The interest in the Cannabis industry is booming. There is no doubt that Cannabis in retail, merchandising, information, and other business associations are being explored extensively. However, due to strict regulations that are still imposed on the market and the question of legalization in different parts of the US, the growth of sales within the he cannabis industry is stunted. There is only so much a retailer can do to sell their products, despite the interest, as Cannabis continues to be one of the most regulated markets in the country.
Currently, the regulation of Cannabis and CBD products vary in a bear block by block radius throughout the United States. The market is a chameleon, consistently changing as retailers (and consumers) constantly work to keep up.
Fortunately, the tides are slowly turning. Experts believe that the Cannabis market is bellowing toward an explosion of success in retail.
Current Investment Incentive Cannabis’ investment potential is murky, as it has only recently been something that most investors even dared contemplate.
However, the haze seems to be clearing up for investors as legalization is slowly opening a plethora of opportunities. These opportunities are spearheaded by the retail Cannabis market. As a newly legal and fresh market, full of promise and curious spenders, Cannabis will transform both the American culture and economy. Yet, that transformation is still fighting to become possible.
Pew Research revealed that in 2018, 62% of Americans supported marijuana
legalization. This amount of support has encouraged 33 states to legalize medical
marijuana and 10 states, along with the city, Washington D.C. to legalize recreational marijuana. Although, that is still only a marginal degree of acceptance. Medical Marijuana is a start, but the retail market cannot capitalize on that and therefore, investors are still waiting for a viable market.
What is Coming Next for Cannabis?
The Cannabis market is ripe with possibilities. Yet, with its legalization issues, it has convenient into its own, with many CBD and Cannabis products surviving as a collective entity, rather than separate products. This is interesting, as this tactic will likely strengthen the Cannabis retail market at it grows.
Home Grown Products
The trend for Cannabis retail, for a various array of products is easing toward
home-based delivery. Perhaps it is a way to avoid the stigma of Cannabis products or it could be just preference. After all, people buy all different items online. However, the home-based trend is not exclusive to online shopping.
Trends indicate that retailers will be visiting the homes of their clients, like door-to-door salespeople. This trend is marketed as one-on-one consultations. Delving deeper into this finding, shows that people are starving for knowledge on
different Cannabis products. The uses and applications of the individual product is still considered taboo. So, instead of looking it up online or seeking out information from a brick and mortar store, people feel more comfortable talking face to face with consultants in the privacy of their own homes.
Cannabis Industry Journal explains the need for cohesive branding in a simple
statement: the design of the product must align with your brand. Legalization is
legitimizing the Cannabis industry. Therefore, the Custom branding and packaging is just as important as any other industry. Brands have a duty to elicit trust from their customers. Sending the right message through your branding efforts is a great way to do that.
Offering Desirable Products
Products and brands are everywhere. At any given time, must people can find what they want, with near instantaneousness. There are usually multiple options for every type of vendor. Thus, instead of just focusing on providing a quality product, it is important for Cannabis retailers to focus on desirable quality products. Even when the Cannabis retail market comes into its own, businesses are going to need to find their niche within the Cannabis craze. This means that business owners are going to have to rely on the feedback they get from their customers and implement that feedback with the Cannabis products that they offer.
The packaging of Cannabis is extremely important. Cannabis is no longer handed off in a Ziplock bag. Like other legal products, Marijuana packaging has become a multi-million dollar ancillary industry.
Now that Cannabis is growing legal traction all over the country, people expect the cannabis child resistant packaging to be safe, secure, and aesthetically pleasing.
Advertisetersing and Marketing
Cannabis is a product that does not need ad-campaign rhetoric to peddle it into the hands of eager buyers. The versatility of use and product that Cannabis provides ensures that there are many viable target markets. Yet, anyone who has found success in running a business knows that advertising and marketing is still vital. Unfortunately for the Cannabis market, nearly 80 percent of traditional and mainstream advertising methods are unavailable through the Cannabis market. Therefore, Cannabis marketers need to find more creative and personalized methods of outreach.
Delivery and Online Retail
There are thousands of medical cannabis patients who buy products online. However, even with all the Cannabis friendly regulations being passed in multiple states, only California allow the delivery of Cannabis products.
In fact, there are only a limited amount of verified CBD-only products that are legal to ship. Therefore, most dispensaries are currently found in brick and mortar stores.
To summarize the imminent growth of the Cannabis retail industry, both consumers and investors can expect plenty of changes. The Cannabis market is still in its infancy and as acceptance grows, so will the potential for profit.