The cannabis industry continues to gain greater acceptance and traction, and with that will come consumer trends and competition. In order to compete and remain competitive once larger organizations become involved, it is important to keep with trends in the marketplace.
Alternatives to Flower
Vapes, edibles, and beverages are quickly becoming the best-selling cannabis products as a move away from smoking has been in the works for years now. While there are some recent concerns over the safety of vaping, both edibles and beverages are in high demand. Some states that have legalized cannabis have still not regulated the edible market. There is also some concern over consistency and potency. Despite the concerns, this is a niche within the cannabis market that is sure to experience rapid growth.
High-End Artisanal Products
In the food industry, artisanal desserts, breads, and candies have exploded in popularity. The same will ring true for the edible cannabis market. Soliciting the efforts of professional chefs and bakers to give a touch of class to your edible selection can increase your volume of sales as well as your profit margins. Other cannabis-infused products such as body lotions and soaps are also seeing an increase in popularity and can help you to reach untapped markets.
Legalization Movement Strengthens
“Thirty-three states and the District of Columbia currently have passed laws broadly legalizing marijuana in some form. The District of Columbia and 11 states — Alaska, California, Colorado, Illinois, Maine, Massachusetts, Michigan, Nevada, Oregon, Vermont, and Washington — have adopted the most expansive laws legalizing marijuana for recreational use.” These numbers will continue to grow with many other states considering legislation as well as the federal government looking into the matter. This can be good and bad for the cannabis industry. This could mean greater competition, but it also means a larger potential customer base as well as increased interest from investors.
More Diverse Customer Base
With the variety of different ways to consume cannabis and the reduced stigma due to legitimate scientific studies, cannabis is becoming more widely accepted than ever before. This means a much larger target audience. With that will come increased competition and a greater need to invest in marketing. Those that can establish themselves amongst the niche markets and the market as a whole early on stand a great chance of thriving even when larger corporations begin to infiltrate the market.
Holistic Healing Crossover
Cannabis is finding its way into herbal teas and other holistic medicines, but the crossover doesn’t stop there. Incorporating cannabis into practices like yoga and meditation is beginning to gain traction. With the heightened sense of awareness and relaxing effects of cannabis, it seems like a natural fit. It’s only a matter of time before you start to see cannabis-friendly yoga studios popping up where it is currently legal.
In a rapidly evolving marketing place that is still not federally legal, it is important to make sure your business is financially sound. Sage Intacct’s award-winning cloud ERP system can give your cannabusiness the fuel it needs to grow.