The cannabis industry has continued to advance exponentially over the past few years, and most of it is due to its increased acceptance among the masses. People are now aware of its medicinal properties and look at it as an alternative to expensive pharmaceutical drugs. Its benefits regarding pain control, relieving anxiety and sleeplessness, and curing certain skin diseases have made people sit up and take notice.
The industry has seen heavy investments in recent times, and you may find out more from sites like OWPC Stock Investors hub.
Here are some of the latest trends that can be seen in 2021.
With the demand for cannabis increasing by the day, Crop Steering, a new method of growing cannabis in a temperature-controlled, indoor environment, is a trend that has been recently spotted. The method uses a technique that makes cannabis adapt to the indoor environment, which replicates the natural environment in which they grow.
This steers the cannabis plant towards a vegetative growth, and that has helped maximize yields even at those times of the year when cannabis cannot grow naturally outdoors. This method only allows the plant to produce as much foliage and stems as needed and yields more flowers that can be used for processing.
Higher Demand for THC
It has been proven that the terpenes present in cannabis can help produce an entourage effect that provides far more holistic results than pure CBD. To attain pure CBD, cannabis has to go through high levels of processing that often destroy some of its added benefits. THC, the element in cannabis that is associated with producing the psychoactive effects, is only allowed 0.3% in any cannabis product.
Lately, however, a trend has been noticed where consumers are pushing for higher levels of THC as it would ensure more terpenes, rendering the cannabis more effective for medicinal use.
Access to Banking
Everyone associated with the cannabis industry is eagerly waiting for the cannabis business to pass legislation regarding banking and financial services. Although cannabis growth and possession have been legalized in many states across the US, subject to certain restrictions, the banking sector has been hesitant to provide funding to the industry due to a lack of clarity over its legal status.
As a result, the cannabis business had to mostly deal in cash, putting their finances in a risky possession. With the banking services becoming more accessible to the cannabis industry, securing loans to start a cannabis-related business, along with other business transactions, would be easier. That, in turn, would open avenues for more investment.
With more and more states moving towards legalizing medical and recreational cannabis in 2021, the scope for cannabis is bound to increase. Arizona, South Dakota, New Jersey, and Montana recently legalized marijuana. New York would be legalizing adult-use weed in 2021, along with neighboring Connecticut.
Virginia might follow soon. With the growing trend of legalization under the new Democratic governor, it is expected that the cannabis industry would be worth $30 billion annually by 2025.
You can find out more from sites like OWPC Stock Investors hub. It can be said that cannabis is here to stay, and the recent trends provide growth indicators that will soon take the industry by storm.