2019 has been an interesting year for the cannabis industry full of ups and downs such as the passing of the SAFE Banking Act as well as the crash of cannabis stocks in April. However, as our emerging industry finds its way, here’s what you can expect the New Year to bring:
Medical Legalization: In the 2020 elections, medical cannabis could be making a comeback. More and more adults are looking towards cannabis as a means for wellness. Therefore, medical cannabis may be federally legal by the end of this year.
Profitability: Due to the rise and fall of many cannabis brands in 2019, brands will most likely be focusing less on expansion and more on profitability/cash flow. Cannabis businesses will begin to look towards innovation, creating an experience for patients and customers that keep them loyal to their brand.
Regulations: States will see increased testing requirements as the legal marijuana markets grow and consolidate around best practices in testing. As for the CBD and hemp industry, growth will be restricted by FDA and USDA actions as these federal agencies attempt to formulate the regulations to protect consumers.
Less Investment: After the big rise of the cannabis industry, investors are now looking for high-quality products and profitability. This means there will be less investment dollars to go around and the top performers in the industry will begin to solidify their position in the market space.
Open Communication: Along with state and FDA regulations, cannabis companies themselves will be working to re-test products and convey the true medical purposes behind them. More products will be marked with the Certificate of Analysis and there will be more honest communication between the company and the consumer.
The future of cannabis is green. Don’t let your business fall behind our quickly evolving industry. Ensure your packaging and branding are taken care of with solutions that put your business first. Our CRATIV cases keep you compliant while providing you with ample space for branding and labeling so your business can stand out on shelves.
For more information on how CRATIV can help your business, schedule your consultation today.