As the global cannabis industry grows, a number of pivotal factors come together to shape its growth.
THE GLOBAL CANNABIS industry is undergoing a transformative phase, as countries across the globe embrace the medicinal and adult-use potential of the plant. With the industry expanding on an international scale, cannabis enthusiasts and professionals are constantly eager to stay informed about the latest developments in the international cannabis landscape, including its global supply chain, wholesale flower market and cutting-edge technological advancements driving this ever-evolving culture, community and industry. Let’s have a look at each of these to better understand the impact of shifting from an underground legacy to a legitimate legal industry.
International Development of Cannabis
The international development of cannabis has witnessed a significant shift as more countries legally recognize its medicinal benefits and economic opportunities. Canada has been at the forefront of this movement, becoming the first G7 country to legalize recreational cannabis in 2018. Uruguay blazed a trail by becoming the first country to fully legalize cannabis in 2013, setting an example for others to follow. In the United States, as of June 1, 2023, 23 states and Washington, D.C., have enacted measures to regulate cannabis for adult use.
These developments signify a global trend toward cannabis reform and an increasing acceptance of its potential therapeutic and economic benefits. This begs the question: What is the catalyst for the growth in acceptance of the plant? As an entity actively present in every cannabis market globally, Grove Bags’ CEO Jack Grover chalks up education as a key foundational element to global expansion. When entering new markets where social and political ideologies tend to lean more traditional, organizations have no other choice but to break down outdated stigmas and back up new perspectives with facts, figures and logic. With cannabis still being a new industry, most would agree that delivering correct information to people is still half the battle.
Global Supply Chain
The global supply chain of cannabis encompasses a complex network of processes involved in the production, processing and distribution of cannabis and its derivatives. Cultivation techniques have advanced significantly with innovations such as indoor and greenhouse growing methods. For example, vertical farming systems allow cultivators to maximize space and optimize environmental conditions, resulting in higher yields and improved quality control. In terms of processing, advanced extraction methods, such as supercritical CO2 extraction, provide precise and efficient extraction of cannabinoids and terpenes, leading to the production of higher-quality, safer and more reliable cannabis products. On the quality control front, pest and disease management protocols have rapidly become more advanced in an effort to deliver a better quality product, while avoiding blows to cultivators’ bottom lines caused by pathogen invasion and destruction. In addition, strict regulations and quality control measures are crucial components of the global supply chain that will likely continue to develop and ensure consumer safety and product consistency.
Wholesale Cannabis Market
The wholesale cannabis market plays a pivotal role in the industry’s growth and development. Licensed producers, processors and distributors form the backbone of this market, enabling the efficient movement of cannabis products from the point of production to retailers. The wholesale market is influenced by various factors, including supply and demand dynamics, pricing strategies and regulatory frameworks. According to a report by Grand View Research, the global legal cannabis market size is projected to reach USD $102.2 billion by 2030, driven by the increasing acceptance of cannabis for medical and recreational purposes. This market growth fuels the competition among wholesalers, leading to innovations in product offerings, branding strategies and distribution channels.
Technological Advancements
Technological advancements have revolutionized the cannabis industry, driving innovation and improving efficiency throughout the global supply chain. Many of these technologies are being developed and worked on by teams across the globe thanks to the rapid growth of remote work. Automation has also made its mark in the cannabis industry by way of automated trimming machines that have reduced labor costs and increased efficiency in the post-harvest phase, pre-roll production at scale, and so much more that was once merely a wish. Operators across the globe are leveraging these machines and their technology typically to help streamline the overall production process. Furthermore, technological advancements have improved extraction methods, leading to higher-quality cannabis concentrates and oils. Supercritical CO2 extraction has become the industry standard for its ability to extract cannabinoids and terpenes without leaving behind harmful residues.
As the global cannabis industry continues to flourish, the international development of cannabis, the intricate global supply chain, the wholesale market and the constant technological advancements are pivotal factors shaping its growth. From the gradual acceptance and legalization of cannabis in numerous countries to the advancements in cultivation techniques, processing methods and distribution channels, the cannabis industry is experiencing a global revolution. It’s time we begin seeing the underground legacy for what it is today and what it’s becoming: a legitimate, legal industry.
Source: Peter Su – rollingstone.com
Image: unsplash.com
