Cannabis Industry Predictions for the Year 2020
The recent boom in cannabis sales has certainly been in the headlines lately, and for a good reason too! Experts predict that 2020 will be the year of the cannabis industry. So, let’s dive straight in and see what this year has in store for us.
Global Cannabis Legalization Is on Its Way
According to Kyle Detwiler, the chief executive of Clever Leaves, countries like Portugal and Columbia — the very first countries to make cannabis legal — are confidently going to continue establishing their dominance on a global level.
In the words of Detwiler, the countries’ status of first-mover will attract financial interest. Also, it is almost certain that the European cannabis market will consider it an appealing opportunity for investment. Furthermore, hemp is also going to expand on an international level, as the demand for CBD is increasing.
In fact, by 2020, it is predicted that the CBD market will increase to a whopping $2.1 billion in customer sales, with $450 million deriving from hemp-related sources.
There Will Be an Increase in Real Medical Testing
Once cannabis is taken off the Schedule One list of substances, medical testing will go forth in full swing.
Currently, Israel is the leading country when it comes to cannabis research on a global level; American organizations are either giving research grants or hiring Israeli scientists, such as cannabis researcher and pioneer, Raphael Mechoulam.
According to Dr. William Levine, a scientific officer and founder of CannRx, companies are going to use clinical trials and better data a lot more in the years to come.
Legislative Action Will Stay Powerful
Redbird Bioscience’s Bill Thurman claims that they expect to witness an increasing number of regulatory activity on both the federal and state levels.
According to sources, there were 975 bills related to cannabis passing through Congress and state legislatures over the past year. In the words of Matt Anderson, the chief executive of Vanguard Scientific, the ongoing discussion of decriminalization and legalization will be enough to provide plenty of forward momentum for the growing cannabis market.
Other predictions for 2020 include the expansion of cannabis purchases beyond medicinal purposes by older customers, the selling off of a few component companies by multi-state operators, and the return to basics (core business functions) by companies in general.
Above all, it is believed that 2020 will be a great year for companies that have a well-defined (and well-prepared) business plan.