With each passing year, the legalized cannabis industry grows as the stigma associated with it decreases. Ten states currently permit recreational marijuana, over 20 more permit medicinal use, and annual nationwide spending on legal cannabis is projected to reach nearly $50 billion in the next decade.
Specialty retailer Barneys New York plans to open The High End, a luxury cannabis lifestyle and wellness concept shop. The High End will open in Barneys New York's Beverly Hills flagship store in March, featuring an exclusive partnership with cannabis company Beboe.
With medical and/or recreational use of cannabis being legalized, we asked: Is your business diving into the cannabis market? Survey responses suggest that 37 percent are getting into the sector, with an additional 21 percent planning to add it to their business in the future.
Hoffmann Neopac has introduced recyclable, child-resistant opaque tins for packaging damp and dry cannabis products. The tins are suitable for a variety of cannabis products, including edibles, and are designed to enhance quality image.
Berry Global Group Inc. has launched a range of cannabis packaging solutions: Embark, a line of packaging designed for cannabis flower and edible products.
Despite being surrounded in controversy, the U.S. cannabis industry is experiencing rapid growth. Experts estimate legal cannabis will grow from $7.3 billion to $24.5 billion between 2016 and 2020. Currently, 65 percent of cannabis sales stem from medical marijuana.
The U.S. cannabis industry has grown over 200 percent in the past five years, topping $7.3 billion according to the "Here to Stay or Up in Smoke: A Look at the U.S. Cannabis Market" infographic by PMMI, The Association for Packaging and Processing Technologies.
All eyes were on the cannabis industry this past year – its rapid growth and widespread acceptance amongst consumers and producers in the U.S. legitimized the plant as a key driver of many economies in communities across the nation.
