Give a comprehensive overview of the Cannabis Packaging Industry

According to the current growth trend, a short term growth projection keeps the global growth rate at 19.97 % by 2020 as two major regional heads are facing elections in the coming years. Federal laws and Marijuana wrapping norms is a short term restraint as it cultivates in nonlinear growth for manufacturers as inventory cost increases by 12.89% with every change in policies and standards. Companies in the United States would likely be the most affected with these fluctuating policies as the packing industry is at the most nascent stage.

The Global Cannabis Packaging Market is expected to reach USD 14.34 Billion by 2028, according to a new report by Reports and Data. Green packing a significant trend arising is the push for weed products to be packaged in materials that are recyclable, biodegradable, and compostable. As more states legalize medical marijuana, the weed industry across the globe has grown more than 310% in the past four years.  As per the Association for Packaging and Processing Technologies, marijuana has been legalized at some or the other level in 28+ states and is pending further legalization in 13+ others. This exponential growth, along with an attribute of self-funded small organizations, has helped legitimize its use in the eyes of many. By 2020, it is anticipated the industry is expected to reach $24.5 billion alone in the U.S., with $11.2 billion alone for recreational products. While 89% of customers preferred flowers in 2017, by 2020 only 61% of customers prefer flowers, instead favoring concentrated, processed weed formats.

As more states legalize medical marijuana, the cannabis industry across the globe has grown more than 310% in the past four years.

Further key findings from the report suggest

• The weed packing market in Uruguay is estimated to grow at a significant rate of 18.8% during the forecasted period. Its consumption in Uruguay has been increasing since it has been introduced to the eyes of public scrutiny. In 2011, 5.3% of the population admitted to having consumed it. Life prevalence had quadrupled by 2016, with 22.1% of Uruguayans acknowledging some consumption.
• The US region accounted for significant share and is expected to grow at a CAGR of 18% during the forecasted period. As more states legalize medical marijuana, the weed industry across the globe has grown more than 310% in the past four years. As per the Association for Packaging and Processing Technologies, marijuana has been legalized at some or the other level in 28+ states and is pending further legalization in 13+ others. This exponential growth, along with an attribute of self-funded small organizations, has helped legitimize its use in the eyes of many.
• The significant challenges for weed packing players to penetrate the market are cost competitiveness. Reports indicate the majority of the retailers to survive the government fixed price point of USD 1.50 would prefer cheap packing, even on premium products. The rigid segment from the Processed Material in Uruguay was valued at 1.6 billion in 2026.
• The companies considered and profiled for this market are Kush Bottles, Cannabis Science Inc., Medical Marijuana Corp, JL Clark, Maple Leaf Green World, J.L.Clark, KAYA CANNABIS, Lexaria Bioscience, and Cannaline. In March 2018, Cannabis Science Inc. acquired Bottle It Inc. State of Art Bottle manufacturing Facility

As per research, by 2020, the cannabis industry is expected to reach $24.5 billion alone in the U.S., with $11.2 billion alone for recreational products. While 89% of customers preferred cannabis flowers in 2017, by 2020 only 61% of customers, prefer flowers, alternatively concentrated, processed weed format.

As per PMMI, the inconsistent legal status between state and federal laws is a ubiquitous challenge facing the manufacturers. Other problems include separate RFID tags for the plant and packaged product, the resistance of financial institutions to work with companies, and strict FDA regulations. Packaging for weed products is highly regulated with requirements for child-resistant and resalable lids tamper evidence and opacity. Formats also differ for the different forms of cannabis, with a flower in glass jars and tubes, concentrates in heatproof, borosilicate, glass or polystyrene containers, and edibles in resalable smell-proof bags.

Source https://www.reportsanddata.com/report-detail/cannabis-packaging-market

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