As the cannabis industry continues to evolve, 2024 promises to be a year of significant change, from product development, to retail dynamics, as well as in the hemp/CBD market. Over the past few weeks we put out a call for commentary to our newsletter audience, asking industry professionals and business owners to share their expectations for the coming year. Below, we have rounded up some of the most insightful comments we received, forecasting what could lie ahead for these sectors.
A common theme among the predictions we reviewed was a belief that demand for product personalization and increased consumer awareness will have a significant impact on the market landscape, forcing cannabis brands, dispensaries, and hemp/CBD manufacturers alike to diversify their offerings. The broad consensus is that consumers are likely to care more about craft and high-quality products the more educated they become, meaning that over time it will be less advantageous for brands to focus on volume and market share alone. The potential for new AI technology to affect all aspects of the cannabis supply chain was also a recurring theme, as was the rising popularity of hemp and cannabis-infused beverages.
Cannabis Product Manufacturing