Marijuana equipment financing is trending, and the marijuana industry is booming. With more and more states legalizing cannabis for recreational or medicinal use, the marijuana industry is poised for even more growth in the coming years.
In this blog post, we’re going to take a look at five upcoming trends in the marijuana industry that you should keep an eye on in 2023. From product innovation to marketing tactics,
These trends are sure to have a major impact on the future of the marijuana industry.
Emerging Trends in the marijuana Industry for 2023
In recent years, marijuana has been legalized in many states across the U.S., and this trend is likely to continue in the coming years. This has created a huge market for the drug, which is set to grow even further in the next decade.
Here are some of the most important emerging trends in the marijuana industry for 2023.
- More states will legalize marijuana
As we've already mentioned, more and more states are legalizing marijuana, and this trend is likely to continue in the next decade. This means that there will be even more opportunities for businesses involved in the industry. Missouri fully legalized in 2022, New York fully legalized in 2021, Maryland fully legalized in 2022, Rhode Island fully legalized in 2022
- Medical marijuana will become more popular
Medical marijuana is currently legal in a number of states, and this is set to increase in popularity in the next decade. Many people believe that it can be helpful for treating a variety of conditions, and this is sure to encourage further growth in the market. Medical marijuana is currently legal in 37 states
- The cannabis industry will become increasingly international
As we've already mentioned, marijuana is now legal in a number of states across America, which means that businesses involved in the industry are looking for ways to expand their reach internationally. This is set to give them an edge over their competitors, who won't be able to offer products or services as widely across the globe. Guam, the Northern Mariana Islands, the U.S. Virgin Islands, and D.C have legalized marijuana recreationally.
Stay Ahead of the Game with These Upcoming marijuana Industry Trends
As marijuana continues to become more mainstream, there are a number of upcoming trends in the industry to keep an eye on.
Here are four you should be aware of:
- Increased investment in cannabis research
One trend that's likely to continue is increased investment in cannabis research. This is due in part to the growing acceptance of marijuana as a legitimate form of medicine, and the need for companies and researchers to stay abreast of changes in the market.
- Expansion into new product categories
Another trend that's likely to continue is expansion into new product categories. This is due in part to the increasing demand from consumers for products that cater to their specific needs and wants. Some notable examples include CBD products, vape pens and edibles.
- Increased focus on social media marketing
In recent years, social media has emerged as a powerful tool for brands and businesses looking to reach out to consumers. This is particularly true when it comes to marijuana companies, which have a unique opportunity (due to its status as an illicit substance) to engage with young people who are increasingly influential when it comes to purchasing decisions. And marijuana equipment financing is available in the USA.
What to Expect in the marijuana Industry in 2023: 4 Trends to Watch
The marijuana industry is growing quickly, and there are a lot of things to watch in the coming years.
Here are four trends to keep an eye on:
- More States Legalizing Marijuana
As of November 8, 2016, eight states had legalized marijuana for recreational use, while four more states had approved medical marijuana. This trend is likely to continue as more and more people become aware of the benefits of cannabis.
- Expansion into New Formats of Delivery Systems
A big trend in the marijuana industry is the expansion into new delivery systems. There are now dispensaries that offer delivery service, as well as companies that are developing cannabis-based products that can be inhaled or ingested via other methods such as skin patches and vape pens.
- Medical Cannabis Becomes Much More Accessible Than It Used To Be
One of the biggest challenges facing the marijuana industry is accessibility. Medical cannabis used to be very expensive, but it has become much more affordable over time. This has made it more accessible to a wider range of people, including those who may not have been able to afford it before.
- Increased Focus on CBD Products and Hemp Foods
CBD (cannabidiol) is a type of cannabinoid that has been shown to have a number of beneficial effects, including anti-anxiety and anti-inflammatory properties. As CBD becomes more popular, companies are focusing on creating products containing this cannabinoid in greater quantities.
