The Blazing Twenties: Cannabis Industry Trends for 2020
The cannabis industry made huge strides in 2019: two more states legalized recreational marijuana and legal cannabis companies worked out many unexpected challenges. But 2020 presents even more changes for cannabis in the US with a dissolving stigma of recreational use, increased regulations and consistent innovation.
To prepare for the year ahead, you want to have an idea of what products will fly off the shelves and which ones just aren’t worth investing in. Below are our predictions for the cannabis industry in 2020 and how you can prepare accordingly.
CBD Takes a Back Seat
After its popularity soared in 2019, the demand for CBD is actually expected to decline this year. Hundreds of small CBD companies thrived in 2019 due to limited regulations in the industry; it’s been called the Wild West for a reason. When many products containing CBD began promising health benefits that were never verified by the FDA, the safety of the consumer came into question.
Because of this, we expect many small CBD brands to be shut down in 2020, while established, trusted brands grow. Consumers are more aware of this discrepancy, so research on what brands are FDA-approved and of the highest quality will be crucial in staying ahead of the CBD game.
Customer Variety Increases
As the stigma against recreational cannabis continues to decline, expect to see an even wider range of demographics shopping with you this year. 2019 saw a spike in marijuana use among older populations, which should continue into the new decade, but you’ll probably have even more surprising characters walking through your door.
Consider adding some new products to your shelves that will please new customers. Nostalgic products like the classic dugout and basic pieces that are easy to set up are always a hit with the older crowd. Feminine pieces like pink and purple items, bath bombs and cute carrying cases are a great start in broadening your selection as well. Just erase the stereotypical stoner from your mind as you stock up for the new year!
Versatile Products are King
Flower remains the most popular way to consume in 2020, making up over 50% of all dispensary sales. However, the demand for edibles, concentrates and less traditional ways to consume cannabis is creeping up. Because of the adventurous nature of the new-age stoner, hybrid products should prove to be popular as they are more versatile than the typical bong or rig. Products like those in our silicone-glass line include both a banger and a bowl, checking both boxes for a flower and concentrate lover.
Vape Sales Bounce Back
The “vaping crisis” of 2019 caused a major drop-off in vape sales—not one that we expected to make a quick comeback. Vitamin E acetate in cannabis concentrates was determined to be the likely source of the VAPI (vaping associated pulmonary injury) outbreak. But don’t count vaping products out so soon! Legal states quickly took the appropriate steps to protect consumers, restoring trust in vaping products. Vape batteries that can be used with both cartridges and regular concentrates, like our Duplex and Slim Twist Pro, will be popular as concentrate users venture back into Cartridge Land.
As a business owner in the cannabis industry, you’re positioned perfectly in this Green Rush—as long as you stay on top of emerging trends. Stock up on new items and get ready to reap the benefits of the blazin’ twenties!