A new report from Brightfield Group has looked back on 2021, highlighting the broad progress that is being made in the cannabis industry.
Legalisation is looming and innovation is booming in the cannabis industry in 2021, highlights the new Brightfield Group report, ‘2021 Cannabis Industry Review’.
This year has seen rapid progress across the cannabis industry, with more US states legalising medical and adult-use, and the Canadian market seeing continued growth, says Brightfield, a CBD, cannabis and wellness research firm.
News of reform across Europe was also welcomed this year, with Malta becoming the first European country to legalise adult use, and Switzerland and Luxembourg announcing coming legislation change.
The report states: “With other sizeable countries and economies like Mexico and Germany considering cannabis reform, the world of cannabis is widening. In the US alone, Brightfield forecasts $50bn in sales by 2026.”
US legalisation
In November 2021, US Congresswoman Nancy Mace introduced The States Reform Act bill which aims to decriminalise cannabis use at the federal level. The bill would remove cannabis from the list of Schedule 1 substances.
The Cannabis Administration and Opportunity Act was also introduced which encompasses social justice initiatives and imposes a federal cannabis tax, and the House of Representatives included provisions for the Secure and Fair Enforcement (SAFE) Banking Act to be included in the National Defense Authorization Act (NDAA). The SAFE Act will enable banks in the country to lawfully deal with cannabis-related businesses.
Amazon also announced its support for cannabis reform in the US as part of its advocacy for equitable workplaces.
The report highlights that federal cannabis reform would provide the green light needed for a number of different companies including wellness and consumer packaged goods companies, as well as Canadian cannabis companies to enter the US market.
It notes existing US players are preparing for these new entrants by expanding their reach and securing funding, and that companies that do not directly sell cannabis are also preparing for a post-legalisation industry.
“…the tide is shifting as consumer acceptance rises and the pandemic-induced financial deficits drag on, and Republican and Democratic lawmakers alike are being pushed to consider how they could and would reform state-level and national cannabis landscapes,” states the report.
Minor cannabinoids
Minor cannabinoids have seen a huge boom in 2021 – Brightfield highlights the rise of compounds such as delta-8-THC, THCv, delta-10 THC and options like CBN, CBG and CBC.
Increasing knowledge and accessibility will lead to tailored cannabis experience and innovative marketing opportunities, says the report, with options such as THCv being utilised for weight loss and CBN being utilised for sleep.
It also highlights the level of experimentation happening within the market regarding different combinations of cannabinoids.
“…there seems to be a growing group of consumers looking to expand their cannabis experiences beyond delta-9,” says Brightfield.
Looking to the future
The report highlights how 2021 was the year to “retire the stoner stereotype and move on to nuanced approaches to cannabis consumers.”
For 2022, Brighfield is forecasting a continued shift for cannabis markets alongside global policy and pandemic-related changes, stating that it will see broader legalisation and sophisticated competition.
The report states: “Cannabis operators should continue tending to the changes in existing consumer needs while also learning from established markets.
“Assessing developed markets on an ongoing basis allows for a better understanding of how newer markets might evolve. Operators that incorporate the lessons of the past into the present will be prepared for future success in the dynamic cannabis landscape.”
To read the full report, please visit: www.brightfieldgroup.com/datalanding/cannabis-industry-trends-report
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