Predictions for 2024: The Hemp Industry Will Be Booming!

The year 2023 was like a seesaw year for the cannabis industry. In June, there was even talk of prohibition hemp oils and foods with CBD. Fortunately, the forecasts for the next year are more than optimistic. The discussed trends and predictions speak clearly. How is CBD, HHC and Kratom regulated?

At MJBizCon 2023 (a trade conference that focuses on the hemp and hemp products industry), it was stated that no major legislative reform is expected in the coming year, such as changing the legal status of marijuana for the purpose of free distribution. Unfortunately, we will probably have to wait a while longer for that. Rather than the legalization of THC, they believe in further gradual deregulation, which will bring new opportunities in the cannabis market. Every little bit of relaxation counts and is always a step forward.

So how might the cannabis market be affected in the coming year?

Developments in the cannabis market

Although it depends on individual regions and regulations, there is no doubt that the cannabis industry has great potential. The cannabis market is expected to continue to evolve and adapt to a variety of factors, including changes in public perception, legislative changes, and new product development.

• CBD Hemp Market Growth: Interest in CBD-containing products is expected to continue to grow. Which includes food supplements, cosmetics, food and beverages. From January, however, all drinks in the Czech Republic will be reclassified from 15% to 21% VAT rate, which may increase their final selling price.
• Legalization and regulation: The legalization of cannabis and products made from it is changing in several countries and states. Improving the regulatory environment it can support industry growth by allowing more entrepreneurs to enter the market. In the Czech Republic, the legalization of high-potency cannabis does not yet concern us, but regulation is envisaged, which will allow all traders to provide important information about cannabis and kratom. These commodities should be marketed as products for consumption, not as a collector's item or for further processing, as is the case now.
• Industrial use of hemp: The industrial use of hemp can offer new opportunities. We can use cannabis for the production of textile materials, building materials, paper and other products.

An opportunity not only for CBD sellers!

• Agricultural sector: Cultivation of hemp it can offer new possibilities for farmers who have not been very involved in this activity until now.
• Investments and mergers: The hemp industry is attracting investors, which can lead to mergers and acquisitions within our industry. This can lead to the strengthening of companies operating in the market. As the market grows, the number of job opportunities increases in a rather unconventional sector, which nevertheless attracts many enthusiasts.
• Research and innovation: Growing investment in cannabis research may lead to new discoveries therapeutic applications, improvement of plant genetics and development of new products, which could eventually be used as official medicinal products.

Business Director of The Cannabist Co. New York-based Jesse Channon is clear in his predictions for the development of the cannabis market:

“The best days are yet to come for the cannabis industry. There will be a moment of rising tide and all ships, I believe. If you don't believe that, you shouldn't be in the business.”

Jesse Channon, Business Director of The Cannabist Co.

CBD will continue to grow in popularity

Humanity and the industry itself without exception are trying to return to sustainable methods, such as bioplastics. Hemp can be a source of biomass for the production of bioplastics, which can be attractive to the prospecting industry more ecological alternatives. A return to the roots also attracts many enthusiasts who see the healing power of mother nature in (and not only) CBD hemp. Thanks to the growing interest in natural hemp products, we can expect that various products for mental and physical relaxation will continue to increase in abundance on the market.

Cannabis products for health and wellness enhancement such as hemp oil, drops, cosmetics and hemp foods are already reaching record sales. There is no indication that this trend should change in the near future, on the contrary. Many reviews confirming the effectiveness of CBD contribute to the fact that the circle of people interested in alternative medicine is constantly expanding. Thanks to new technologies, we can expect constant innovation of the products themselves, the production of which is, however, completely in line with a sustainable economy.

CBD drops for stress

In conclusion, it is more than obvious that hemp products have gained a firm place in the market. In addition, they are increasingly becoming known to the general public. And what about you? Do you have personal experience with CBD products? Either way, be sure to check out ours CBD store and try, for example, CBD drops for stress, which we all have more than enough of before Christmas.

Do you need help?

If anything is not clear to you and/or you want advice on the selection, please write to us below in the comments below the post, via contact form or send us a question by e-mail info@miralecbd.cz. Thank you

Our tip: look at map of branded cannabis stores Miracle CBD, where you have the unique opportunity to consult your needs with professionally trained staff from our team. We have all products in stock, so you don't have to wait for delivery by courier and you can take the products home the same day. We have been bringing you the unrivaled best CBD, HHC and kratom since 2020!

Klatovy store – Viennese 31 | Shop Ml. Boleslav – Železná 162 | Shop J. Hradec – Masarykovo nám. 1

Sources: https://www.leafly.com/news/healthnon-system

https://mjbizdaily.com/best-days-are-to-come-for-cannabis-industry-mjbizcon-attendees-say/

NOTICE: Cannabis and kratom products are exclusively for collector, industrial and technical purposes. Alternatively for further sale and processing. In no case are they intended for consumption, inhalation or smoking! The described effects are purely informative. Company Miracle CBD does not approve or otherwise support the abuse and sale of psychotropic and narcotic substances!