Nine years from now seems like a long time away, but the cannabis industry is quickly progressing on a global scale. In the United States, 17 states allow medical and adult recreational use and 21 allow medical use. A handful of states remain on the sidelines. Outside the U.S., 47 countries allow some form of medical or adult recreational use.

Current industry research shows consumer demand for cannabis products is on the rise. With all the preceding factors in play, what will the cannabis industry look like in 2030? Here are our predictions based on trends and research.

Legalization:

Various cannabis reform proposals and initiatives are on the table this year, with the SAFE Banking Act likely to pass in 2021. The SAFE Banking Act is a precondition for federal legalization of cannabis, so we can expect national legalization to occur in the next several years.

When federal legalization occurs, cannabis companies will operate under the same regulations and expectations as those in established, legalized industries. Just think of the impact this will make on supporting industries that currently only dabble in the cannabis industry. Insurers, banks, law firms, CPG companies and a host of other industries will delve into new cannabis-related business lines. Federal legalization will allow law enforcement to spend more time on serious crimes and alleviate overcrowding in the prison system. Court dockets will get lighter since prosecutors won’t bring cannabis-related charges.