Marijuana consumers can attest to the fact that the modern marijuana experience is changing at lightning speed since they are experiencing the speedy growth firsthand. This is seen from the increased marijuana products being displayed on the shelves in dispensaries and the spread of marijuana reforms throughout the U.S. states, as well as the establishment of consumption lounges in selected locations. Besides, people should expect more changes in the marijuana sector in the near future.
This year, some of the changes that will take place include the presidential elections and the Food and Drug Administration (FDA) colossal duty of regulating CBD for human use.
We are optimistic about the 2020 trends because marijuana is developing into a designated commodity crop, and the cannabis sector is sort of similar to other traditional industries as legalization and commercialization of the plant continues throughout the nation.
Discussed below are some of the changes to expect in 2020.
- More emphasis on quality and accountability
The legal marijuana sector started with low expectations where people were expected to cultivate marijuana flowers or develop infused products that meet the state’s quality standards and then sell it to the consumers. However, this year people should expect to see drastic changes in the quality and accountability of marijuana products — because farmers have realized that growing better pot flowers gives them a competitive edge.
Marijuana edibles and topicals will also experience changes because brands will start investing in better, healthier, sustainable, and more luxurious ingredients, especially after the recent vaping illness outbreak.
- Favorable federal amendments
Although marijuana is still federally illegal, many pot fans are not affected by federal marijuana policies in their daily lives because cannabis is available in many U.S. states, making it possible for the majority of Americans to access legal marijuana.
In the U.S., every plant used for commercial purposes, through the dispensaries, cultivation facilities, manufacturers, pays a fee to the state. Acquiring a business location is very costly because of the restrictive zoning requirement and the stigma surrounding marijuana. Also, taxes imposed on pot are off the charts because of the IRS tax code 280E. Due to the difficulties of accessing financial services from the banks, licensed marijuana businesses are faced with the challenge of handling capital.
However, some of these challenges will change this year, and the consumers will experience the change because the U.S. Congress passed legislation that authorizes marijuana businesses to operate as any other business as well as the SAFE Banking Act.
- Enhanced marijuana technological discoveries
In the last few years, there have been remarkable innovations in the canna-tech space, such as the hypur and Eaze delivery app, and we have also seen some failed tech innovation.
However, in 2020, we expect to see more canna-tech innovations because of the increased market confidence, funds availability, and the lessening of the stigma against weed. Besides, consumers are demanding heightened marijuana experiences.
Therefore, people should expect to see game-changing extraction pieces of machinery and consumption devices such as vaporizers. Farmers should also expect to see technological equipment that will make a significant impact on breeding and farming programs, and such technology will be on humidity control and decontamination. These technological improvements will be vital for companies that are considering exporting large shipments of marijuana around the globe.
Analysts posit that marijuana companies like The Green Organic Dutchman Holdings Ltd. (TSX: TGOD) (OTCQX: TGODF) and Youngevity International Inc. (NASDAQ: YGYI) expect the issues above to have a strong bearing on the development of the industry in the coming years.
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