In recent years, the cannabis industry has experienced rapid growth. Over half of the states in the United States have legalized medical cannabis, and about one-third of the states have legalized recreational cannabis. In Canada, both recreational and medical cannabis are legalized nationwide, and cannabis legalization is beginning to unfold in Europe and the Asian region as well. With the increasing social acceptance, expansion of medical cannabis use, and advancements in research, the future of cannabis looks promising. In this article, we will explore and predict how the cannabis industry will evolve in the next five years.
Expansion of Cannabis Legalization
As mentioned earlier, the legalization of cannabis is being established in various countries and regions. Countries such as the United States and Canada, as well as EU member states like Austria, Belgium, Italy, Portugal, and Spain, have decriminalized the possession of certain quantities of cannabis for personal recreational use. Germany is also moving towards cannabis legalization. In the Asian region, Thailand has excluded cannabis from the narcotics list and legalized its use, and South Korea has legalized medical cannabis.
In the past few years, numerous countries have realized the legalization of cannabis for both medical and recreational purposes. It is likely that in five or ten years, even more countries and regions will have legalized cannabis. According to a 2022 survey conducted by a consulting firm based in London, 55% of people in eight European countries expressed their support for cannabis legalization.
The legalization of cannabis not only pertains to medical and recreational purposes but also brings expectations of revitalizing various associated industries.
Expansion of Medical Applications
Medical cannabis is expanding worldwide. Even in countries or states where recreational cannabis is restricted, medical cannabis has been legalized and is being used in the field of healthcare. The therapeutic benefits of medical cannabis have been known for some time, but recent research has further advanced our understanding of the cannabinoids and terpenes present in cannabis, indicating their effectiveness in alleviating symptoms of various diseases. Medical cannabis shows high potential in treating conditions such as epilepsy, cancer, pain relief, nausea suppression, and inflammation reduction. Currently, it is already being used in medical settings, but as research progresses, we can expect to see more pharmaceutical products derived from cannabis.
Advancements in Cannabis Industry Technology
Advancements in cannabis industry technology are also anticipated. In addition to medical and recreational cannabis, the scope of cannabis utilization is broad, including the production of relaxation products or consumables containing only non-psychotropic CBD components. The market is expected to see an increase in products containing cannabis-derived ingredients, such as beverages and food items. Industrial hemp is expected to play a significant role in sectors like textile manufacturing, industrial raw materials for construction, and phytoremediation of soil contamination. Cannabis holds numerous possibilities and is expected to benefit various industries, extending beyond recreational and medical purposes.
We have discussed the future prospects of cannabis. The global movement toward cannabis legalization is expanding, and it is expected that more countries will continue to pursue legalization in the future. The expansion of cannabis legalization is driven by the growing medical applications and advancements in cannabis industry technology. Cannabis, with its vast potential, is a plant that is anticipated to bring benefits to various industries, not limited to recreational or medical purposes. We should keep an eye on the future trends of cannabis and its diverse possibilities.