The Adapting Cannabis Industry
Shelby Walsh
Consumer Insights Expert | Trend Researcher | Foresight & Cultural Strategy
With the passing of Bill C45, Canada became the second country in the world to legalize cannabis nationwide. A similar shift may be on the horizon for the United States, signifying another huge milestone for the rapidly expanding legal cannabis industry. With potential applications in the recreational, medical, and wellness spaces, it’s an undeniably powerful market. Currently, it’s projected to be worth $57 billion by 2027.
As legal cannabis becomes more widely accessible, long-held public conceptions about its use are evolving. People from a wide range of age groups and lifestyles are openly using cannabis products, and it’s becoming clear that traditional “stoner” stereotypes no longer apply. As a result, the rapidly growing cannabis industry is also quickly adapting to become more inclusive. We’ve followed the industry’s evolution at Trend Hunter, and uncovered some interesting insights. Here are a few I’ve studied:
Whether for its medical benefits or mild mind-altering effects, cannabis consumption by Baby Boomers is on the rise. Brands are catering to this demographic both in their product offerings (such as Boomer-targeted hemp oil products) and their retail experiences (some dispensaries now offer discounts to customers above the age of 60).
Although women have long consumed cannabis products, the surrounding culture has tended to exclude them. As the industry shifts towards inclusivity, a number of initiatives have been launched to empower women in the cannabis space. This can be seen in everything from female-focused web series to marijuna-centric women’s wellness communities. It’s also worth noting that the industry itself has one of the highest (no pun intended) proportions of female executives.
As marijuana legislation changes in more locations, the tourism industry is finding ways to cater to changing consumer desires. Cannabis-friendly services and accommodations are appearing in regions where it has recently become legal, ranging from winery-style tours to specialized resorts.
While discussion of cannabis has become less taboo, there is still a considerable amount of controversy around the subject. A number of brands are seeking to de-stigmatize cannabis culture through education. Specialized publications and platforms are being leveraged to teach consumers about the cannabis farming process, health benefits, and even the business opportunities within the market.
Now that it has become so apparent that cannabis is used by a diverse range of people for a diverse range of reasons, it’s no surprise that personalization has risen to the forefront of the industry. Products and accessories are being developed to allow consumers to meet their exact recreational or medicinal needs, offering more enhanced, accessible experiences.
Nearly every market will be impacted by the cannabis industry in the future, and that reality will come with ample opportunities for innovation. If you’re interested in learning more about how your business can get ahead of the curve, Trend Hunter has the ideas and insights to get you there.