Although the U.S. federal government classifies the cannabis plant as illegal, many states authorize citizens to use marijuana for medical and recreational purposes. As the push for legalization grows worldwide, investment in the cannabis industry will expand. Discover what the future of legalized marijuana and hemp means for your cannabis company from GreenWrap Insurance Solutions.
Shift Beyond THC and CBD
Many consumers look exclusively at THC content when purchasing marijuana without realizing that cannabis has over 100 cannabinoids and terpenes with beneficial qualities. The decriminalization of marijuana allows people to learn more about the plant’s versatility, providing space for cultivators and sellers to highlight other valuable properties in the cannabis plant besides THC and CBD. This knowledge enables consumers to use cannabis responsibly on its own or in combination with other supplements and medications.
More Medical Use
Traditionally, scientists have been unable to research the medicinal benefits of cannabis due to government bans on the plant. As restrictions loosen, researchers will have more opportunities to study the effects cannabinoids and terpenes have on anxiety, sleeping habits, pain management, and other diseases such as cancer, diabetes, and autoimmune disorders.
Enhanced medical research into cannabis will provide hard evidence to support health benefits, advance treatment options, and create other helpful consumer products. We may see a day when some prescriptions could be replaced by cannabis treatments.
Greater Focus on Microdosing
One of the biggest misconceptions about cannabis use is that most consumers only want to get high. There is a much larger customer base of people who wish to use marijuana to function daily versus recreational use. As legalization grows, microdoses may become the mainstream option in cannabis consumption. Microdosing is primarily used to help people handle anxiety during stressful situations, such as visiting the dentist’s office or flying in an airplane.
A shift in moderate cannabis use may lead cultivators and dispensaries to focus on microdosed products. Customers with little experience using marijuana may also prefer microdosing because it allows them to ease into the effects of the plant. Either way, cannabis businesses should consider the needs of consumers who value mild experiences.
Expansion of Cannabis across Industries
Decriminalization allows cannabis to be used in other industries instead of confining it to designated spaces. More hotels, bars, and restaurants are implementing hemp-based cannabis into their services, giving consumers access to the hemp plant who might not otherwise visit a CBD store or dispensary. There are several marijuana lounges across the United States. This integration not only expands the reach of cannabis but also contributes to the normalization of cannabis use over a wide variety of social environments.
Normalization of Marijuana
Between humorous depictions of marijuana use in film and television and damning attitudes about the drug from public officials, the cannabis industry has suffered a significant stigma over the years. Fortunately, the legalization of marijuana in many states has helped to mitigate these negative connotations and normalize cannabis use. There are more investors willing to support cannabis ventures than ever before. They, too, require full insurance. By obtaining proper coverage, cannabis becomes a legitimate business for investors to comfortably place their money into.
Protect Your Cannabis Business with GreenWrap Insurance Solutions
Upward trends in marijuana legalization indicate that cannabis companies will have numerous opportunities for expansion in the future. However, businesses may miss out on these occasions if they do not protect their investments with reliable insurance policies.
At GreenWrap Insurance Solutions, we offer affordable and personalized seed-to-sale coverage packages to several types of business in the cannabis industry, including cultivators, dispensaries, laboratories, and legal organizations. Contact us today to learn more about how we serve clients in North America, the Caribbean, Europe, and sectors of Latin America.