Welcome to the future of marijuana and its many uses. The market for THC is booming in 2023, with more products than ever incorporating the natural component of cannabis plants. From THC Gummies to tinctures and topical treatments, cannabinoids are becoming increasingly popular due to their effects and rapid absorption rate.
For some individuals, this newfound access has opened an entirely new realm of possibilities for wellness improvement; however, there’s no denying that THC also comes with a set of unique risks and challenges that must be considered before use.
In this blog post, we’ll dive into how THC has changed the game in recent years while exploring why you should understand its potential dangers so you can make informed decisions about your wellness.
Status Of Cannabis Market This 2023
As cannabis continues gaining acceptance and legality worldwide, the cannabis market is poised for significant growth in the coming years. The industry is projected to be worth over $73 billion by 2027, with North America accounting for most of the revenue. While some regions still have legal hurdles to overcome, the general trend is toward legalization. This means that businesses in the cannabis industry can expect to see increasing demand for their products.
However, with this growth comes increased competition, and companies must find ways to differentiate themselves in the crowded market. In the end, though, it seems clear that the cannabis market will continue to expand rapidly for the foreseeable future.
Impact Of THC On The Market In 2023
1. Growing Demand for Edibles
Edibles have been a popular way to consume THC for years, but their demand has proliferated. In 2023, the edibles market has reached $4.1 billion. This growth indicates consumers seek more discreet and convenient ways to consume Cannabis. Edibles like gummies, chocolates, and baked goods are easy to transport, consume, and store. With advancements in manufacturing technology, producers make edibles with a consistent dosage for a better user experience.
2. Increase in THC-infused Beverages
THC-infused beverages are also becoming more popular in the market. Significant companies like Molson Coors and Anheuser-Busch are investing millions in beverages in anticipation of a profitable market. These beverages are expected to be popular with consumers who want to avoid smoking or consuming edibles while still getting the benefits of THC.
3. Changes in Legislation
Legalizing cannabis in several states and countries has created new opportunities in the market. The United States has seen several states pass laws allowing THC use for medical or recreational purposes. In Europe, several countries have legalized medical cannabis, indicating a promising market for THC in the future.
4. The Influence of Technology
Advancements in techs have contributed to the growth of the THC market. Producers can now extract THC from cannabis plants more efficiently and create new products like oils, waxes, and shatters. Technology is also driving innovation in the industry, and producers are continuously developing new ways of delivering THC for the best user experience.
5. The Future of the THC Market
The future of the THC market looks bright, with demand for the product expected to grow. As more states and countries legalize cannabis, these products will become more widely available. In addition, research also indicates promising medicinal properties of THC, which will drive the market’s growth even further. As the market grows, the industry is also expected to become more regulated, ensuring that producers meet the required standards.
6 THC Products That Are Trending In 2023
1. Beverages
With the popularity of CBD-infused drinks rising, it’s no surprise that THC-infused beverages are also becoming more popular. These drinks offer a discreet and convenient way to enjoy the effects of THC without vaping. From THC-infused sodas to cannabis cocktails, there’s no shortage of options for beverages.
2. Edibles
Edibles have been around for a while, but their popularity is not slowing down. From gummies to brownies to savory snacks, there’s an edible for everyone. These products provide a convenient and discreet way to consume THC, and the effects can be more intense and longer-lasting than smoking or vaping.
3. Concentrates
Concentrates, dabs, or wax, are highly potent THC extracted from the cannabis plant. Although they’ve been around for a while, the popularity of concentrates continues to grow. These highly potent products should be cautiously approached, but they offer a fast-acting and intense high that is unlike anything else.
4. Topicals
Topicals are products applied directly to the skin and absorbed through the pores. These products can come in lotions, balms, or oils. They don’t produce the effects of other THC products, making them a popular option for those who want to enjoy the potential therapeutic benefits of cannabis without getting high.
5. Vapes
Vaping has become popular as a discreet and convenient way to consume THC in recent years. Although there have been safety concerns around vape products, the popularity of THC & CBD vapes continues to grow. There are a wide variety of options when it comes to vape products, from disposable pens to refillable cartridges.
6. Tinctures
Tinctures are liquid extracts of cannabis that are usually taken sublingually, meaning they are placed under the tongue. These products offer a fast-acting and discrete way to consume THC and can be efficiently dosed. Depending on the formulation, tinctures can have various effects, from mild relaxation to intense psychoactive effects.
Conclusion:
From the improved accessibility of THC-based products to the potential of new medical applications, much evidence suggests that this modern era of cannabis will usher in a period of substantial growth for the market. As more and more states legalize the plant and celebrate the benefits, this green revolution will continue brewing for years to come. This is an exciting time for proponents of marijuana and hemp alike: we’ve come a long way since 1941, when Marijuana Tax Act was passed, criminalizing its use.
The industry’s future has never looked brighter; with emerging technology and more knowledgeable advocates, 30 million Americans are poised to access quality recreational or medicinal products. Embracing our enthusiasm for agriculture science advancements with an open mind may be what the industry needs for even further success. After all, what our ancestors termed “the healing herb” is no longer taboo; 2023 may soar above expectations with THC at its helm!