Move over, soda – there’s a new king of consumables in town. As fizzy drink consumption fizzles out, cannabis industry growth is blazing a trail to the top. What does this mean for your cannabis business? Let’s take a look.
Soda’s slow sippage
Per capita soda consumption hit a 31-year low in 2016, and the downward trend shows no signs of stopping. Health-conscious consumers are ditching sugary drinks faster than you can say “pass the joint.” With bottled water set to overtake soda soon, it’s clear that times are changing. And savvy cannabis businesses need to be ready.
Cannabis: The new refreshment?
While Coca-ColaTM and other beverage giants scramble to adapt, cannabis sales are hitting new highs. Industry experts predict the cannabis market could reach a whopping $75 billion by 2030. That’s nearly as large as North America’s entire carbonated soft drink market in 2017. Talk about growth potential!
Vivien Azer, a cannabis sector analyst at Cowen and Co, paints an even rosier picture of cannabis industry growth. According to Azer, cannabis sales have already hit the $50 billion mark – years ahead of previous forecasts. While other research firms like BDS Analytics and Marijuana Business Daily offer more conservative estimates, one thing is clear: the cannabis industry is on fire.🔥
Factors Driving Cannabis Industry Growth
The rapid acceleration of cannabis industry growth can be attributed to various factors, including changing social attitudes, expanding legalization and innovative product offerings. As the industry continues to evolve, businesses must stay agile and responsive to consumer demands to capitalize on this growth.
Navigating the legal landscape
Of course, challenges remain. Cannabis is still classified as a Schedule 1 substance federally which creates a complex patchwork of state and federal laws. But don’t let that discourage you! Where there’s complexity, there’s opportunity.
One in six Americans can now legally use cannabis, with nine states and Washington D.C. allowing recreational use. As of July 31, 2024, there are 31 states that have fully legalized cannabis. As public support for nationwide legalization grows, smart businesses are positioning themselves to ride the wave of cannabis industry growth.
Alcohol feels the heat
The rise of cannabis isn’t just giving soda companies a headache; it’s also putting pressure on alcohol sales. Research shows that binge drinking rates in states with legal cannabis are 9% below the national average. As Azer notes, cannabis is becoming a popular alternative “social lubricant” to alcohol.
Some alcohol industry players are seeing the writing on the wall and jumping on the cannabis bandwagon. From craft breweries experimenting with terpene-infused beers to major players like Constellation Brands investing in cannabis-infused beverages, innovation is the name of the game.
What full legalization could mean for your business
If nationwide recreational legalization becomes a reality, the opportunities – and competition – will skyrocket. Studies show that alcohol sales dropped by up to 15% in states where medical cannabis was legalized. Imagine the potential impact of full recreational access on cannabis industry growth!
As a cannabis business owner, now is the time to prepare for this explosive growth. Here are 5 ways that we can help you stay ahead of the cannabis industry growth curve:
- Compliant packaging solutions – Navigate complex regulations with our wide range of child-resistant and odor-proof options.
- Innovative designs – Stand out on shelves with our eye-catching, proprietary packaging designs.
- Sustainable options – Appeal to eco-conscious consumers with our growing line of environmentally-friendly packaging.
- Customization – Build brand loyalty with packaging tailored to your unique products and vision.
- Industry expertise – Tap into our years of cannabis packaging experience to make informed decisions for your business.
Global market shake-ups on the horizon
Keep your eyes peeled for upcoming developments that could reshape the global cannabis industry:
- The World Health Organization’s cannabis policy review
- FDA decisions on cannabis-derived epilepsy treatments
- Canada’s impending legalization of CBD hemp extraction and adult cannabis use
As the industry evolves at breakneck speed, having a reliable packaging partner is more crucial than ever. Green Rush Packaging is here to support your business through every twist and turn of cannabis industry growth, ensuring you’re always ready to meet market demands.
Don’t let your cannabis business get left behind in the dust. Partner with Green Rush Packaging today and position yourself for success in this booming industry. Together, we’ll package your products for maximum impact and help you ride the green wave to the top.
