Cannabis industry forecast : What’s in store in 2024

Entering 2024, the cannabis industry is poised for significant changes and advancements. This blog provides a comprehensive outlook on upcoming developments, examining key areas such as the impact of the shifts in U.S. federal cannabis policy,  Germany’s potential emergence as a major market and Cannabis Lab Testing necessity.

Key areas to watch include:

1.Cannabis Lab Testing: Enhancements in testing methodologies and regulatory standards will continue to shape the industry’s commitment to product safety and quality.

2.British Cannabis’s Article 4 Application: The decision on this application could set a precedent for cold-pressed cannabis products, potentially influencing regulatory approaches and product development.

3.US Federal Reclassification: A shift in federal policy could dramatically alter the legal and commercial landscape of cannabis in the United States.

4.Germany’s Market Expansion: With decriminalization efforts, Germany may emerge as a major player, potentially influencing other European countries like the Czech Republic in their cannabis policies.

5.Operational Efficiency: Cannabis operators are expected to focus on cost reduction and supply chain efficiency, responding to market demands for affordability and sustainability.

6.Financial Health of Cannabis Businesses: Companies will prioritize cash flow and efficient operations, leveraging market maturation as an opportunity for expansion.

7.Cannabinoid Research: The industry will likely see an increase in research on rare and novel cannabinoids, exploring their therapeutic potential for a variety of medical needs.

8.Emerging Trends: Trends such as gourmet cannabis products, sustainable and organic offerings, and personalized cannabis experiences are set to gain traction across Europe.