the first time as it moves towards implementing legal adult use cannabis.”
So, not only are things picking up right now, but there is reason to believe that annual growth will be off the charts over the next five years.
There are many reasons for the growth of the cannabis industry, including the fact that its use is becoming legal in more states.
Here’s something else to consider: entrepreneurs see a big opportunity in this space, so they’re spending more time and money looking for ways to get involved.
420TV is an example of a company riding the coattails of strong industry growth. By bringing to the world high-quality content in all facets of the industry, the company is hoping to use this growth to its advantage.
What to Expect in 2018
As with any industry, there is no way of knowing exactly what will happen over the next 12 months. However, with the cannabis industry, we have a fairly good idea of certain trends. That’s because the industry is getting more mainstream coverage than ever before.
One of the first things you should expect is for more states to legalize cannabis use. Right now, there are eight states (and Washington, D.C.) where it’s legal to use cannabis.
Note, however, that while these states may share the belief that it’s legal to smoke cannabis, each has its own laws. For example, in Maine, residents have the legal right to possess 2.5 ounces of cannabis, which is roughly double the limit of most other states.
In the year to come, don’t be surprised if these eight states revisit their current laws to see if any changes should be made.
Also, keep an eye out for more companies entering the industry. This is one of the more exciting aspects of the legalization of cannabis.
While there are many companies already out in front of the cannabis industry, there is plenty of room for more in the future. As the industry grows, it’s only natural for entrepreneurs – especially those with an interest in cannabis – to get involved in some way, shape, or form.
What you see right now in the cannabis industry is not what you will see in a few months. You can expect a lot to change in the industry in 2018, so make sure you’re on the lookout. Who knows, you may even find a way to get involved yourself.
What are your thoughts on the current state of the cannabis industry, as well as where things will head in 2018? Is there anything in particular you are looking forward to experiencing in the year to come? Share your thoughts in the comment section below. It’s always interesting to hear what others think about the industry and its direction.