Member Blog: Cannabis Industry Predictions for 2024

Presented by the Cannabis Team with BGM, a Seedling Member of NCIA

As we usher in the transformative year of 2024, the cannabis industry stands at the threshold of unprecedented growth and evolution. The Cannabis Team at BGM, a dedicated Seedling Member of the National Cannabis Industry Association (NCIA), invites you to explore the latest insights and predictions for the cannabis sector in their comprehensive blog post. This overview provides a glimpse into the changing landscape, legislative shifts, emerging market dynamics, and the multitude of opportunities and challenges that lie ahead.

Let’s look at the latest insights and 2024 predictions for the cannabis industry. This blog addresses the changing landscape, including regulatory shifts and market opportunities. Continue reading to explore the future of the cannabis industry and learn how your cannabis business can stay ahead in the coming year.

Growth and Expansion

In 2024, the global cannabis market is expected to experience substantial growth, fueled by emerging legal markets, innovative product offerings, and technological advancements. This growth presents opportunities and challenges, especially in navigating complex legal and regulatory landscapes.

Market Dynamics

• Projected Market Growth: The U.S. cannabis market is projected to grow significantly. Retail cannabis sales could reach $53.5 billion by 2027, with adult-use sales growing more rapidly. States like New York are working on finalizing details to launch approved programs, contributing to this growth​​.

• Technological Advancements: Blockchain and AI will likely revolutionize supply chain management and compliance tracking.

• Product Innovation: The trend toward personalized cannabis products is expected to gain traction as consumers become more educated and discerning. Cannabis companies will likely continue tailoring their products to meet a wide range of individual needs and preferences. However, pre-rolls are projected to continue to be a top product sale item in 2024. As people progress in their exploration and knowledge of cannabis, we believe they will gravitate towards craft cannabis products, and artisanal flower, despite the enduring demand for low-cost and convenient options.

Legislative Predictions

• Legalization: We foresee several additional states legalizing recreational cannabis in 2024. Federal legalization of medical or recreational cannabis appears to be a long way off, as demonstrated by the inability of the SAFE Banking Act to pass in Congress.
• SAFE Banking Act: This continues to be a pivotal issue, with potential movement expected in 2024.
• Federal Rescheduling: Anticipated action by President Biden could reshape the industry’s regulatory framework, impacting financial reporting and taxation.
• State-Level Changes: States like Maryland, possibly followed by Pennsylvania and Ohio, may influence regional market dynamics and tax structures.

Industry Trends

• Ancillary Services: As the industry grows, so does the demand for financial and ancillary services, highlighting the need for specialized accounting solutions and advisory services.
• Canadian Market Resurgence: Canadian cannabis stocks may witness a revival, affecting cross-border financial transactions and investment strategies.
• Global Influence: Germany’s role as a market catalyst emphasizes the importance of understanding international financial regulations in the cannabis sector.

State Trends

• Maryland and Neighboring States: Maryland’s recent move to full legalization is expected to influence neighboring states. Analysts predict that Pennsylvania might follow Maryland’s lead. There’s also pressure on Virginia to get its program operational in 2024.
• Vermont and Mississippi: Farmers in states such as Vermont and Mississippi, which have legalized cannabis, face challenges with federal regulations around hemp cultivation. The U.S. Department of Agriculture (USDA) has rescinded hemp licenses for some farmers who grow marijuana, reflecting the ongoing conflict between federal and state laws regarding cannabis.
• New York: The New York Cannabis Control Board anticipates approving additional licenses in early 2024. We will wait to see the progress.
• Continued Legalization Trends: More states are likely to embrace broader cannabis legalization, including CBD and Delta 8 THC, enhancing consumer accessibility across the U.S. This trend is driven by legal advancements, ongoing research, and shifting societal views.

To continue reading the full article and explore the remaining sections on Financial Implications, Technology and Data Management, Ethical and Social Considerations, Global Market Integration, and Risk Management, click here to visit BGM’s website. Your journey into the future of cannabis begins now.

Join the Cannabis Movement: Become an NCIA Member Today

As we delve into the transformative year of 2024 in the cannabis industry, it’s crucial to be part of a community that champions growth, innovation, and advocacy. The National Cannabis Industry Association (NCIA) stands at the forefront, shaping the future of the cannabis sector.

Why Join NCIA?

• Network with Industry Leaders: Connect with like-minded professionals, industry leaders, and visionaries who are driving the cannabis industry forward. NCIA offers a platform for networking and collaboration that is unparalleled.
• Stay Informed: Stay ahead of the curve with the latest insights, trends, and legislative updates. NCIA provides valuable resources and information, ensuring that you are well-informed about the dynamic landscape of the cannabis market.
• Advocacy and Influence: Be part of a collective voice that advocates for sensible cannabis policies at the national level. As a member of NCIA, you contribute to shaping the regulatory environment and fostering a thriving, responsible cannabis industry.

Who Should Join?

If you are a cannabis business owner, entrepreneur, investor, or industry enthusiast, NCIA is your gateway to a community that understands the unique challenges and opportunities within the cannabis sector. Whether you’re navigating legislative changes, seeking business connections, or staying informed about market dynamics, NCIA is the ultimate resource.

How to Join:

Becoming an NCIA member is simple. Visit our membership page to explore the benefits and choose the membership level that aligns with your goals. Join the community that is actively shaping the future of the cannabis industry.