Does is feel like the whole cannabis space has become too saturated to allow for anyone else to enter it?
As cannabis marketing experts who have been in the game for a long time, there’s no way we can deny that it’s pretty crowded in here. But the cannabis industry is ever changing and evolving. So if you’re looking for ways to enter the cannabis market, fear not.
Depending on whether you live in a newer limited-license state or one of the old school states with an established market, there continue to be plenty of possibilities for operating in underserved markets and sectors.
As we mentioned above, there are new and not-so-new cannabis markets in the United States. And what thrives in one market can be quite different from what’s grabbing consumers’ attention in another.
For example, California has the longest standing U.S. cannabis market. As such, there’s a real drive for innovation there. Cannabis delivery services and direct-to-consumer markets are growing sectors. And while flower dominates most U.S. markets, folks in California are introducing new products such as pills, dissolvables, and liquid cannabis.
Liquids in particular make a lot of sense – given the decline in alcohol consumption for the younger generation. As such, cannabis-infused beverages are expected to become increasingly popular. More consistent dosing and extraction methods will be needed. And this requires innovation.
Obviously, cultivation is the first and most necessary wave of business whenever a new cannabis market is introduced. As such, the global cannabis cultivation market is estimated to witness a growth rate of 14.3% from 2020 to 2027.
This is great news if you’re looking to enter the market as a cultivator. But there are many barriers, including strict regulations, costly business application and licensing fees, and over-the-top requirements for financial reporting and management.
Fortunately, automation is helping with all of this. Especially for cultivators looking to be a mass-market brand. And that also means that there are opportunities for the tech-minded who are interested in developing robotics and automation in the cultivation space.
Which brings us to our third area.
Once upon a time, companies simply labeled their products as indica, sativa, or a hybrid of the two. These days, consumers demand information on the benefits and recommended uses of products. And brands are responsible for keeping up with this demand. As such, there’s an increased drive for product/label designers in this sector.
What’s more, consumers want a smooth and seamless buying experience. More and more dispensaries are looking at integrated POS systems to facilitate this by simplifying online ordering, delivery, and inventory tracking. They know that investing in inventory management software helps them remain compliant and less likely to run into problems.
In other words, there will be continued opportunities in the cannabis tech space for burgeoning companies to provide these solutions.
Finally, it’s crucial that any cannabis company has real-time market data at their fingertips so they understand where they stand in the industry and can make the greatest impact. That’s why there’s a need for cannabis marketing specialists who can provide this, while remaining compliant with the rules of advertising in this unique industry. This is what gives them the competitive edge.
There Are Still Ways to Enter the Cannabis Market
If you believe it’s too late to enter the cannabis market, think again. The above information is just a window into the many possibilities that exist in the industry.
And if you already have a cannabis business but feel that your marketing strategy is not up to snuff, contact us today. In this crowded market, you definitely don’t want to skimp on this aspect!