Do you see cannabis dispensaries opening up around you? Are you wondering what will be the future of these dispensaries? Cannabis has been in a grey area for far too long now. With legalization, the opening of cannabis dispensaries made both medical and “adult-use” marijuana easily accessible. These brick and mortar stores range from being regular retailers similar to your typical “head shop” to high-end establishments that resemble apple stores. Here is what you should know about the future of cannabis dispensaries.
What are cannabis dispensaries?
A cannabis dispensary is a local shop or store that can sell this medicinal herb to people. In Michigan, medical marijuana dispensaries are sometimes referred to by their legal name, “provisioning centers”; and adult-use dispensaries are sometimes referred to simply as a “retailer.” If you are planning to buy cannabis, either for recreational or medicinal purposes, you can head to one of these stores. The local and state governments regulates these dispensaries by issuing licenses to the owners that authorize the sale of cannabis under state law. These stores allow everyone to get access to the plant in a legal as well as safe manner.
A majority of cannabis dispensaries have trained professionals present at all times, with the service staff often referred to as “budtenders.” With their expertise in the plant, they can help customers choose the marijuana product right for them. For example, you can take their recommendation regarding the suitable method of consumption, optimum dosage, the effects of cannabis on your body, or the strain or brand of marijuana products you would like to purchase. The dispensary offers a wide variety of cannabis seeds, strains, and many other cannabis-infused products.
Where will the cannabis dispensaries be in the next 5 years?
1. The numbers will expand:
With the legalization of cannabis all around the globe, authorized dispensaries are increasing becoming the safest and most convenient avenue access to this medicinal herb.
In 2019, there were close to 7500 dispensaries in the US alone, with this number set to expand as more and more states authorize cannabis sales. Moreover, in states such as Michigan that delegate authority to the municipalities, more dispensaries will pop up as more municipalities authorize marijuana sales within their borders.
2. Most Dispensaries Will Carry a Variety of Products:
A majority of cannabis dispensaries get their products directly from the marijuana growers or marijuana processors, which are companies that make marijuana products such as edibles, concentrates, and more. While traditionally marijuana flower has dominated the cannabis sales market, both in terms of black market and legal dispensaries, non-flower marijuana products are increasingly taking over the marketplace. As products such as edibles and oils increasingly saturate the market, the cannabis consumers of today are demanding more variety in terms of products and consumption methods.
The dispensaries of the future will be more like a typical retail store. Similar to a liquor store, they will be home to a wide array of products from different cannabis brands to offer customers a better and broader range of choices. It will make them a one-stop-shop for all your cannabis needs, including non-THC products such as CBD oils and creams. That means you can head to a cannabis dispensary not just to purchase your favorite strains of flower but also the best CBD in marketplace, industrialhempfarms.com
3. Educational Experiences Are on the Rise:
With more and more research and evidence surrounding cannabis, people are becoming increasingly aware of the power of the cannabis plant. They are getting to know about the benefits of cannabis not just in terms of a euphoric high but also for treating ailments like pain and anxiety.
While the attitude of people towards cannabis is changing, there is still plenty of room for more education and awareness. Some cannabis strains can be helpful for insomnia, with others helping with muscle pain and yet others used for glaucoma. In many cases consumers suffering from these ailments do not know that marijuana can be used to treat them. In order to reach these potential customers, cannabis dispensaries are taking the lead on educating people on the medicinal uses of marijuana. For example, some of my clients from my cannabis business law firm hold seminars and workshops open to the public to education residents on marijuana. Budtenders can also be used to familiarize customers with the products, their uses, and benefits.
4. Legal Cannabis Sales Are Climbing:
Marijuana is becoming a household product today in places such as Canada and Colorado. Whether it is for recreational reasons or medicinal, cannabis is a go-to product for many, with it taking the place of alcohol in certain social circles. With the increasing popularity, the sales of legal cannabis are also increasing.
The sales of the legalized cannabis market recorded an all-time ‘high’ of $9.8 billion in the year 2018. By the year 2024, the growth rate of the industry can go beyond $30 billion though much of that depends on the ability of states to drive out black market sales. Certain states like Michigan, with a lower overall tax on cannabis sales, will likely have more success than other states with higher taxes and more complex regulatory regimes such as California.
5. Tech is Taking Over:
The innovation in the technology space and the cannabis industry are going hand-in-hand. Cannabis growers and dispensaries are making use of modern technology to enhance the customer experience and increase the efficiency of their operations. Many dispensaries rely on modern gadgets like smartphones and tablets to help buyers while they are in the stores, allowing them to easily access information about a particular cannabis strain, its contents, and its effects.
Just like technology has revolutionized other industries with online purchasing, online purchasing and delivery is slowly permeating the cannabis market. Many dispensaries currently use their own website or weedmaps to facilitate delivery, but there are innovative technology companies trying to take over this space. Those who stay up to date on cannabis news likely have read about the many “Uber of cannabis” companies that are trying to take over the cannabis delivery market.
The cannabis market is changing by the day. With more benefits of cannabis coming to light and legalization by various states, an increasing number of people are resorting to this therapeutic plant. To fulfil the rising demand, the need for cannabis dispensaries is only going to rise. They will be able to give access to legalized cannabis products to consumers, along with essential information about its use and benefits.
Mr. Roberts is the founder and managing member of Scott Roberts Law, a Detroit-based Cannabis Business Law Firm founded in 2014. Scott has spent his entire career representing businesses and helping them comply with municipal, state and local regulations, as well as assisting on transactional corporate and real estate matters. Scott is an accomplished attorney, author and public speaker, having spoke at CannaCon, Cannabis Industrial Marketplace, CannabisAid, and 420 Canna Expo, to name a few. He has also taught Continuing Legal Education on Marijuana business matters, meaning other attorneys see him speak to learn about the nuances of cannabis business law.