The year 2024 is set to be pivotal for the cannabis industry, with anticipated shifts in product innovation, retail trends, and the hemp/CBD market. Recently, we invited our newsletter subscribers, comprised of industry specialists and business leaders, to offer their predictions for the upcoming year. The following are some of the most thought-provoking projections that forecast the potential trajectory for these sectors.
A recurring sentiment across these forecasts is the growing emphasis on product customization and heightened consumer knowledge, which are predicted to significantly reshape the market. This shift is expected to compel cannabis brands, dispensaries, and hemp/CBD producers to expand their product range. The overarching agreement is that as consumers become more informed, they will place higher value on artisanal and premium quality products. Consequently, the strategy of focusing solely on volume and market share may become less beneficial over time. Another notable trend is the potential impact of new AI technology on every facet of the cannabis supply chain. Additionally, the surge in popularity of hemp and cannabis-infused beverages was highlighted as a key trend to watch.
Production & Growing of Cannabis Products
As we navigate through the year 2024, the craft cannabis industry is ready to secure a more substantial portion of the rapidly expanding global market. This growth is fuelled by the rising consumer demand for quality, uniqueness and sustainability. Artisanal producers are well-positioned to prosper, employing advanced horticultural techniques and unique strains to cater to an ever more discerning customer base. Illinois is at the forefront of this movement, setting industry standards with its rigorous regulation that maintains high quality and pricing, potentially advantageous for small-scale, premium craft cannabis enterprises. However, these strict regulatory measures could pose financial challenges to new craft cannabis entrants, highlighting the need for regulatory environments that foster the growth of the artisanal sector. The future success of craft cannabis hinges on successfully navigating these regulations while consistently delivering high-quality products that meet the expectations of discerning consumers.
Consumer Consciousness in the Retail Industry
By 2024, cannabis dispensaries and brands will acknowledge that their primary customer base is not engaging on platforms such as Facebook or Instagram, which have been obstacles to their expansion. Instead, they will turn to alternative social networks like Reddit and Discord. These platforms offer a unique avenue for these companies to engage, interact, and foster strong communities with genuine cannabis enthusiasts.
Embracing AI-powered solutions has the potential to transform employee training and engagement methods, making them more customized, immersive, and aligned with individual preferences. This bespoke learning approach will not only boost staff preparedness but also ensure adherence to ever-changing regulations. The emphasis will be on bite-sized certifications and situational learning, empowering employees, particularly budtenders, to swiftly adapt to market fluctuations and product advancements. In addition, advanced communication platforms, fortified by AI-enabled interactions, will cultivate dynamic and agile relationships among brands, service providers, and licensed employers. This will subsequently create a more knowledgeable and engaged community, capable of amplifying customer experiences.
Emerging Developments in the Sphere of Hemp and CBD-Infused Offerings
The realm of cannabis offerings is expanding beyond the conventional flower and oil forms. Anticipate witnessing an influx of inventive items such as edibles, drinks, topicals, and concentrates. There’s potential for significant growth in the wellness and beauty sectors with cannabis-infused goods. As more studies unfold, we may see a rise in the medical community’s acceptance of cannabis, treating it as a viable solution for a range of health issues. This could possibly pave the way for increased prescriptions by physicians and expanded insurance coverage for medicinal cannabis.