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  • March 04, 2019

Cannabis Market to Grow in 2019

The Farm Bill and changes the most populated countries with regards to the cannabis plant will fuel expansion.

Changes that will fuel the industry include adult-use in California as well as Canada. It is anticipated that full federal legalization and continue to expect a nationwide resolution between the states-federal laws to be completed by 2021.

As this date approaches, there is the beginning of a legitimate pathway for banking and tax resolutions.

Businesses that execute their business plan better will see a big lift in 2019. Consumer spending is expected to jump 40% in 2019.

According to Forbes, More than 30% of all cannabis sales in California in 2018 were vapes. We should expect other states to follow California’s lead with surging vape sales in 2019. Low-dose products, designed to attract new consumers to the cannabis space, will start to make a showing this year. That includes ready-to-consume edibles, beverages, and vapes. Distillate oils, which are virtually odorless and tasteless, offer versatility and potency. Look for them to contribute to an explosion of new cannabis-infused products. At the same time, we’ll see flower sales start to decline as a percentage of total sales, as vapes and infused products eat away at the category. The beverage category will also make a lot of noise in 2019. It’s going to be a hot topic and will get some additional traction. However, despite the hype, it probably won’t get a lot of actual market share until 2020 or 2021. It will take time to fine-tune beverages, but they are expected to be a $600 million business by 2022. (Source: Forbes, January 2, 2019)


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