The Future of Cannabis Dispensaries: Trends to Watch

Written by Dr Green Jun 12, 2024

The cannabis market in the UK is growing quickly due to new laws and changing public perceptions.

The market has expanded dramatically since medical cannabis became legal in 2018, creating the framework for possible future growth into recreational usage.

This blog provides insights for both industry professionals and interested spectators by examining the most recent trends and projections influencing the cannabis market in the United Kingdom.

Shifting Market Dynamics and Strategic Insights by Hamish Clegg

The CEO of Hilltop Leaf, Hamish Clegg, believes that significant shifts in the market dynamics will occur by 2024. He highlights the significance of cultivating products domestically, maintaining product uniformity, and finding a balance between cost and quality.

Although the flood of low-cost products in late 2023 helped patients on a tight budget, Clegg points out that sustaining product quality and profitability became more difficult. This disparity resulted in a lack of supplies and disgruntled patients who needed regular medicine.

Shifting Toward Quality and Consistency in the Cannabis Market

Clegg sees a change in the market towards goods that combine high quality and therapeutic efficacy.

In his ideal world, patients would value consistency above variation and would rather use the same items to satisfy their medical demands on a monthly basis.

According to Clegg, this method not only helps with patient care but also makes it easier for medical professionals to evaluate which cannabis strains are most effective for a given ailment.

Anticipated Impact of UK-Based Cannabis Manufacturing in 2024

The anticipated start of UK-based cannabis manufacturing in 2024, albeit in tiny amounts at first, may allay some supply chain worries. This discovery is expected to strengthen the industry's resilience and reduce its dependency on imports.

According to Clegg, as financial markets open up and interest rates shift, prudent capital allocation based on cash flow, cost control, and environmental, social, and governance (ESG) issues will be crucial for sustained growth.

Cultivating Cultural Acceptance and Legislative Support

Beyond economic considerations, cultural acceptance and legislative modifications are crucial. Clegg wants the public, government agencies, businesses, and law enforcement to accept cannabis-based medical products (CBPMs) more readily. He emphasises that cultivating this acceptance necessitates patients adhering to medical advice and showing respect for social standards.

The Future of the UK Cannabis Market

In summary, the UK cannabis market is expected to develop further due to changing laws, advancing technology, and rising consumer demand. To succeed in this dynamic economy, stakeholders must be knowledgeable and flexible as they manage these changes.

Knowing these trends will give you important insights into the future of the UK cannabis market, regardless of whether you're an investor, business leader, or just interested in the way the cannabis industry is developing.

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