Cannabis Growth 2022
Cannabis Industry Growth for 2022. You may be familiar with North America’s historic Gold Rush, but what about the Green Rush?
The term “Green Rush” has been coined as a way to reference the booming cannabis market, which has been expanding at a fast and furious rate over the last several years. As you’ve probably guessed, it’s a nod to the 1800s Gold Rush and an homage of sorts to the near-limitless potential for financial success in the cannabis industry. Although many people may have initially perceived the legalization of marijuana to be a passing trend, it’s now clearly become an ongoing economic event happening on a global scale.
Nearly a decade ago, Colorado and Washington made history as the first U.S. states to legalize cannabis and set off a chain of events that would change our country forever. But even with the impressive cannabis market growth we’ve seen over the past 10-plus years, many people are wondering: can the industry’s steady rate of success continue to climb? Cannabis market analysts, business experts, and community leaders alike agree: when it comes to the cannabis industry in 2022, this year is bound to be a bountiful one.
Cannabis Industry Growth in 2022
Even a cursory search for cannabis market statistics will bring up a multitude of impressive data. According to Fortune Business Insights, the cannabis industry ended 2020 at a value of more than $20 billion USD. The market demonstrated a stunning growth rate of nearly 51% in 2020, and it isn’t going to slow down anytime soon.
In 2022, cannabis market growth is predicted to reach about $8 billion USD over the twelve-month span. By 2028, analysts are estimating that the market will be worth an incredible $197.74 billion USD (Fortune Business Insights).
Even at the height of the COVID-19 pandemic, the marijuana industry proved to be unshakable. Whereas many business industries experienced significant losses, cannabis dispensaries and brands saw a sharp rise in demand for their products. That, coupled with several other contributing factors, has allowed the cannabis market to continue to thrive.
Let’s take a closer look at how the market will benefit from various trends and shifts in 2022 (and beyond).
Widespread Legalization
Two dozen states have cannabis-related initiatives on their 2022 ballots, and a significant number of those will likely receive extensive voter support. As the legalization of marijuana, both medical and recreational, continues to spread across the U.S. and the world, it only makes sense that the market will keep growing.
On a federal level, the news is also positive. For example, the efforts to establish fair and effective banking options for canna businesses were furthered with the 2020 SAFE Banking Act. And although it remains to be seen if and when cannabis is legalized on a federal level, more and more states are passing laws that open the door for considerable market growth.
Market Innovation
Relatively speaking, the cannabis industry is still in its early stages – and with that comes an outstanding amount of innovation. The market boasts a massively diverse range of brands, products, and service providers, making cannabis more accessible in a multitude of ways.
Product options such as premium-grade edibles, vaporizers, and others have made it possible for manufacturers to reach entirely new facets of the consumer market. Additionally, scientific advancements have allowed cultivators and product manufacturers to refine their methodology and create higher-quality products.
Medical Marijuana Only Continues to Gain Ground
Healthcare is seeing a marked transformation, catalyzed by ongoing cannabis research and legalization. As researchers discover an increasing body of evidence to support the therapeutic applications of cannabis, marijuana advocates receive invaluable support for their legalization efforts.
Also, scientific evidence has helped cannabis make excellent progress among mainstream media outlets and consumers. No longer considered an illicit substance by many, cannabis is emerging as a promising treatment option for individuals suffering from a myriad of medical conditions and symptoms.
Find Your Place in the Growing Cannabis Market with Nordic Analytical Laboratories
Are you considering a new business venture in the cannabis industry? Perhaps you’re planning to open your own dispensary, launch a cannabis brand, or explore one of the many other professional roles within a flourishing market.
Nordic Analytical Laboratories is an established and trusted leader in Colorado cannabis, providing professional cannabis and hemp lab testing services to a diverse range of businesses. Our services include options for formulation assistance, product development, and facility consulting, as well as fully-certified cannabis testing for consumer products as mandated by Colorado law.
With a highly-skilled team of laboratory professionals and a solid foundation of industry accreditations and recognition, Nordic Analytical Laboratories is the reliable partner you need to achieve your goals.
For more information about our cannabis testing in Denver and Pueblo, CO, as well as details about our cannabis consulting services, please contact our team today.
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