There's always something to look back in the past before we can go forward in the future. This also applies to the CBD industry nowadays. Businesses dealing with cannabis products continue to flourish, and more and more entrepreneurs become more interested. There are also new CBD products that are introduced, such as CBD oil, CBD topicals, CBD edibles, supplements, and a whole lot more. With all the studies and reviews made, you might be asking, "how promising the CBD industry is?"

 

Cannabis Industry: What Do the Studies and Experts Say?

As per the studies of Market Research Future (MRFR), the global medical cannabis industry is expected to procure a USD 52.35 billion market value while dominating at a CAGR of 15.4% in 2025.

"The increasing legalization of the hemp plant in various countries for medicinal purposes is projected to provide lucrative opportunities to pharmaceutical companies, which may strengthen the global market. The ability of the herbal plant to provide relief from chronic pain, vomiting, and sleep difficulties can accelerate the demand for medical marijuana, which may boost the industry in the coming period. Furthermore, the growing usage of cannabis to prevent cancer is likely to surge the demand for herbal leaves that can fuel the trade in the coming period", Med Gadget stated in one of its newsletters.

 

A September 2020 issue of Global News Wire found out that global cannabis generated a sales growth of 38% despite the pandemic.

"With a CAGR of 26%, BDSA predicts the Canadian market will grow to $6.1 billion by 2025. Internationally, BDSA forecasts cannabis sales to grow from $700 million to $6.5 billion by 2025. BDSA predicts an international CAGR of 45% between 2019 and 2025, broken down by Latin America (60%), Europe (42%) and the rest of the world (34%)", the press release stated.

According to a study conducted by Deloitte, "Nurturing New Growth- Canada Gets Ready for Cannabis 2.0", there are the top three cannabis products that the respondents would like to try.

 "Likely Canadian cannabis consumers are especially eager to try three new cannabis formats on edibles (59%), topicals or ointments (53%), and cannabis-infused beverages (37%). This represents a growth opportunity for cannabis-related businesses and a potential point of entry for established companies with this expertise since current cannabis consumers tend to lean towards more traditional methods of consumption."

 

Together with edibles, topicals, and infused beverages, CBD oil is seen to be the next hottest cannabis offers.

 

Several new multi-billion-dollar investments and partnerships have also triggered Canada's pot industry's success with tobacco and food industries.

 

New businesses and manufacturers become well-known in the cannabis market, too.

In the town of Leamington, Ontario, a place near Toronto and Detroit, there is a promising view of the cannabis industry's future. A company named Aphria is establishing Canada's most sophisticated and modern horticulture greenhouse for cannabis cultivation.

 

"Aphria has invested more than CAN$95 million in its Leamington complex in hopes that the automated production line will save its energy and personnel costs. The company's stock market value has soared to more than a billion Canadian dollars recently, although revenues are still lagging far behind with just over CAN$36 million last year", an online post mentioned.

 

A 2019 newsletter stated the following:

"Considering how young the cannabis industry is – in both foreign and domestic markets – the sector is maturing rapidly. Young entrepreneurial upstarts continue to enter the competitive landscape, but the shift is already trending toward more established managed companies with global perspectives. The success of these businesses depends heavily on human capital to sustain growth and innovation.

 

Canadian businesses should involve themselves in cannabis' innovating integrations and marketing trends with all the market studies and research outcomes.

 

Top Careers in the Growing Cannabis Industry

Yes, the cannabis industry is innovating. It is also growing in terms of sales, production, and the number of entrepreneurs getting involved. Another promising trend to watch out for in the future of cannabis is the long list of jobs and careers you can apply.

In 2018, this industry in Canada had experienced exponential growth and a leap in sales for recreational and medicinal purposes. The following are the top careers that you can try to be part of the cannabis industry:

 

#1 Store Manager

Store managers will be in high demand as more retail stores and outlets open in Canada's different areas. A store manager for a dispensary has the responsibility of hiring and training their store's staff. They are also the ones who market the products. Proper promotional strategies are needed to become a successful dispensary store manager.

 

#2 Master extractor

A master extractor is one of the most important persons in the cannabis industry. He/she is responsible for setting up, operating, and pre-production in the lab.

 

#3 Master grower

A master grower has the role of focusing on the cultivation and production of healthy cannabis plants. This role requires a wide range of practical knowledge in the cannabis industry. These include clone cultivation, growing the plants, and managing biological and environmental pest controls.

#4 QA manager

Every large cannabis company should have a quality control department. This is to make sure that the benchmark and the highest quality of cannabis products are met. QA managers are responsible for approving the batches of cannabis and cannabis products before selling them. They are also the personnel who investigate when complaints are coming from the customers.

 

#5 Lab technician

Laboratory jobs are an integral part of every cannabis business. This will keep on innovating as the cannabis industry continues to evolve. There is also a high demand for lab technicians. The role requires a degree in sciences or previous experience working in the laboratory.

 

#6 Budtender

Do you have expertise in cannabis product knowledge? If so, you can apply to assume a budtender role. This job involves working at a retail outlet where recreational and medicinal cannabis is offered. A budtender should be responsible for being updated with the country's current trends. They should also be able to assist customers in finding the best answers to their concerns and questions. They should be well-rounded on the various strains of cannabis, as well as the difference between CBD and THC.

 

Final Thoughts

The world is viewing a brighter horizon when it comes to the cannabis industry. All Canadians must be aware of becoming part of the industry's journey from then till now. Entrepreneurs should harness their knowledge and skills, while politicians should become more dedicated to implementing explicit rules about cannabis. The cannabis industry trends are still changing each day- and all we have to do is take action and never let ourselves be left behind.