Cannabis continues to grow with many countries legalizing its usage, creating a new packaging segment. In 2018, Canada is expected to fully legalize marijuana, and the U.S. appears to be heading down the same path as more states approve its medical and recreational use. To date, 29 states and Washington, D.C. have legalized marijuana for medical use. Brand consulting and design firm Landor reports in a 2018 brand trends article that large, mainstream brands will embrace the product, not wanting to miss out on a new segment of the market that generates billions of dollars. IBM outlined how blockchain could be used to handle this distribution. Constellation Brands, which makes wines and spirit products, including Clos du Bois wine and Corona beer, bought a minority stake in cannabis company Canopy Growth Corporation.
What does it all mean for the packaging market? The cannabis packaging market in North America is expected to grow at a CAGR of over 10% during 2017-2021, according to a report by Technavio (technavio.com). Drivers will include growing cannabis sales, new product varieties and regulatory recommendations for packaging. Despite having many adversaries, new opportunities abound in the cannabis market. However, with the regulations and strict usage guidelines in each state where cannabis has been legalized, let alone other countries, there are many points to consider. Packaging Strategies showcases a few products that demonstrate the diversity of this emerging market segment.