The medical cannabis industry has seen a surge in recent years as more and more countries have legalized the use of medical cannabis. The global medical cannabis market is projected to reach USD 41.3 billion by 2027, growing at a CAGR of 13.9% during the forecast period (2022-2027). In 2020, the market was valued at USD16.7 billion. The legalization of medical cannabis in several countries has resulted in the increased use of medical cannabis for the treatment of various medical conditions such as chronic pain, cancer, anxiety, and sleep disorders. Moreover, the rising awareness about the medical benefits of cannabis is also driving the growth of the medical cannabis market. However, government regulations regarding medical cannabis are still strict in many countries, including a few states in the US, thus limiting its growth. Despite all the limitations, the cannabis industry is expected to continue to grow in the coming years.

In this article, I’ve discussed the 10 trends we see in the medical cannabis industry.

Cannabis flower market share is on a decline

Cannabis flower still holds the largest share of the adult-use marijuana market in the United States, but that dominance is slowly eroding as other cannabis products gain in popularity. A report from cannabis market research firm BDS Analytics found that flower sales still make up the lion’s share of the adult-use market, but that other product categories are growing at a faster pace. In particular, sales of vape cartridges and extracts have surged in recent years, as consumers seek out more potent and convenient cannabis products. Even edibles are starting to eat into flower’s market share, as more states legalize cannabis for recreational use. For example, sales of cannabis concentrate grew by nearly 50% in 2019, while flower sales only rose by about 10%. It seems likely that flower’s dominance of the cannabis market will continue to decline in the years to come, as consumers explore the wide range of cannabis products now available to them.

Cannabis sales will increase even further

The global cannabis market is expected to reach $35 billion in sales by 2022, according to a recent report from BDSA. This represents a significant jump from 2021 sales of $29 billion and is attributable to the compound annual growth rate (CAGR) of more than 16%. The majority of global cannabis sales will continue to come from the United States and Canada. The report also forecasts that global cannabis sales will surpass $61 billion by 2026. These figures underscore the growing demand for cannabis products around the world and the immense potential of the global cannabis market. This continued growth will be fueled by ongoing legal and regulatory changes, as well as the ongoing development of new and innovative cannabis products.

More relaxation on restrictions set on promotions of medical cannabis

Cannabis remains illegal at the federal level, despite more liberal attitudes and legalization in numerous states. This can create complications for businesses looking to market their products or services related to cannabis. For example, banks and financial institutions are subject to federal regulations, which means they may be hesitant to work with businesses involved in the sale or production of cannabis. In addition, online advertising platforms such as Google and Facebook among others are also subject to federal regulations, which means they may not be willing to accept ads for cannabis-related products or services. As a result, businesses looking to enter the cannabis market may need to get creative when it comes to marketing their products or services. For now, however, companies that produce and sell cannabis products need to be aware of the risks associated with marketing a federally illegal product. These risks include hefty fines and even prison sentences for those who violate the law. As attitudes continue to evolve and more states legalize marijuana, the restrictions on marketing these products will likely loosen. Until then, companies need to tread carefully when it comes to promoting their cannabis-related products and services.

As of today, advertising cannabis products has posed to be difficult. Social media channels have a no-nonsense attitude towards cannabis ads. Strict guidelines are put in place. Even after all that, we still see ads related to cannabis products every now and then. That gives a sense either companies are utilizing loopholes or these social media channels are actually relaxing restrictions on certain types of ads. Organic promotions have almost no restrictions. As the industry continues to evolve and people get more and more educated, these set limitations on ads will slowly be removed.

More cannabis product variations will be available

Over the past few years, there has been a rapid increase in cannabis use and cannabis products. This is due to the fact that THC and CBD can be consumed in many different ways, including smoking, vaping, and ingesting. As a result, there are a wide variety of cannabis products available on the market. Some of the most popular cannabis products include edibles, tinctures, and topicals. Edibles are cannabis-infused foods that can be eaten for leisure or medicinal purposes. Tinctures are liquid cannabis extracts that are typically taken orally. Topicals are cannabis-infused creams or ointments that can be applied to the skin for pain relief or other purposes.

One of the most popular cannabis products on the market today is CBD oil. CBD oil is made by extracting the CBD from cannabis plants and then diluting it with a carrier oil, such as coconut or hemp seed oil. CBD oil can be taken orally, applied topically, or inhaled via a vaporizer. Some people use it to relieve anxiety, while others use it to help manage chronic pain. Another popular cannabis product is THC-infused edibles. THC-infused edibles are food items that have been infused with cannabis extract. They can come in many different forms, including candy, cookies, brownies, and gummies. THC-infused edibles are a popular option for people who want to experience the psychoactive effects of cannabis without smoking or vaporizing it. With so many cannabis product variations available, there is sure to be a product that meets one’s needs and preferences.

People will be more aware of the benefits before purchasing

There is a lot of talk about the benefits of medical cannabis these days. Some people swear by it for pain relief, while others say it has helped them with anxiety or depression. But are people really more aware of the benefits of medical cannabis before they purchase it?

It’s hard to say for sure. On the one hand, there is more information available than ever before thanks to the internet. People can easily read about the potential benefits of medical cannabis and make an informed decision about whether or not it is right for them. On the other hand, many people still view cannabis as a recreational drug and may not be fully aware of its medicinal properties.

It is anticipated based on evidence that people are more likely to purchase medical cannabis if they are aware of the benefits before they make their purchase. When people were given information about the benefits of medical cannabis, they were more likely to say that they would consider purchasing it. Ultimately, it is up to each individual to decide whether or not they want to try medical cannabis. If you are considering it, be sure to do your research and talk to your doctor to see if it is right for you.

