Emerging Trends in the Cannabis Industry to Boost Your Business this 2024

If you’re in the cannabis industry and you’re looking for an effective way to scale your operations, then you’ve come to the right place! We know that the cannabis industry is in constant motion, and this year hasn’t been an exception.

So, how can you take advantage of this motion that has led to advances in regulations? In this blog, we will take a deep dive into the emerging trends that await the cannabis industry in 2024, so you can leverage them and beat the competition to the punch! 

However, before delving into the new products that are hitting the market and the strategies on the business front to make your operations more seamless, let’s take a look at the changes in the cannabis industry and how this may possibly impact your business.

An Overview of the Cannabis Industry in 2024 

2024 promises to be an exciting and vital year for cannabis businesses in the United States given that it is a presidential year, and election years regularly push for cannabis reforms and legislation changes.

For example, Florida, Indiana, and Pennsylvania could be permanently added to the states that allow legal recreational use of cannabis, which could lead to an increase in new cannabis brands and smoke shops, making the market even more competitive than it is now. 

In regards to federal legalization, there are actions set in place that could possibly change cannabis’s status from a Scheduele 1 substance to a Scheduele 3 drug, allowing the smoke shops and brands that already exist to operate with greater facility. 

If these changes take place, it is estimated that the cannabis market in the USA alone will reach upwards of 50 billion US dollars by 2027. However, this will lead to further competition and the expansion of big brands to levels we haven’t previously seen. 

This is a double-edged sword. You can take advantage of the legislative changes and expand strategically to compete with the heavy hitters, or the brands that will enter the cannabis arena will eat your business alive. 

That is why taking advantage of market statistics, leveraging data analytics, and staying on top of emerging trends has become vital for anyone looking to survive and prosper in the cannabis industry. So, let’s take a look at how you can compete and grow your operations.

The Emerging Trends in the Cannabis Industry

This year has led to a lot of breakthroughs in the cannabis industry. From new tech devices to make discreet smoking more convenient to AI programming that will replace growers in the cultivation process of marijuana, the sky seems to be the limit. 

So, let’s explore some of the products, tech, and even business strategies to look out for so you can leave your competitors in the dust and consolidate your place as an industry leader in the cannabis world.

Product Trends

With more research taking place on how cannabis can enhance the human experience, there are new products popping up almost daily, and some of them have gained a wild amount of attention from cannabis enthusiasts all over the US. 

Let’s take a look at some of the products that you need to have in your smoke shops to ensure that you are meeting the demands of your audience, and that your competition doesn't smoke you. 

Infused Pre-Rolls and Multipacks 

Pre-rolls have dominated the industry since their conception as the highest-selling cannabis product in the US, and this year has not been an exception. However, we are seeing a slight change in the type of pre-rolls that cannabis consumers are looking to buy. 

Single pre-rolls have become a thing of the past, given that consumers can obtain an insane amount of information on cannabis products, which has led them to want terpene and kief-infused pre-rolls that enhance their smoking experience. 

They are also looking to reduce costs when it comes to their cannabis products, leading to a clear preference for multipacks over single joints. So, the first step to increasing your sales and gaining new clients is to swap the single packs for terpene-enriched multipacks.

CBN-infused Products 

Furthermore, research on the therapeutic benefits of different cannabinoids has led to a surge in CBN-infused products, leaving CBD behind, specifically for those seeking a natural sleep aid. 

Cannabis therapeutics are taking the industry by storm, making CBN products the most requested, with market statistics placing the growth of these cannabinoids at a staggering $277 million in revenue just in the past year. 

And with the surge of clinically validated studies on the use of CBN for sleep improvement, the popularity of these products is only going to grow. So if you want to remain relevant in the medicinal side of the industry, CBN is the way to go. 

Cannabis Beverages 

As more awareness of the gruesome effects of alcohol consumption hits mainstream media, consumers are desperately seeking a fun alternative, which is why the popularity of cannabis beverages is increasing at unprecedented rates. 

Whether they’re THC-infused or hemp-derived, these beverages have become so popular that they have raged war on the taboos our industry is bombarded by. And though they remain one of the smallest markets in the cannabis space, they have the potential to become one of the best-selling cannabis products in the following years. 

