The Future of Recreational Cannabis
The recreational cannabis industry to perpetually changing. In fact, 35 states in the U.S. legalized medical marijuana use, and currently, 19 states also permit recreational use.
While much of the talk in the past has been about medical marijuana usage, the focus now shifts to recreational marijuana.
As the industry continues to rapidly progress, the future of recreational use becomes an even hotter topic.
Let’s take a closer look at the future of recreational cannabis.
The Cannabis Mindset
Between 2000 and 2019 the mindset toward marijuana legalization shifted drastically. Support for legalizing it in some form doubled in that time. As of 2021, 60% of American adults believed marijuana should be legal for both medical and recreational use.
However, breaking down the numbers by age shows that 70% of adults 18-29 hold this belief, while only 32% of those 75+ do. Since the younger generations currently support recreational use more than older generations, we may see the support for recreational use rise as more young people reach the voting age.
Usage/ Sales of Cannabis
The recreational cannabis market is on the rise in the U.S. Even with the COVID-19 pandemic in 2020, sales increased by over 50% compared to 2019. In total, Americans consumed one billion kg of recreational cannabis in 2020.
The top cannabis products were previously flower and pre-roll products. However, their market share is dropping, and edible and vape products are on the rise.
Based on how we’ve seen the worldwide market increase, legal cannabis is expected to reach $33.6 billion in 2025 (compared to 22 billion in 2022).
Legalization of cannabis, even if state-wide, can also increase its recreational usage. Therefore, as more states legalize recreational use, we can anticipate an increase in overall cannabis use. This connection further suggests a rapidly growing industry with many opportunities.
It’s a rapidly growing market with many opportunities for crafty cannabis entrepreneurs. Staying ahead of user trends and preferences will be valuable for those looking to enter and succeed in the market.
Legalization of Marijuana
One big looming question about the future of recreational cannabis is legalization. Currently, it’s still not legal on a federal level, despite several states permitting it.
The 2022 midterm elections held the first ballot for recreational marijuana use in Maryland, Missouri, North Dakota, and South Dakota. Advocates are hopeful that changes in these states can help foster federal legalization down the line.
While federal legalization is pretty far down the line, we expect that more states will provide opportunities for state-wide legalization.
Recreational Cannabis Today
Based on the current cannabis trends we see throughout the United States, the industry holds a lot of promise.
While federal legalization may be a long way off, more and more states bring state-wide legalization into the picture. It’s likely that more states will permit recreational use in the near future, opening the gates for greater recreational use.
The overall attitude toward cannabis use is far more positive than it has been in recent decades, and users are beginning to turn toward some different products than they previously had. Particularly, edibles and vapes are quickly taking up more cannabis market share than ever before.
Ultimately, the future is bright for recreational marijuana. Savvy entrepreneurs have plenty of opportunities to succeed in the growing market.