5 Important Cannabis Industry Predictions for 2022
With the legalization craze sweeping the nation, it’s safe to say that the cannabis industry will flourish in 2022. Though, by how much exactly?
Well, here are some of the most fascinating expert predictions:
1. At least four more states will green-light recreational marijuana even though federal legalization remains unlikely.
The CEO of MJBbiz commented that at least four of the following states will fully legalize recreational weed:
- North Dakota
Also, according to him, Nebraska, Idaho, and Wyoming are expected to say “yes” to medical marijuana, as well. For one, Oklahoma even launched a petition for legalizing recreational marijuana in 2021.
Meanwhile, the US government will intensively feel the public pressure for federal legalization but is highly unlikely to opt for a positive answer. Still, cannabis was so popular in 2021 that even the Republicans made a move towards federal legalization.
2. Retail sales of recreational marijuana will hit $30 billion.
This doesn’t come as a surprise seeing how in 2021 many states legalized recreational marijuana — a step that will inevitably boost sales. That said, the most promising sales boost is expected from the Empire State.
3. M&A deals will continue at full pace.
Mergers and acquisitions will continue their galloping trend. Some new players will enter the cannabis market scene this way, following the example of Pfizer.
Likewise, multi-state operators will continue growing and establishing their business across the US with smaller M & M&A deals.
4. Cannabis research will accelerate.
Creating new products or enhancing the effectiveness of the existing ones is just a part of the reasons why scientific research concerning cannabis will take flight in 2022.
In fact, this trend has been present since 2020, when over 3,500 cannabis-related scientific papers were published.
5. Climate change will continue to be a looming threat.
Although experts believe this will be one of the most lucrative years for cannabis growers, all this can change in a second due to unpredictable weather — hence why, this year, the industry will be more preoccupied with finding solutions for droughts, wildfires, and early freezes.