With a new year, a new administration, and a growing acceptance of marijuana, experts are making their marijuana industry predictions for 2017. First on the list: America will have a new center for the industry, Los Angeles.
Move over Denver, Adam Bierman Chief Executive Officer of cannabis investment firm MedMen Capital believes that the City of Angels will steal the spotlight from the mile high city. Bierman said that by some estimates, Los Angeles’s medical marijuana market alone is already close to $1 billion, easily overshadowing Colorado’s entire market.
Bold predictions on California’s entrance to the recreational marijuana market are optimistic, and justified. Along with a new marijuana capitol, experts say that a professional sports league will make the use of marijuana legal.
Bierman believes that in 2017 a major sports league will approve the use of cannabis, at least for medicinal purposes. Many professional athletes have turned to using cannabis to treat pain and head injuries and are rejecting prescribed opiates.
Cannabis companies are looking to differentiate themselves in a growing market with increasing opportunity. Of all the marijuana industry predictions, commoditization seems like the most probable outcome.
Sasha Kadey, Chief Marketing Officer of vaporizer distributor Greenlane said she expects that as market supplies grow, prices will fall causing a commoditizing effect. “This is leading to premiumization. Much like the alcohol industry experienced during its maturation, with producers now seeking to differentiate with premium packaging, brand building, so called “seed to sale” storytelling, and other value adds.” Other growers will stress their organic features, while some will push celebrity endorsements. It will be the year of the craft bud.