This year marked another monumental chapter for the legal cannabis industry. With continued legalization and public acceptance, there’s been a rapid expansion of new markets and users consuming cannabis across the nation, resulting in massive company growth among cannabis wholesalers and retailers alike. And this growth is expected to continue at a rapid clip well into 2022, with no signs of slowing soon.
Below we provide a high level overview of five of the most important trends to keep an eye on as you prepare for the new year.
1. States will lead the way for legalization
The acceptance and growth of adult-use cannabis will continue to expand in 2022, but legalization is expected to continue on a state level. And states without cannabis legalization will continue to watch neighboring states generate even more tax revenue.
2. Retailers will drastically evolve their shopping experience
As more states legalize cannabis, more retailers will enter the market. And to set themselves apart from the competition, retailers will develop innovative ways to spice up the in-store shopping experience for customers.
3. Expect craft cannabis efforts to grow
The adult-use cannabis industry is evolving, and as consumer taste evolves, so will the role of craft growers.
4. M&A in the industry will make even larger headlines
The cannabis industry in the US is still new. Fewer than 20 states have fully legalized cannabis, creating legal restrictions for MSOs looking to scale their business. Therefore, mergers and acquisitions will play a vital role in determining which cannabis players will succeed.
5. Tech innovations will heavily influence ops
Finding the right technology to streamline workflows and eliminate manual tasks for growers, dispensaries, and cultivators can mean the difference between growth or a stagnant company in the new year.
Check out our full, comprehensive 2022 Predictions Guide here for a more in depth look at the top industry trends to consider as you guide your business to continued success in the new year.