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Two students walk into a college classroom, bond over cannabis and launch a packaging venture in an emerging industry. While this might sound like the plot for a movie, this is where Sana Packaging’s story begins.
As grad students at the University of Colorado in Boulder, company founders Ron Basak-Smith and James Eichner both pursued the same focus: sustainability and the circular economy. They also shared similarities in courses taken, music taste and, most notably, cannabis. Co-Founder and CSO Eichner explains that while neither party had experience in packaging or the industry, a gaping hole in sustainable, recyclable options drove them to found Sana Packaging in 2016.
What to Expect from the Cannabis Industry in 2021
2020 was a hell of a year for the cannabis industry. Cannabis was deemed an essential business during a global pandemic. It proved to be a bipartisan issue, as several red states voted to legalize recreational and medical cannabis. Plus the House of Representatives passed the Marijuana Opportunity Reinvestment and Expungement Act (MORE Act) and the Medical Marijuana Research Act (MMJ Research Act), both now pending before the Senate. As we move into 2021, what can we expect from the industry next?
Pending Cannabis Legislations
Passage of the MORE Act
The MORE Act’s passage would remove marijuana from the schedules of controlled substances under the Controlled Substances Act (CSA). The MORE Act demonstrated that there is enough bipartisan support to pass in the House of Representatives, and it could likely pass the Senate in 2021. However, the timeframe for the passage of this act heavily lies on the Senate race in Ge
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The Global Cannabis Packaging Market size is estimated to reach USD 6.57 billion, from USD 1.75 billion in 2019, delivering a CAGR of 26.4% through 2027, according to a recent analysis.
The market growth is driven by the increasing legalization of cannabis and hemp-based CBD products across several countries, which, in turn, is bolstering the demand for cannabis packaging. With the legalization of medical marijuana on the rise, the global cannabis industry has grown over 310% in the past four years.
Currently, cannabis packing has so many formats, including plastic jars, glass, decorative tins, cartons, rigid tubes, bottles, and flexible pouches, among others. There are several other fast-growing products in the sector like shatter, wax, tinctures, and the more recent cannabis-infused wine and cannabis-dissolving mouth strips.
World Cannabis Packaging Market Analysis and Segment Forecasts, 2017-2026 - ResearchAndMarkets com register-herald.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from register-herald.com Daily Mail and Mail on Sunday newspapers.