Cannabis Trends To Watch In 2020

Cannabis

This isn’t necessarily a bad thing; it just goes to show that progress is never one solid line toward growth.

As a business advisor, I’m often asked about the fast-growing cannabis industry, so I always keep my finger on the pulse. While some elements of the industry are taking off, others are still lagging behind or even regressing.

In this guide, I'll cover a few of the cannabis trends that I'm paying attention to in the coming year.

1. Human Resource Growth

Economic prosperity combined with cannabis legalization in 33 states, the District of Columbia, Puerto Rico and Guam has led to significant growth in the cannabis industry workforce. The last few years saw incredible expansion, to the tune of more than 211,000 Americans with legal cannabis jobs in 2019. In 2020, I predict that HR models and systems will be further honed to accommodate this expansion.

Look for HR leaders to begin more comprehensive employee training and development programs that take into account industry vertical and ethical selling practices. This could come in the form of continuing education, as well as greater control on employee oversight that shifts the industry into a more corporate environment.

2. Greater Emphasis On Digital Transformation And Data-Driven Decision Making

Digital transformation has become the greatest paradigm shift in almost every single industry imaginable. From music and television to ride-sharing and e-commerce, digital technologies have completely upended traditional markets across the board. Expect nothing less in the cannabis industry as new players with more nimble, digital processes built into their core infrastructure look to disrupt incumbent players that have yet to factor in digitally savvy components.

As in every industry, however, established players do have an advantage: money. And when it comes to implementing tech processes into established firms, money talks. Expect larger cannabis corporations to invest in the implementation of technology such as RPA (robotic process automation) to streamline entire business processes.

3. Legislative Flux

Because marijuana is still a banned narcotic under federal law, it has made things complicated for distribution and sales. Ancillary service providers such as landlords, vendors and suppliers are all subject to strict federal regulations when it comes to the sale of cannabis products.

Additionally, Republican Senate Banking Committee Chairman Mike Crapo issued a statement detailing his opposition to last year's SAFE Banking act that would have paved a way to obtain secure banking partnerships for cannabis organizations. With many industry groups aware of the drawbacks of preventing distributor access to financial systems, however, I expect the chairman to be challenged and the issue to be on the docket during this election cycle.

Read More at source: Forbes