2018 is upon us, and great things are in store for the cannabis industry! One cannot help but feel optimistic about what’s to come. So, what do we have to look forward to this year? What’s in store for cannabis in 2018?
California’s Recreational Market Opens
First off, California’s long-awaited recreational market will finally be operational. This is going to add billions to the value of the cannabis industry, not to mention the state’s economy itself. An untold number of new cannabis dispensaries and businesses will be opening up to meet the high demand for cannabis products from residents of the state, and of course cannabis tourists. The number of new cannabis lifestyle brands from marijuana-loving celebrities alone, are sure to be worth millions!
Florida’s Medical Program is Being Finalized
Florida voted to legalize medical cannabis back in 2016, but it’s been a real battle between state lawmakers who wanted to ban smokable cannabis, and legalization advocates who wanted patients in Florida to have access to all forms of cannabis. Unfortunately, smokable cannabis is banned in Florida, but luckily there are other ways to consume your cannabis. Now, Florida’s medical cannabis program is being finalized and medical cannabis dispensaries across the state will be ready to serve Floridians in need.
Canada will Legalize Cannabis in all Provinces
This coming summer, Canadian Prime Minister Justin Trudeau will be legalizing recreational cannabis for all adults (medical cannabis is already legal). The exact details of the new law are still being hammered out. Canada will be only the second nation to do this, behind Uruguay, so things might be a little rough to start out with, but there is great potential for American businesses to expand into the northern neighbor.
Industry leaders expect 2018 to be the most dynamic year for the cannabis industry. For existing businesses, the coming year will stand as a true test of their ability to navigate the changing cannabis market. Competition between companies is about to get a lot fiercer. Some businesses simply cannot adjust. Look at what happened to Tradiv, the online cannabis shop that strived to be the next Amazon. What was once one of the most promising startups in the cannabis industry will be closing its doors for good. Massroots, another once promising cannabis company, has been suffering from a severe lack of monetization.
Only businesses that adapt to the changing industry will survive. Businesses such as Leafbuyer, are instead choosing to adopt a more pragmatic approach to growing within the cannabis industry. Companies with an innovative product and a solid business model that provide true value to their customers are poised to succeed. As the cannabis industry develops across the United States and expands across entire nations, these businesses are the ones who will be on top.
Image Source: NBC News