According to a careful estimate, the marijuana market is expected to reach USD 90.4 billion by 2026. In 2020, the marijuana industry was valued at USD 20.5 billion. These numbers clearly show that Marijuana is going to lead the world of e-cigarettes in the coming years. So, if you are wondering how it will take over the industry, you have come to the right place because this blog is just the thing that you need to read to know about the future of both Marijuana and the vape industry.
Why Marijuana is becoming more popular?
Marijuana activists have a lot to throw light on the pressing issue of the war on drugs. They have made it a point that Marijuana is not a drug that should remain illegal. Therefore, all the people who are in prisons serving their sentences related to marijuana felonies should be released.
The issue has become a highlight after the activists pointed out racial discrimination by the state on the war on drugs. Therefore, it is not a domestic issue anymore, and it has been the highlight in the past few years.
The marijuana activists highlight the problems created by Marijuana being illegal. Researchers have been busy discovering the amazing medicinal uses of Marijuana and its potential to treat chronic diseases like cancer. Therefore, awareness regarding the use of Marijuana is doing the trick, and many people are socially accepting it. The recently elected president of the United States of America, Joe Biden, made it a point in his election campaign that when he comes to power, he’ll work on the regulations to declare Marijuana legal and end the racial discrimination in the name of the war on drugs.
All these factors are contributing to the popularity of marijuana industry, and the indicators are very obvious that soon it’ll be the most growing industry of the decade.
What Will Happen to the Electronic Cigarette Industry?
Many industry specialists speculate that the popularity or Marijuana might be the end of the electronic cigarette industry just like e-cigarettes put a mark on the tobacco industry. There is a reasonable substance in this argument; however, it is still far from true that the e-cigarette industry will face an ultimate demise due to the rise of Marijuana.
The United Kingdom is supposedly the biggest market of e-cigarettes in the world, and they are passing regulations to make it legal all across the states to end the use of tobacco. It means that the vape industry is still evolving, and the claims that it’ll be out of business soon are very immature. However, there is no denying the fact that the vape industry needs to evolve and adapt to the marijuana industry; otherwise, it’ll not be long before e-cigarettes become a thing of the past.
How Can the Vape Industry Cope with The Emerging Marijuana Industry?
All the above discussion gives rise to a very simple question: What vape industry should prevent its doom? The answer is quite simple. Vape and electronic cigarette companies need to adapt to the changing world. For example, companies such as V2 are already adapting to this change by introducing CBD infused products and marijuana-friendly e-cigarettes.
Vape companies need to keep it in mind while launching new products to look for CBD products more than nicotine. It means that vape juices will need an upgrade if they want to be relevant in the market. Another important thing to keep in mind is that there is going to be a lot of competition, and the only way to survive it is to go green.
Different strains of Marijuana are used for different reasons. Therefore, vape companies should provide an all-inclusive solution to the customers looking for their choice strain.
The vape saloons will also need to adapt to these changes, and they have to provide all marijuana strains and their e-cigarette variants under one roof so that they don’t grow out of business in the coming years. Apart from all this, the different states also need to realize the rising popularity of Marijuana among the masses and many medical uses of marijuana and pass regulations in the larger public interests.