Following the 2020 election and recent cannabis bills that were introduced or passed in the United States, some would say that 2021 will be the biggest year yet for the cannabis, hemp and CBD industries. On election night, the United States saw a green wave. Arizona, New Jersey, Montana and South Dakota voted to legalize adult-use cannabis. And a fifth state – Mississippi – approved medical marijuana.
In upcoming years, there will be many opportunities for cannabis and hemp brands to shine. We at Fort Lauderdale- and Aspen-based public relations and marketing agency Durée & Company are here to help companies with their PR and marketing needs, utilizing our extensive cannabis practice and our established presence in this rapidly expanding community.
What will we see in the near future for the cannabis, CBD and hemp industries? By keeping a watchful eye on local and federal legislation, the D&Co Dynamos have put together the following list of hemp, CBD and cannabis predictions for 2021:
Federal legalization may be possible:
With the Democratic party taking over the Senate, federal legalization may be on the horizon. Democrats previously pledged to push decriminalization if Joe Biden won the presidency. And now we may see important cannabis bills make their way to the Senate.
U.S. cannabis stocks have been on the rise with legalization in four new states. While the enthusiasm has followed the elections, we believe there may be clearer lines for investors, providing an opportunity for cannabis stocks to continue to soar.
Hemp testing standards may be established:
Something the cannabis, hemp and CBD industries have lacked is clear testing standards. Recently, we’ve seen lab shopping, where cannabis growers and CBD brands look for a facility that will provide favorable results, rather than accurate results. According to Roger Brown, president of ACS Laboratory, “False test results and lab shopping put cannabis consumers at risk.” We believe that in 2021 we might start to see third-party testing standards being put into place.
Cannabis jobs could grow:
The global legal marijuana market size is expected to reach $73.6 billion by 2027, according to Grand View Research. As legalization expands to more and more states, the amount of jobs may grow. Cannabis is a labor-intensive market that involves farms, retail, cultivation, financial services, marketing, legal, security and more.
Minor cannabinoids might hit the market:
Ever since the 2018 Farm Bill made industrial hemp legal, CBD has exploded. In 2021, we expect to see other minor cannabinoids, such as CBC, CBG, CBN and CBT, hitting the market. As more research becomes available outlining the health benefits of these cannabinoids, its likely more products would enter the market.
Sales of edibles may skyrocket:
In 2020, sales of edibles skyrocketed across the nation, as consumers steered away from inhalable cannabis. This could lead to increased research and development surrounding edibles and prompt new product lines for 2021. According to the cannabis analytics firm Headset and Marijuana Business Daily, sales of adult-use and medical edibles grew by 60 percent across seven state markets, from $767 million in 2019 to $1.23 billion in 2020.
Since before the passing of the Farm Bill in 2018, D&Co has established an extensive presence in the rapidly expanding cannabis, hemp and CBD sector. We work with clients in these industries who are cultivating, manufacturing, producing and innovating with cannabis, hemp and CBD by leveraging these predictions to drive strategy.
Want to know more? Watch this video for a look at some of the clients and the media coverage we have secured.
About Durée & Company, Inc.
Durée & Company, Inc. is an award-winning, full-service public relations, marketing and special events firm founded in 1999. The firm has offices in Fort Lauderdale, Florida, and Aspen, Colorado. Durée & Company serves the corporate, agency and nonprofit arenas for local, national and international clients. Services include public relations, social media, marketing, digital marketing, content development, advertising, special events, branding, radio promotions, affiliate marketing and more. Durée & Company clients include well-known names in yachting, business, real estate, hospitality, travel, cannabis and hemp, wellness and CBD, art and culture, fashion, nonprofit organizations, legal and professional services. Durée & Company is a member of PR Boutiques International™ (PRBI), an international network of boutique PR firms. To learn more, call 954-723-9350; go to dureeandcompany.com; or visit its new, specialized cannabis- and CBD-specific site at cannabismarketingpr.com. Join the social conversation and follow Durée & Company on Facebook, Instagram, Twitter, YouTube, and LinkedIn at @DureeCoPR.