As 2024 unfolds, the cannabis industry is on the brink of unprecedented growth, fueled by shifting societal attitudes and regulatory changes. This transformative period will witness advancements in cultivation practices, the expansion of medicinal applications, and an overall redefinition of the cannabis landscape.
To help shed light on what’s next in cannabis, our SparkPlug cannabis experts shared their predictions on the top trends affecting the cannabis industry in the coming year.
Matt McDowell, Director of Sales, shared his thoughts on what the coming year will bring.
Lounges
Matt predicts lounges are really going to be a business to watch. Companies are starting to crack the code on that perfect blend of atmosphere, hospitality, and the overall experience. This is happening in in LA right now.
Craft Cannabis
Matt predicts that smaller, local farms are going to have a big year. Specifically due to the knowledge these smaller producers have with consumers in their geographic region.
Low Dose Drinks
Matt predicts that low dose cannabis drinks will continue to grow due to the alcohol free movement that is popular right now.
Sima Kurepa, Cannabis Retail Account Executive, shared her thoughts and hopes for the industry in 2024.
Efficiency
To stick around in the industry, efficiency is huge, especially for large cannabis operators. Brands and retailers should tighten up their operations to ensure they are running at their full potential, one way to do this is through partnerships.
New Markets
New rec markets? This is a big one on our radar at SparkPlug. See more thoughts on this below!
Women in Cannabis
Women have the chance to make waves in this male dominated industry. With new markets and additional funding, we hope to see more women come out on top in 2024.
Trey Smith, Junior Cannabis Account Executive and Jason Valentin, shared their thoughts on new market legalizations in 2024.
“In 2024, Florida is poised for a groundbreaking shift as I predict the legalization of recreational cannabis. With an already robust medical marijuana market boasting sales of nearly $1.23 billion in 2020, Florida is positioning itself as a significant player in the cannabis industry, rivaled only by California and Colorado. The momentum towards recreational legalization is evident, with polls leaning favorably and industry leaders like Trulieve actively investing in lobbying efforts and petition drives, marking a strategic and potentially lucrative move for both the state and the cannabis market.” Says Trey.
“I envision Florida and Pennsylvania both allowing recreational Cannabis use, as well as Cannabis going from a schedule 1 to a schedule 3 which will allow Canna-businesses to save on 280-e taxes and make SparkPlug more accessible.” Says Jason.
As we navigate the evolving landscape of cannabis, may the year bring forth positive developments and continued advancements that contribute to the well-being of individuals and communities. Here's to a year of progress, understanding, and the flourishing of a more enlightened cannabis future.
All of us here at SparkPlug are excited to see what everyone has in store for 2024 and we will be along for the ride!
Connect with SparkPlug today to discover how we can keep your cannabis organization ahead of the curve.
