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Following Trends Across the Pond HHC CBN CBG Products and Our Advice on What Trends to Follow

Following Trends Across the Pond  HHC CBN  CBG Products and Our Advice on What Trends to Follow

Cannabis is an ever-growing market, becoming extremely lucrative over the past few years. According to Prohibition Partners, the global legal cannabis market is expected to be worth USD 103.9 billion (£75.78 billion) by 2024. The North American market alone is forecasted to be worth USD 37.9 billion (£27.64 billion) in 2024. While USD 22.4 billion (£16.3 billion) of this is going to be the medicinal market, another significant portion of it, i.e., USD 16.8 billion (£12.25 billion), will be the recreational market. 

Why Are We Looking Across the Pond?

The Global Cannabis Report suggests that next-generation cannabis products like topicals, edibles, and extracts will become more mainstream because of celebrity endorsements. However, trends can be better seen in the largest markets. To date, the majority of the largest cannabis producers in the world (by market cap) are based in North America, specifically Canada. Additionally, when it comes to cannabis-infused consumer goods like those in food and beauty, the U.S. and Canada are driving the market. 

In fact, the U.S. and Canada have more cannabis-related trademark applications than the rest of the world, with the U.S. having 8,859 cannabis-related trademark applications and Canada having 6,640 applications as of October 2019. The closest follower is Mexico, with 549 applications to the World International Property Organisation (WIPO). Therefore, North America surpasses the rest of the world when it comes to cannabis product patenting and is a trendsetter in the cannabis market. 

Cannabis Market Trends

The following are some of the biggest cannabis market trends in North America in 2021. 

Secondary Cannabinoids 

Cannabidiol (CBD) and tetrahydrocannabinol (THC) are well-known cannabinoids, but they’re not all that the cannabis plant has to offer. CBD has been the trendy cannabinoid for years, but now secondary cannabinoids are starting to catch up. Some popular secondary cannabinoids include cannabigerol (CBG), cannabinol (CBN), hexahydrocannabinoid (HHC), tetrahydrocannabivarin (THCV), and tetrahydrocannabinolic acid (THCA). 

As consumers become more aware of secondary cannabinoids, they will grow in popularity. CBD is continuing to become more popular, which, in turn, will also help secondary cannabinoids. Additionally, as legalisation becomes more widespread, more research is being conducted on cannabis and the endocannabinoid system. This research isn’t just restricted to THC and CBD anymore – it’s also considering secondary cannabinoids and bringing more attention to them.

A study published in Cannabis and Cannabinoid Research showed that approximately 62% of users said they used CBD to treat a medical condition; with the most common conditions being pain, anxiety, depression, and insomnia. The benefits that secondary cannabinoids fit into these, with CBN primarily known to help with sleep and CBG primarily known for it benefiting those with anxiety and depression. 

In addition to being a sleep aid, CBN has been linked to antibiotic, anti-inflammatory, and anticonvulsant properties. It’s also said to have potential as a sedative and pain reliever. CBG, on the other hand, offers more than just benefits for people suffering from anxiety and depression. It may also have neuroprotective, antimicrobial, antibiotic, and anti-inflammatory effects. Thus, secondary or minor cannabinoids will be a growing trend throughout 2021. 

Product Diversification

The flower or bud has historically been the most popular cannabis product. However, the market is changing, and product diversification is a trend companies must follow. Instead of buds, products like beverages, concentrates, and edibles are becoming increasingly popular. Follow the trend by expanding your range and providing many different cannabis products to choose from. This, in turn, will allow you to target a larger customer base. 

Product diversification is also important since the rising use of cannabis includes use among those who are more health-conscious and do not prefer inhalation. Their options include everything ranging from transdermal patches, capsules, and topicals to cannabis-infused beverages, beauty products, and suppositories. 

Technology Integration

The COVID-19 pandemic and resulting lockdowns showed businesses that they could operate online. Brick-and-mortar stores shifted their focus to online services and started embracing technology. As the world is returning to a sense of normalcy, marijuana dispensaries and retail storefronts are back, but e-commerce hasn’t gone anywhere.

Integrating technology into the cannabis businesses and offering online services saw a steady increase in 2020, but this has not stopped in 2021. In fact, more dispensaries than ever before are offering online menus, home delivery, and curbside pick-up options. Even those at the manufacturing end have embraced technology, with automation being increasingly used by growers and processors. 

Topical Administration

Another cannabis trend that is swiftly rising is the preference for topical administration. While many still prefer tinctures and beverages, there is an increasing population of cannabis users who prefer topical solutions like creams, balms, and lotions, especially when it comes to using cannabinoids for pain relief. Alternatives like opioids can be addictive, dangerous, and have several unpleasant side effects. Topical cannabinoid products can be administered at home, aren’t invasive, and have little to no side effects, making them the perfect solution to pain relief. 

Sourcing and Growing Methods

As more places legalise cannabis and more individuals embrace cannabis, consumers are becoming more discerning. Instead of purchasing the first product in front of them, they are refining their preferences and looking for products that not only function well but are sourced and grown in a way that they can support.

This includes ethical practices and sourcing since more and more consumers care about sustainability and local businesses. It also includes growing methods, content, the strain used, and many more product specifications. These may not have been at the forefront of consumers’ minds before, but they certainly are now, and we have to cater to these demands. 

Part of this is being forthcoming and providing consumers with the information they want to know to make a more informed decision when purchasing cannabis products. Additionally, since the industry has become more regulated, there’s also an increased need to consider legality and safety concerns. A number of U.S. states require lab results before the product is even put on the shelves. 

Addressing Safety Concerns

In order for your business to flourish, it’s important to keep up with cannabis market trends and cater to your audience. As the cannabis industry grows and evolves, one of the main principles companies must keep in mind is customer satisfaction. This now involves safety concerns and testing for potency and purity. If you want to grow your business and get your customers’ trust, you must be a brand that thoroughly tests its products and ensures that consumers know that your company’s name is synonymous with safety.

IFS Laboratories can help you with this. We’re a UKAS-accredited laboratory that provides extensive analytical testing services. Whether it’s potency testing, stability testing, or testing for additives or heavy metals, we do it all. Check out our different tests here and contact us for more information about our testing services here