As we mark the sixth anniversary of legalization on October 17, it’s incredible to reflect on how far the cannabis industry has come since recreational use was legalized in Canada. We are excited to celebrate this milestone and look toward the future as the industry continues to change, innovate, and expand. From sustainability and LED technology to craft products on the rise, new trends are emerging that are shaping the future of cannabis cultivation and consumption. This blog will look at some key trends and innovations driving this change.

Sustainability Takes the Stage

Sustainability has become a top priority for many cultivators, especially within the cannabis industry. This change is driven by multiple factors including operational cost increases and a desire to reduce the operation’s carbon footprint. Consumers demand more eco-friendly products and practices, pushing companies to minimize their environmental impact. This includes reducing water usage, minimizing waste, and conserving energy. LED lighting fixtures, hydroponic systems and aquaponic systems play a crucial role in sustainable cannabis cultivation and lead to a more ethical way of growing premium products.

The Rise of Craft Cannabis Cultivation

As the cannabis market is starting to mature, particularly in Canada, consumers are shifting towards high-quality, craft products. They are looking for strains grown by passionate growers offering small batch crops with consistent desired effects. LED tech helps growers meet these demands by allowing them to fine-tune spectrums and even light up with undercanopy lighting to reach the best terpene profiles and cannabinoid content. This level of control strengthens the quality of the products and helps them stand out in this highly competitive market.

Wellness-Focused Cannabis Products

Since legalization, there has also been a rise in recreational wellness-related cannabis products. From CBD-infused skincare to THC pain relief creams, consumers are integrating cannabis products into their everyday lives. This trend demands more specific strands, pushing cultivators to adopt more precise growing methods – which is more attainable with LED technology.

Expansion of Legal Cannabis Markets

With Canada setting the stage, the global cannabis market is projected to grow at a 25.7% CAGR from 2024 to 2030, and new markets are starting to open globally. European countries like Germany, Malta, and Luxembourg have already legalized cannabis, with others following suit. As more countries start legalizing, businesses will face opportunities and challenges.

Cannabis Tourism and Globalization

As cannabis legalization is spreading at a fast rate, cannabis tourism is expected to increase. Destinations like California and Amsterdam are already very well-known locations for their cannabis-related events and Canada is known for The Grow Up Conference and others like it. These events attract tourists seeking unique experiences, coming together in the community while contributing to local economies.

On a broader scale, the globalization of the cannabis industry offers new opportunities for businesses to expand into emerging markets across Europe, Asia and South America.

The Impact of Legalization

The impact of cannabis legalization in Canada has changed the landscape over time. As of 2023, only 3% of Canadians purchase cannabis from illegal sources, a significant drop from 28% in 2018. This is a direct result of Canadians consuming safe and regulated cannabis products. Regulation is a big focus, particularly as fentanyl has taken over the illegal market in Canada, and it continues to be on the rise. From January to March 2024, fentanyl was involved in 81% of opioid-related deaths in Canada, a growing epidemic that is also a global concern. (Government of Canada)

Germany and Mexico are already moving towards legalization. Additionally, the recent approval of the SAFE Banking Act in the U.S. Senate is a major step toward federal cannabis legalization. These legislative decisions lead to better business opportunities, financial services, regulations, economic growth, and meaningful criminal justice reform. This trend will most likely encourage more countries to do the same as they recognize the economic and social benefits of the legal cannabis market.

Staying Ahead in the Cannabis Industry

The cannabis industry may be maturing in Canada, but globally it is just getting started! With the advancement of technology, cannabis wellness products, and tourist events there are many avenues left to explore. At Aelius LED, we’re happy to be at the forefront of this growing change.

 

Today we celebrate six years of legalization in Canada and we look forward to what the next six years hold!