It's hard to predict the future, but there are few people who don't expect cannabis to emerge as a major consumer category in the next decade, with both start-ups and well-established CPG companies competing to provide health and wellness, as well as lifestyle products, once the legal landscape becomes clearer.
In the U.S., legal marijuana could reach $47 billion a decade from now, with some projections putting that number closer to $90 billion by 2028. In addition, there are estimates that more than $20 billion annually will be spent on hemp-derived health products, most notably CBD (Cannabidiol), by 2022.
The opportunities presented by legal cannabis have already triggered massive investments from the tobacco giant Altria, Anheuser-Busch InBev, Constellation Brands, and a host of others in cannabis-related companies.
"Today in the U.S, cannabis users tend to be men under 40 who use it for enjoyment," says David Dancer, CMO at MedMen, which is both building a national retail brand and developing its own line of private-label cannabis products. "But from a recent survey we did, the real key for us is that 30 percent of the U.S. population is interested in trying cannabis. And of that 30 percent, half are women."