As the American cannabis industry grows nationally, trends in knowledge, business, and science are shaping the state markets.
Growing Cannabis Knowledge
People are becoming wiser by the day about the nuances of cannabis. Knowing the difference between Indica and Sativa seeds is crucial when growing and sharing knowledge. Sharing the growing experience freely wasn’t always accepted and easy. Being educated about the plant, its growth patterns, and each strain or cultivar’s recreational and medicinal properties are beneficial. Cannabis fans are now more aware of the different cannabinoid compounds and terpenes found in cannabis plants.
More people are educating themselves about cannabis and are becoming part of the future of cannabis. Increased knowledge encourages more people to turn to natural ways of healing.
Cannabis seeds sales are booming across the globe. The online market makes procurement convenient for connoisseurs. Laws are easing up across the U.S., allowing home and commercial growers to legally cultivate (except in New Jersey).
According to the cannabis industry projections, experts predict a staggering climb in revenue of $30 billion in sales in 2022. Many small business owners have to keep up with the American cannabis industry’s statistics.
In 2020, legal cannabis sales were approximately $19.5 billion during the worldwide pandemic lockdown. It’s a possible indication of how useful online seed banks are. For sales to increase, demand is rising.
Rolling dried bud into a blunt is no longer the only way to consume cannabis. Due to the growth of the American cannabis industry, consumers now have access to CBD vapes, oils, tinctures, edibles, and topical ointments.
In addition, cooking with cannabis is becoming popular as world-renowned cannabis chefs showcase their menus.
American Cannabis Industry Business Infrastructure Issues
Cannabis is slowly gaining momentum throughout the United States. Pending bills in state legislatures and support from the public to legalize cannabis positively impacts the future of cannabis.
In several polls, it has been found that more than 50% of the country wants cannabis legalized for adult and medicinal use.
Unfortunately, cannabis is still considered a Schedule I substance under the Controlled Substance Act. However, American cannabis industry experts expect greater federal support in the future.
Smaller cannabis plant-touching enterprises can’t benefit from banking financial assistance to grow their business. Removing this label from cannabis seeds would open up the banking and insurance sectors for cannabis businesses. Business expansion is dependent on the passing of the SAFE (Secure and Fair enforcement) Banking Act and HR 2068, the CLAIM (Clarifying Law Around Insurance of Cannabis) Act.
Cannabis Risk management has always seemed exceedingly difficult since insurance companies aren’t willing to cover the growing plants. It leaves businesses cultivating for commercial purposes with unprotected crops in the unfortunate event of a natural disaster. Growers could insure their crops the CLAIM Act passes Congress and is signed into law.
The CLAIM Act was introduced into the House of Representatives by Congresswoman Nydia Velazquez (D-NY-7) and is co-sponsored by Steve Stivers (R-OH-15). The bill has not passed committee yet. Senator Bob Menendez (D-NJ) introduced its companion in the Senate, which also has not passed committee.
Even big businesses in the public sector are setting their sights on the cannabis industry with Mergers and Acquisitions (M&A) activity. Reports by Viridian Capital indicate that in 2021 close to 300 M&A deals took place worldwide. M&A agreements allow the companies to capitalize on the cannabis industry with accessible funding.
As the cannabis trend paves the way for the growing industry, the curiosity of scientists is rising. Continued research allows them to understand the healing and therapeutic properties of the plant fully. Experts confidently acknowledge that doctors may legally prescribe cannabis to their patients in the near future.
All the cannabis industry projections for 2022 are entirely beneficial to cannabis cultivators and breeders. Supply and demand feed the growers’ interest. Whether you buy cannabis for consumption or breeding, it starts from a seed.
Thanks to the world becoming more open to the concept, the future of cannabis is bright.
By Cortney Bennett
Cortney Bennett is a pharmacist at I49 Seed Bank, with 5+ years in the pharmacy field regarding cannabis. She constantly upgrades her knowledge and skills in the weed industry. Cortney has learned the characteristics of the different cannabis types and their effects on the human body in detail. Her constant thirst for knowledge allows her to stay up to date with all the latest research and discoveries in the cannabis field.