Innovative Cannabis Products Changing the Market
With the growth in the legal cannabis industry, new businesses and products have emerged to provide more services, products, and experiences to an expanding market.
Consumer generated revenues boost the demand for variety and innovation. In fact, the Marijuana Business Factbook 2017, reported that legal cannabis spending will reach $5 billion to $6 billion by the end of this year. The cannabis industry also positively impacted the local economy by around $16 to 18 billion in the previous year.
From cannabis glass art pieces to high-end edibles, here are some of these new product trends that are changing the market.
Cannabis Glass Art
Following the legalization of cannabis in many states and jurisdictions, there has been a resurgence in cannabis glass art, with businesses specializing in artisanal glass products expanding or entering the market. From utilitarian and functional devices, these businesses, such as Empire glassworks, offer one of a kind collectible items for consumers who like to customize their devices. Some of these glass products, which range from dabblers, bowls, and rigs, are intricately produced through a process called lampworking. This process involves an artist manipulating the glass material to create a variety of designs.
Cannabis and hemp oil have also gained mainstream application in the beauty and skincare industry. Various businesses such as Kush Creams and Marley Natural have been plugging their new cannabis line of products highlighting the restorative properties of the extract. Even established companies such as the Body Shop have joined the cannabis bandwagon. The various cannabis or hemp oil-infused products offered in the market today include perfumes, soaps, facial and body creams, and lotions.
High-End Cannabis Cuisine and Edibles
Creative cannabis entrepreneurs are also going into the culinary world, as an increasing demand for pot cuisine hit the market following legalization in many states. Culinary professionals are now exploring the various ways cannabis can be prepared for consumers, including innovative cocktail blends, edibles to go, and of course, haute-cuisine. These products are showcased in private culinary dining and pop-up events.
Digital Wallet Solutions
A lot of small marijuana businesses have largely operated on a cash basis due to the continuing federal restrictions imposed on their financial transactions. However, this restriction also opened opportunities for enterprising tech firms to develop digital solutions. These programs tap into e-wallet technology as a cashless alternative to consumers. These digital wallet services, such as ACEpay and CardTecMobilePay 3300, have also opened e-commerce opportunities for entrepreneurs and provided a convenient mechanism for product consumers to pay their online transactions.
As the industry moves forward, more small businesses are now going into farming and cultivation, production, manufacturing, and ancillary services. Legal cannabis products have even surpassed sales figures of some consumer and digital products, including Girl Scout Cookies and music streaming services. Investments are also going into the industry, with investors putting in around half a million on average to infuse capital into existing operations and to support startups. These developments indicate a positive outlook for the legal cannabis industry and for small business.