More doctors will recommend medical marijuana

A recent study found that doctors are woefully unprepared to prescribe medical marijuana, despite it being legal in 29 states. The study, published in the journal Drug and Alcohol Dependence, surveyed doctors and found that only 35% felt prepared to answer patient questions about medical marijuana. In fact, nine out of 10 doctors say they are unprepared to prescribe cannabis. This lack of preparation is concerning, given the increasing availability of medical cannabis. Researchers at Washington University School of Medicine attributed the lack of training to the fact that medical schools rarely address the topic. With more and more states legalizing cannabis for medicinal purposes, it’s time for medical schools to step up and ensure that future doctors are properly trained on the subject.

But things are changing fast. More and more doctors are certified to prescribe medical cannabis. These days it is not even necessary for qualified patients to physically visit a doctor to be recommended a medical card. Virtual platforms have come to the service with doctors in multiple states.

Cannabis stocks will gain traction

The legal weed industry has been booming lately. Dispensaries, considered essential businesses, have seen a nearly 40% increase in sales year-over-year. This trend is expected to continue, with sales projected to reach $37 billion by 2024. A major contributing factor to this growth is changing public opinion. More voters than ever before support the medicinal and recreational legalization of weed, and there is hope that federal decriminalization and legalization will occur if the Democrats win the presidential election. Another driver of the legal weed industry is the current economic climate. With unemployment rates rising, more people are turning to weed for both recreational and medical purposes. At the same time, states are looking for ways to increase tax revenue, and legalization would provide a much-needed boost. With so many factors working in its favor, the bull case of the legal cannabis industry is flourishing.

Cannabis stocks have been on the rise in recent years as more and more states legalize marijuana on a medical or recreational basis. One of the main reasons for this is that cannabis has been shown to be an effective substitute for opiates in treating pain. In fact, data from states that have legalized marijuana shows that overdose deaths from opiates have decreased by as much as 35%. This is encouraging news, as it suggests that people are more likely to choose marijuana to treat their pain instead of a hard-to-attain prescription for a drug that has a much higher addiction potential and far more side effects. With the data backing up the efficacy of cannabis in treating pain, it’s no wonder that investors are pouring money into cannabis stocks.

Mergers and Acquisitions would be the key growth strategy

Mergers and acquisitions in the cannabis industry have been proceeding at a torrid pace in 2021, thanks to lower interest rates and pressure on larger companies to expand their footprints and boost revenue. And this activity has accelerated even further in 2022. There are a number of factors driving this flurry of M&A activity. First, with interest rates remaining at historically low levels, companies have more cash available to fund acquisitions. Second, as the cannabis industry matures, there is increasing pressure on companies to expand their operations in order to maintain or grow market share. One key trend that is driving M&A activity in the cannabis industry is the consolidation of the retail market. With more states legalizing recreational marijuana, there is increasing competition among retailers for market share. This has led to a wave of mergers and acquisitions among retail chains, as companies look to expand their reach and build scale. Many large companies see acquiring smaller cannabis businesses as a way to quickly enter the burgeoning marijuana market. As a result, we expect to see continued M&A activity in the cannabis industry in the coming year.

Reputation as “recession-proof” will solidify the industry’s position in the business world

The global pandemic has presented many challenges for businesses across a wide range of industries. For cannabis companies, these challenges include inflation and supply-chain issues. However, despite these challenges, retail sales of marijuana have remained relatively robust. The launch of new markets, including those in Canada and the United States, has helped to drive sales growth. Additionally, the increasing acceptance of cannabis as a legitimate medical treatment option has also contributed to sales growth. As the market continues to expand and more consumers become aware of the benefits of cannabis, retail sales are expected to remain strong.

Sales at the retail level have remained strong throughout the crisis. Several factors are contributing to this. Firstly, as more states legalize cannabis, the market is expanding and more people are becoming interested in trying it. Secondly, many people are using cannabis as a way to cope with stress and anxiety during these difficult times. And finally, with more people staying home, they have more time to visit dispensaries and explore different products. Although the pandemic has created some challenges for cannabis companies, it has also opened up new opportunities for growth.

Tincture and sublingual category is booming in Canada

The tincture and sublingual category is booming in Canada. Some reports highlighted that just a couple of products in particular supplied more than 70% of the category’s sales in 2021, contributing to the vast majority of sales. Tinctures are high in demand due to the fact that they can be easily consumed and offer a wide range of therapeutic benefits. Sublinguals are also gaining popularity as they are a discreet way to consume cannabis. Pre-rolls, topicals, concentrates, and flowers (and ground flowers) are also popular Canadian product segments. Although mixed strain Pre-Rolls and ground flowers’ performance were very positive, tincture and sublingual categories dominated the Canadian market. This is likely due to the fact that tinctures and sublinguals offer a convenient and potent way to consume cannabis.

Final Takeaway

Marijuana’s medical worth is becoming clearer as it shows to be a surprisingly flexible, safe, and affordable medicine. Quasi-legal buyers clubs, limiting designation as prescription medicine, the isolation of specific cannabinoids, and the manufacturing of synthetic analogs are all being proposed as ways to make cannabis ingredients therapeutically available. All of these recommendations are unrealistic, according to a careful examination of the possibilities of this affordable medicine. Furthermore, cannabis has so many therapeutic uses that only the strictly medicinal ones should be approved, and its medical potential will never be exploited as long as it is forbidden for any other use. As a result, cannabis should be legalized under rules comparable to those that govern alcohol.