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Recreational cannabis sales will drive global legal market growth by 376 percent over the next five years, outpacing medical and CBD, according to global market research company Euromonitor International’s new cannabis database.
Cannabis companies don’t have to reinvent the wheel when it comes to branding and package design, says Tom Newmaster, partner at FORCEpkg. He presented strategies cannabis brands can borrow from the CPG world during Cannabis Products Exchange, held virtually July 30-31.
Today, medical cannabis is approved for use in 33 U.S. states plus the District of Columbia, and several other states have medical or recreational cannabis legalization on the fall election ballot.
For many consumers dealing with a variety of medical conditions, cannabis is essential medicine. And the market for cannabis-infused foods and beverages shows significant potential for growth.
The report delivers new and unique insights on cannabis consumer shopping behavior, including potential whitespace opportunities for brands, and is based on nationwide primary research conducted by the two firms.
During this tumultuous time, consumers may turn to cannabis-infused food and beverages in the hopes of reducing stress, calming anxiety and promoting sleep.
While records of medical and therapeutic use of cannabis go back thousands of years, several points in history proved instrumental to furthering the ongoing body of research.
In 2009, Sweet Grass, Denver, began its journey, producing freshly baked, cannabis-infused edibles. In 2013, the company decided to move closer toward vertical integration and started handling its own in-house cannabis cultivation, making it a "crop-to-cookie" business.