Despite the pandemic, 2020 was a groundbreaking year for the cannabis industry. Looking forward to 2021, much progress is anticipated as legalization, federal reform and research, and national branding leads to overall market growth.
Legalization
This past November, five more states legalized medical and/or adult-use cannabis sales. Overall, 36 states have legalized medical use and 15 allow for adult-use. It’s expected that New York, Connecticut, and Virginia will be the next states to open up.
Despite Biden being one of a few Democrats who did not commit to federally legalizing marijuana, there is much support to decriminalize marijuana nationwide. This is an important step in the legalization process. As more states decide to legalize on their own, it’s likely that federal policy will follow.
Federal Reform and Research
The medical cannabis industry has paved the way for more research initiatives. The DEA had previously been stalling these initiatives, but the Biden administration is expected to be more favorable towards promoting marijuana research. If more research into marijuana’s medicinal properties is completed, it could prompt more doctors to recommend medical cannabis. These types of endorsements from medical professionals would boost sales.
National Branding
Legalization has solidified cannabis as a sector in our overall economy. With more states opening up and the marketplace becoming more mature, national brands will become commonplace. Currently, most brands are home-grown within a state which has resulted in a confusing experience for consumers when traveling to other states. The rise of national brands will create a marketplace that is more cohesive and spans across multiple states.
As we say goodbye to 2020 and usher in 2021, Canna Business Services looks forward to providing you with award-winning templates and serving your cannabis consultation needs. Contact Canna Business Services for any assistance in getting your cannabis company started in 2021!
