As cannabis business executives peer into their crystal balls for 2024, many are trying to get inside the mind of the consumer, to get a head start on the hottest new products of the coming year and capitalize on various trends before their competitors.
Marijuana Venture spoke with more than two dozen entrepreneurs and operators in the cannabis space to get their predictions for 2024. Part 1 of this four-part series will cover consumer trends.
Part 1: Consumer trends
Part 2: Challenges and opportunities
Part 3: Political movement
Part 4: Business operations
CONSUMER TRENDS
“As markets across the country mature and more businesses enter the space, we expect consumers to prioritize quality and uniqueness over hype in 2024. While there will always be a market for low cost and convenient products, we think it is inevitable that people will turn to craft flower and products as they delve deeper into their cannabis journey.”
JACLYN MOORE
CO-FOUNDER AND CEO
“I believe that infused pre-rolls are going to be the product of 2024, and that if there is a recession, I see cannabis continuing to thrive. I’m cautiously optimistic that regulations will ease a bit, creating even more opportunities for the industry.”
GEORGE SADLER
CO-FOUNDER AND CEO
“As the newest generation of drinkers reevaluate their relationship with alcohol, the popularity of cannabis beverages are an enticing alternative. The success of TeaPot, our line of THC-infused iced teas, highlights this emerging demand and we can’t wait to see how the category grows. Whether it’s a marijuana-derived beverage sold in a dispensary or a hemp-derived beverage sold in a liquor store, cannabis drinks are challenging the status quo, have a growing fanbase and represent the future of adult consumption.”
PAUL WEAVER
HEAD OF CANNABIS
“I’m hopeful that there may be an increased acceptance of cannabis as a medical treatment for various conditions, potentially leading to more doctor recommendations and insurance coverage for medical cannabis. That would make it possible to see significant federal-level changes in cannabis regulation, which could include potential changes to banking and tax regulations, which would provide a boost to the industry.”
KATIE ENRIGHT
FOUNDER
“In 2024, hemp beverages will do more to normalize cannabis in the minds of the consumer than any other form factor.”
Kenny Morrison
Founder
“We’re going to see a lot more products with accessory cannabinoids hitting the market. Lower potency flower is also on the rise. All in all, I’m hoping to see a return to the benefits of sungrown flower and a move away from THC-chasing indoor cannabis.”
WILLY CHRISTIE
“Pre-rolls continue to surge in 2024. We expect pre-rolls will surpass flower as the No. 1 product category in Canada and will be the No. 2 product category in the U.S., driven by multi-pack and infused pre-roll sales. We expect to see increased automation in pre-roll production and decreases in bulk flower/oil prices, which help brands create higher quality pre-rolls for less.”
HARRISON BARD
CO-FOUNDER AND CEO
“Consumers are beginning to better understand the benefits of cannabis, and I see a greater emphasis on processing methodologies to maintain the Entourage Effect, greater investment in research for effects-based formulations to help in areas like sleep, and even greater adoption of older generations as this all materializes. This shift is not just about business; it’s about unlocking the full potential of a regulated cannabis market to benefit both entrepreneurs and the communities they serve.”
BRIAN WITLIN
VICE PRESIDENT OF PRODUCT
“In 2024, cannabinoid therapeutics will become the leading emerging market opportunity in the cannabis industry. Since FloraWorks’ inception in CBN manufacturing in 2020, the market has surged to well over $277 million in recreational sales alone. CBN-infused products dominate the top-selling SKUs for 5 out of the top 6 national edible brands, driving the global market to an estimated $1 billion. This year, our own landmark sleep study clinically validated the use of CBN for sleep improvement. Looking to 2024, I expect to see the market becoming more invested in CBN as a potential alternative to other natural sleep aids and existing pharmaceutical options. I also expect to see a continued upward trend in cannabinoid research as our industry seeks to discover the vast therapeutic potential of rare and novel cannabinoids, paving the way for innovation and growth.”
ALLEH LINDQUIST
CEO
“In the past, consumers have purchased cannabis based on the highest percentage levels of THC. I believe people are gaining a deeper understanding of terpenes, and that knowledge will play a role in empowering consumers to make more informed choices when selecting strains based on their preferences and desired outcomes.”
ALEX MANIATIS
CHIEF BRAND OFFICER