Prepare for Cannabis to Take Off
The demand for cannabis packaging is growing as more states put legal cannabis laws on the books, and the federal government eyes legalization. According to Forbes, the legal cannabis industry is predicted to reach $43 billion by 2025. Additionally, the news report reveals that by 2025, 42% of US cannabis demand is projected to be met by legal purchases in regulated markets. This trend has widened the opportunities for label and packaging converters to explore new applications and revenue streams.
Attitudes about cannabis continue to evolve. As acceptance of medical marijuana rises and more states jump on the legal cannabis market wagon, the industry continues to spiral upward. A Grand View Research study projects a compound annual growth rate (CAGR) of 14.2% from 2023 to 2030.
According to the DEA, cannabis is one of the most grown plants in the world. The market is going to get more saturated as states relax their laws. We recommend cannabis brands start looking at their packaging options early in their business process. Our team of flexible packaging experts will help guide you through this emerging industry.
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Let's take a look at the numbers as they are right now. New Frontier Data reports, in 2019, the cannabis industry was estimated to be worth almost $14 billion and responsible for creating almost 350,000 jobs. Some of those jobs include harvesters, who grow and trim the plants, a budtender, who is ready and able to answer questions to help consumers pick a brand or variety. And even an edibles chef. The number and demand for jobs will only keep increasing as the industry grows. NBC News estimates the cannabis industry could be worth more than $30 billion within the next five years and Cowen's says it will be at $80 billion in 10 years.
Of course, a ton of work goes into making the cannabis industry what it is today. You don't see what goes into bringing those plants to your nearest dispensary. Kush.com breaks it down into five stages.
| 1. Picking the right cannabis seed 2. Germinating the seeds 3. Seedling and vegetation |
4. Flowering 5. and finally Harvesting |
We recommend cannabis brands start looking at their packaging options as early in the process as possible to avoid downstream delays. We have packaging experts to guide you through the process. Contact us and we'll be happy to answer any questions you might have about this emerging industry.
Cannabis is the most grown, cultivated, harvested, and used drug in the world and the market is only going to get more saturated as states relax their laws. When that happens, you can bet S-OneLP will be here to guide you every step of the way.