The world has watched the tremendous growth and investment in the Cannabis industry in 2018, partly fuelled by the major developments opening up space for new opportunities. Legalization in Canada for recreational marijuana use, continuous adoption of medical and recreational cannabis in more and more U.S. states and high-end achievements from industry leaders all contributed to the interest. While the cannabis market is expected to mature a lot in 2020, the biggest question is what products would drive the consumers to legal retail stores. Releasing new product lines would help new and existing cannabis businesses make some fortune in this year.
The large-scale cannabis product category likely to grow in 2020 is Edibles. When marijuana was legalized in Canada for recreational use for adults, there were no regulations for cannabis products like edibles that could be confused for non-cannabis options. The Government allowed a time of 1 year from the legalization in October 2018 to sort through the regulations of CBD Edibles. Meanwhile, the Canadian cannabis companies have started developing new cannabis edible products for retail sale and retailers are even selling products they are not allowed to distribute. A recently conducted survey revealed that a quarter of Canadians have received a free edible product in the month before. About 58 percent of consumers planned purchasing from Whitepalm Dispensary and using CBD edibles as per a Deloitte survey. A rush in retail shops can be expected as edibles get legalized for sale in October 2020. It is expected that edibles itself can become a multi-million dollar industry in the coming years.
While the regulations by Health Canada warn that alcohol and cannabis should not be mixed, alcoholic beverage leaders are fast jumping into the Canadian Cannabis industry. The group behind Modelo and Corona beers, Constellation Brands has partnered with Canopy Growth, the largest Canadian cannabis producer. Other companies have also matched up in recent times – Molson Coors has announced a partnership with Canadian producer HEXO. While these giants won’t be able to mix their brews with the psychoactive compounds of marijuana, we can expect THC-infused beverage products introduced as a subcategory of the CBD edibles. The products could include CBD-infused waters, juices or coffees. They would be marketed as health drinks aimed at decreasing inflammation and anxiety without creating the ‘high’ feeling as THC does.
CBD is everywhere. Vapes, creams, coffee, bath bombs, chocolate and even pet products contain CBD now, making it one of the biggest trends of 2020. CBD has been marketed as a product with a wide array of health benefits curing everything from insomnia to pain. We can expect a continuous proliferation of CBD products in the coming months. Skin and beauty care products are some of the most popular of these offerings. CBD has even made its way into the treatments developed in the medical cannabis industry. The first-ever FDA-approved marijuana-based drug uses CBD oil. Pharmaceutical companies are rushing to develop and test newer CBD-based drugs for the treatment of various ailments. Cannabis oils in the CBD to THC proportion of 1:1 are currently popular in Canada and once the formulation is legalized, these products will be highly sought-after.