Capitalizing on the Cannabis Market Boom: Innovations for Health & Wellness by Dr. Bhodi Tims
The cannabis industry is experiencing unprecedented growth, with experts projecting $18 billion in legal US sales by 2030. This expansion presents a multitude of opportunities for entrepreneurs and health practitioners alike. Let’s explore the factors driving the industry’s growth, the future of cannabis, and how Maryland University of Integrative Health’s Cannabis Science program can prepare you for a successful career in this evolving landscape.
Why is the cannabis market growing?
The impressive growth of the cannabis market is due to a variety of factors. One important aspect to consider is the difference between medical-only and combined medical and recreational cannabis markets. In many states, both distribution channels are available, and it’s clear that recreational cannabis will be the main driving force in the near future. However, as the market continues to develop and federal regulations allow for cannabis distribution across state lines, this change will open doors for businesses and practitioners who want to tap into the increasing demand for natural, plant-based solutions.
One aspect contributing to the growth of the cannabis industry is the connection between the unique sensory experiences and the psychoactive and therapeutic properties of cannabis. As more research unfolds, new possibilities for innovation will arise, allowing businesses to create advanced products and therapies that cater to various consumer needs and preferences.
Cannabis as a wellness product
The cannabis industry is also becoming more consumer-driven, which is helping it grow. As people become more selective and focused on their health, they’ll look for products that not only offer enjoyment and relaxation but also support their overall well-being. This change will boost the demand for health and wellness products, opening opportunities for businesses and practitioners to create innovative solutions that meet these evolving consumer needs.
Practitioners who focus on clinical applications will greatly benefit from the increasing evidence supporting cannabis’s therapeutic uses. Cutting-edge research is expected to reveal connections between the endocannabinoid system and other bodily functions like immune, hormonal, and inflammatory responses. These discoveries will lead to the development of cannabis-based therapies that can enhance the effectiveness of herbal treatments targeting specific physiological processes.
As the industry continues to mature, product standardization will become more critical. This involves understanding the link between distinct sensory signatures and the composition of active compounds in cannabis. Additionally, THC levels are predicted to decrease, and more complex combinations of active compounds will be utilized in clinical settings, further broadening the potential uses of cannabis-based treatments.
The future of the cannabis industry
The growth of the cannabis industry will undoubtedly impact public perception and acceptance of cannabis use. As more consumers and clinicians explore cannabis without fear of legal ramifications, usage will increase. The long-term market growth will depend on increasing consumer trust with quality assurance practices and strong scientific support of the therapeutic impacts of cannabis.
MUIH is uniquely positioned to prepare graduates for this changing landscape. While access to the recreational and medical cannabis arena will remain controlled by states, the indirect jobs associated with the field are wide open. Services that every business requires, such as trained practitioners who can guide patients in finding appropriate products, will be in high demand. Additionally, the CBD-dominant product marketplace will continue to mature, and the ability to combine cannabis-based products with herbal medicines will be sought after. MUIH’s Herbal Medicine programs offer the tools, certifications and long-term guidance to give graduates in this field the best chance for success.
For those considering a career in this field, it is essential to get involved now and become comfortable consuming scientific information. By doing so, you can contribute to the continued maturation of a young and exciting field, positioning yourself for success in the booming cannabis industry.
Sources:
- New Frontier Data: U.S. Cannabis Report 2023
- Grand View Research: Cannabis Market Size, Share & Trends Analysis Report 2022-2028
- JAMA Network: Medical Cannabis Research
- Nature Reviews Drug Discovery: Emerging strategies for exploiting cannabinoid receptor agonists as medicines