Global Cannabis Trend in 2024

In Asia, 2024 is the year of the Dragon which represents power, luck and success as well as global cannabis entrepreneurs who would rely on those blessed. 2024 would be a significant year of legalization across the world especially in Europe, Meanwhile, U.S. couldn’t even pass a weed banking bill this year, but we foresee marijuana moving to Schedule III of the Controlled Substances Act in time for the election

Recreational cannabis nearly double to $50 billion

A new report by Prohibition Partners projects that the global recreational marijuana market will nearly double over the next four years, with legal sales of adult-use cannabis climbing to almost $50 billion per year by 2027 as North America will remain the global leader in worldwide adult-use cannabis sales

THC potency will continue to be No. 1.

THC percentage has always been a top driver of consumer product choice consistently, The most popular product in U.S. usually contains high THC content, we pretty much universally see a spike in average retail price just because of that demand which is not different in Thailand, However this challenge means that the THC inflation will remain this year, For example, THC potency of marijuana flower sold in U.S. legal stores is routinely and systematically inflated

Trending strains in 2024

Leafly expect purple candy-gas strains to stay the center of the bell curve of the market including the Permanent Marker, Zkittlez and defined Gelato. As a counter-point to sweets, we’re anticipating a sour wave and a savory surge. While the blue-type strain series grabbed 2023 cannabis cup awards across the U.S. such as Blue Face, Blue Zushi and Blue Lobster from Hightimes competition and Ego Clash event

Legalization Takes Place

Malta being the first country to legalize recreational marijuana, Meanwhile, Switzerland is currently conducting several recreational marijuana pilot programs, and the Netherlands has also pursued a research-based legalization plan. Germany is in the process of adopting an adult-use cannabis legalization plan, which could go into effect as early as next year. However other regions of the world are also included in the expansion of the global cannabis market such as Latin America and Africa are slowly moving toward becoming sources of supply for the growing global industry while keeping access for patients limited. Oceania continues to be a hotspot for growth in both imports and exports. The Asian market, however, remains “virtually untapped,” according to the report, with Thailand and Japan cited as notable exceptions.

Booming Dispensaries

2024 will see hundreds of new dispensaries open up across the world and newly maturing countries drive the retail wave. We’ll see more dispensary options in more places, and more facilities especially in Thailand, While competition from gray market sales will continue, especially in newly legalized adult-use area. The public use of cannabis in all its forms will be bolstered by the continued growth of consumption venues. Whether flowers, edibles or beverages will dominate is anyone’s guess, This will impact the industry in multiple, unknown ways as a more defined cannabis culture emerges as a result of individuals gathering to consume with friends and strangers in targeting areas such as Germany, Switzerland, Amsterdam and Las Vegas for example.

Rosin Raise

Live rosin will keep gaining the entire market share in 2024 as more consumers move from live resin to Rosin and thicker oils that are packed up with an exceptional taste and flavor, and more pronounced effects. So there’s a growing need for reliable smoke hardware too, Thus we’ll see more disposable vapes that are rosin vapes along with more disposable vapes that are live resin vapes, and those appeal to more experienced consumers,

2023 takeaways by CEO, Origine Nature, David Bow “The market is getting much more competitive as companies that have no business being in this space have either been acquired or have gone bankrupt, thus the remaining companies are a lot stronger and more competitive in the space. We see that the international markets are really starting to enter the cannabis space making these opportunities much more accessible for many companies. The stigma around cannabis remains very strong in the vast majority of jurisdictions, which in my opinion shows the importance of educating the general population and not only the consumers.”

Data origin at hightimes, marijuanamomernt, mjbizdaily