Key Trends For The Cannabis Industry In 2021
The upheaval of 2020, from pandemic-related hardship to the heightened awareness of social justice struggles, has impacted the cannabis industry. Consumers are looking for affordability, transparency and corporate responsibility from their cannabis brands. This year may also be the year when hemp-based CBD loses its cool – what’s next?
● Value Brands: High cannabis taxes and economic hardship amongst consumers are driving demand for stylish, low cost brands such as Old Pal (US) and Daily Special (Canada), which are able to draw consumers to stores and away from the still-booming illicit market.
● Know Your Grow: The desire for traceability and transparency is impacting the
cannabis segment, with developments that parallel the rise of organic and farm to table food. Industry certifications like Clean Green help build trust in brands, while some consumers are home growing for the highest level of transparency.
● Beyond CBD & THC: As the cannabis segment expands and diversifies, producers are looking at the functional benefits of less hyped cannabinoids, such as CBG and CBN, and launching products that combine cannabis with other trendy wellness ingredients, most notably adaptogenic and nootropic botanicals.
● Social Justice & Activism: Cannabis legalization is intrinsically entwined with racial justice, and in the era of BLM, consumers are becoming more aware of these inequalities. The dichotomy between who is criminalized for marijuana versus who is profiting from the legal cannabis segment makes it imperative that companies take stock of their responsibilities to social justice.
● Will the Hemp CBD Bubble Burst?: With hemp-based CBD popping up in everything from facial wash to drinks, 2021 is the year to reflect whether it’s all gone too far. The question for brands to ask themselves is this: are you creating something of real value with your CBD launch, or are you just throwing something against the wall to see if it sticks?
The full 2021 Cannabis Trends Brief is currently available for free download at www.saageinsights.com.