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In the U.S., the legalization of cannabis for recreational purposes has been rolling across the country. Cannabidiol (CBD) has been decriminalized at the federal level and, as of January of 2020, recreational marijuana is legal in 11 states, plus the District of Columbia. More states are destined to follow suit. The cannabis plant contains several components that are being used in a diverse array of market goods, offering distributors, wholesalers and retailers new business opportunities.
Market Expansion for Cannabis Products
To understand the market for cannabis, it is important to clarify cannabis vs marijuana vs hemp. While cannabis refers to the plant in its entirety, marijuana and hemp refer to specific parts of the plant. Each of these parts has particular properties and subsequent uses. Hemp uses are many and varied, with hemp products ranging from clothing to paints.
Prior to the legalization of cannabis for recreational use, marijuana was primarily smoked and occasionally baked into dessert treats. Legalization has led to an expanded market for cannabis products. Items containing CBD are everywhere, and, in states where marijuana is legal, wholesale distributors and shops specializing in edibles and beverages are on the rise.
CBD Products
CBD is a chemical component of cannabis that does not contain the tetrahydrocannabinol (THC) found in marijuana. There are a number of potential health benefits from the consumption of CBD, with claims that it eases pains, calms anxiety, reduces the effects of chemotherapy and is an alternative treatment for epilepsy. Due to its non-psychedelic properties, CBD products can be seen on the shelves of your local grocers in everything from food and beverages to lotions to pet treats.
Edibles
Cannabis products are being included in a wide array of edible goods. The cannabis edibles market is expected to grow into a multi-billion-dollar industry within the U.S. and Canada. Edibles containing marijuana are being sold through dispensaries. It is expected that the demand for these products will lead to increases in the number of places that sell them, as well as the types of goods sold. Edibles are often considered a preferable alternative to the traditional consumption of marijuana through smoking.
Beverages
One of the newest products making its way to the shelves is cannabis-containing drinks. In addition to the juices, coffees and other beverages containing CBD, similar goods are popping up with THC. One of the newest markets that will see growth in the use of cannabis products is the alcoholic beverage industry. With partnerships already forming between beer corporations and the cannabis industry, expect to see more of these drinks available from dispensaries and, for CBD products, liquor stores this year.
About CannGen Insurance Services
For more information about our comprehensive insurance solutions for the cannabis, CBD, and hemp industries, please visit our website at www.canngenins.com or email marketing@canngenins.com.