The Future of the marijuana Industry
The cannabis industry is booming, and with good reason. Marijuana is now legal in a majority of US states, and its medical benefits are well-known.
However, the recreational marijuana industry is still in its infancy, and there are plenty of unknowns about how it will grow.
Here are upcoming trends to watch out for in the marijuana industry:
- Increased Access to Cannabis
As more states legalize marijuana, the market will continue to grow. Cannabis businesses that can get their products into more stores and across state lines will have an advantage.
- Increased Use Among Older Age Groups
Marijuana usage has been on the rise among older age groups for several years now. This could partly be due to increased state legalization efforts, but it could also be attributed to growing acceptance of the drug overall. As more people become comfortable with marijuana use, older adults are likely to become even more entrenched in its culture.
- More Innovative CBD Products
CBD (cannabidiol) is one of the main active ingredients in marijuana, and it has a wide range of medical benefits. However, many people don't know that CBD products can also be used recreationally. This could lead to increased use among younger adults who are interested in exploring all of the potential benefits that CBD has to offer.
- Expansion into Other Industries
Additionally, another trend that is likely to continue is the growth of medical marijuana businesses. This is because the medical marijuana market continues to grow at a rapid pace around the world. In fact, according to one study published in JAMA Internal Medicine, sales of medical marijuana will reach $24 billion by 2030. This indicates just how popular this form of cannabis continues to be among consumers and healthcare professionals alike.
Stay on Top of the marijuana Industry with These Predictions for 2023
Looking ahead to the year 2023, there are a few trends that marijuana industry experts predict will continue to dominate the market.
One trend is that marijuana will likely be more accessible than ever before. With new states voting to legalize the plant for recreational and medical use, dispensaries and businesses in the industry are struggling to keep up with demand. This means that prices for marijuana will likely fall, making it more affordable for consumers.
Another trend that experts predict will continue is growth of CBD products. CBD is a non-psychoactive compound found in cannabis that has been shown to have a variety of benefits, including relief from pain, inflammation, and anxiety. As CBD becomes more mainstream, companies specializing in selling this type of cannabis product will continue to grow in popularity.
Lastly, regulators and lawmakers are still trying to figure out how best to regulate the marijuana industry. This means that there will be changes in policy and regulation over the next few years, which could impact the way the market behaves.
Cannabis equipment financing is becoming more popular as marijuana businesses continue to grow and expand. In fact, trust capital analyzed data from the Marijuana Business Daily and found that marijuana equipment financing will be a $1.4 billion industry by 2023.
Some of the anticipated trends for cannabis equipment financing in 2023 include:
-An increase in private investment: Private investors are expected to invest $1.2 billion in cannabis equipment finance in 2023, according to trustcapital research. This is likely due to the increasing legalization of marijuana around the world, as well as an increased interest in the industry from traditional investors.
-A rise in technology investments: Another trend that trust capital expects to see increase in 2023 is technology investments. These investments will go toward developing innovative solutions that can help growers improve their operations.
-An increase in product offerings: Manufacturers of cannabis equipment are expected to offer more diverse products than ever before to meet the needs of growers. This includes everything from water tanks and ventilation systems to grow tents and pesticides. To start marijuana business is very costly but don’t worry because Trust Capital offers the best marijuana equipment financing option at a competitive rate. For more about marijuana equipment financing contact us today!
Final Thoughts on 5 upcoming trends in the marijuana industry to keep an eye on 2023
As the marijuana industry continues to grow, it is important to stay ahead of the curve and lookout for upcoming trends in order to capitalize on this growing market.
In this article, we outline five upcoming trends that you should keep an eye on in the marijuana industry in 2023. From recreational legalization to the rise of CBD products, these are all areas that will continue to be explored and developed over the next few years. If you want to be on top of this trend, it is important to explore all aspects of cannabis and its derivatives so that you can make informed decisions about your investment.
Contact us today to learn more about financing and marijuana equipment financing!