The metaverse is creating a new virtual marketplace for retail brands

Entrepreneurs are betting on the future of the metaverse and cannabis industries.

In the last decade, developments in government legislation have led to the legalization or decriminalization of cannabis in a number of countries, municipalities and U.S. states, allowing users to fully appreciate the sacred plant in both recreational and medicinal settings. While cannabis remains classified as a Schedule 1 drug by the United States federal government, decades of protests, scientific research and political lobbying have significantly reduced its stigma and opened the cannabis market for commercialization efforts.

Technologically, the rise of the metaverse has reinvigorated the impact of having a virtual presence. The internet and social media introduced the concept of a “virtual self” and with it, facilitated an unprecedented form of communication and interaction. The metaverse is expanding on this capability through the creation of virtual avatars that move through virtual environments created for their exploration and engagement.

Nestled between these two trends are the entrepreneurs who have envisioned a marriage of cannabis and technology. In this vision, virtual avatars roam metaverse worlds socializing with friends, checking out cannabis merchandise, attending virtual comedy clubs and purchasing goods and services.

This integration could be the future of cannabis, and entrepreneurs are already betting on it.

Cannabis in the metaverse

Cannabis and the metaverse are among the fastest-growing industries in the world.

According to GrowerIQ, legal cannabis sales are expected to exceed $50 billion by 2025, while a McKinsey report shows the global metaverse market could surpass $5 trillion by 2030. Although each industry carries implicit risk due to changing regulations and acceptance on a worldwide stage, the potential for profit has attracted many operators into the field to innovate in Web3.

Admittedly though, these early iterations into the metaverse space have been far from optimal. The emerging video graphics and sensory integrations in many metaverses remain highly limited, so this reduces the effectiveness of their intended immersive experiences.

Given these regulatory and technological constraints, the early trepidations approaching the union of the metaverse and cannabis markets are unsurprising. Entering markets in their infancy is a risky business, but success could result in a brand with worldwide impact.

Cannaverse Technologies believes in the connection between cannabis and metaverse technology and is pioneering Cannaland, the first metaverse platform built exclusively for the worldwide cannabis community. Targeting both business-to-business (B2B) and business-to-consumer (B2C) markets, Cannaland is a metaverse project aimed at creating a bustling virtual e-commerce environment for cannabis vendors, customers, advertisers and advocates to form the world’s most comprehensive cannabis community.

Cannaland: where cannabis meets the metaverse

As metaverse technology rises in sophistication, Cannaland’s vision to be the metaverse destination for all things cannabis will continue to develop.

Built on its own blockchain with the $CNLT token at its core, Cannaland is designed with the infrastructure necessary to sustain a virtual e-commerce environment. Here, the true metaverse vision comes to life: consumers use personalized avatars to browse around hundreds of retail stores, communicate with employees, choose brands and purchase products where permitted, engage in metaverse events and build a cannabis community.

But there’s more to Cannaland than simply e-commerce. Cannaland, at its heart, is a cannabis community fashioned to enable worldwide social experiences like concerts, comedy shows, art exhibitions and even virtual consumption lounges. Education is also key to its story: Cannaland has its own virtual university, Cannalearn, which functions as a dedicated platform for cannabis education, research and awareness.

With the world’s largest organizations pushing to take the metaverse into the mainstream, one cannot help but wonder which parts of daily life could be changed forever. For the canna-curious, it may not be long before they take to the metaverse to build a cannabis community to find some answers.

For more developments on the future of cannabis in the metaverse, follow Cannaland on Twitter and keep your eyes open for the latest developments.