So, hop on this trend before the big brands take advantage and seek out a manufacturer to stock your shelves with cannabis bubbly for your customers to enjoy this summer, making your smoke shop a must-visit destination.

All-in-One Devices

Furthermore, with the growing concern for the environment and consumers leaning towards eco-conscious alternatives, we are seeing a shift from disposable cartridges to all-in-one devices, which include vape pens and vaporizers that allow for discreet cannabis use. 

Vape pens are actually the second-best-selling cannabis product to date. But this is well-known in the industry. So, if you want to take your vape game to a new level, offer personalized pens to your consumers. 

This allows them to select the flavor, aroma, cannabinoid profile, terpenes, and desired effects, giving them ultimate control over their high. And when it comes to the device itself, look for ones that offer temperature control to give your customers the ultimate experience.

Cannabis Inhalers

Lastly, there is a new product hitting the market, and the reception from the cannabis industry has been astonishing. Used primarily for medicinal purposes, cannabis inhalers allow you to absorb cannabinoids like CBD, CBG, and even HHC at lightning-fast speeds, making them a true game-changer for those seeking relief from pain, nausea, or anxiety. 

And as we see the rates of mental illness soar to the sky, quick solutions for anxiety or panic attacks are more vital than ever, which is why this product is taking over. So, if you have a medicinal dispensary, run—don't walk—to get this on your shelves!

Business Trends

Now that we have covered consumer preferences for cannabis products, let’s discuss the shift in how cannabis brands and businesses will need to manage their operations in order to survive the competitive market. 

Less Products, More Value

As we shift away from traditional marketing strategies that have a clear selling point and gear towards organic ways of connecting with our customers to build a strong long-term game, we are seeing cannabis brands cutting down their menu and focusing more on selling a few products that truly add value to their customers. 

People are no longer interested in hundreds of options, but rather a few that are truly high-quality and innovative, speaking to the brand’s values and ideals. So, cut out the not-so-hot products and focus on the ones that your customers are actually interested in. 

This will help you build brand recognition, get word-of-mouth recommendations, and ultimately increase your bottom line by cutting back on expenses and leaning more towards effective branding for your top sellers.

Scalable Solutions  

Since we are seeing a major shift in cannabis legislation that will possibly lead to reduced taxes on cannabis sales and help close the debt gap that comes with owning a cannabis brand, now is the best time to scale operations. 

With new markets emerging and over half of Americans consuming cannabis, the surge in people looking for high-quality products is going to be truly insane. So, consider scaling your operations with private labeling or cannabis manufacturing to steal these new curious customers from your competition and receive them with open arms and killer products. 

Re-Packaging

Since the surge of social media and digital marketing has taken over product marketing, it is more vital than ever to have standout packaging. Which is why many cannabis brands are opting to collaborate with designers and artists to make their products more attractive. 

It isn’t just about the product anymore, but rather the entire experience. So consider giving your line of products a face-lift to capture the hearts of new audiences and increase your sales. 

AI Implementation 

Lastly, since the surge of artificial intelligence, or AI, it seems like the cannabis industry has been left behind, but this couldn’t be further from the case. Engineers are currently designing AI-enhanced cannabis cultivation robots that will replace human growers in the future. 

They will be able to help monitor the environmental conditions, make recommendations on how to optimize the quality of the strain, and send alerts when the time comes to trim the flowers. 

Furthermore, there are also beta versions of AIs that are trained to recommend certain strains to the public based on their preferences or needs, leading to a more convenient and less time-consuming experience on the customer's end when visiting your retail store. 

So get on the waiting lists for these products if you want to maximize efficiency in both your operations and your customers’s experiences. And consider installing a kiosk with this AI in your stores to further enhance the look and feel of your business.

Conclusion 

From terpene-infused pre-rolls and all-in-one smoking devices to private labeling and AI implementation, these trends will truly be a lifeline for businesses seeking to remain relevant in the new dawn of descheduling in the cannabis industry. 

And if you would like to scale your operations, use private label-certified and tested strains, or gain access to the best-selling cannabis products on the market, consider checking our online retail or chatting with us to see what Hurcann can do to help you stand out!