Running a cannabis company is fraught with challenges. Especially these days.
Fertilizer, building materials, and packaging are among the many items that have experienced price increases. Add to that inflation, and the industry’s bottom line is taking a hit. Yet, companies are hesitant to raise prices.
With so much to consider, you might be wondering about the most important cannabis company priorities for 2023. We’ll take a look.
Cannabis Company Priorities for 2023
The above mentioned challenges (as well as several others) aren’t expected to ease anytime soon.
It’s not all doom and gloom though. The industry continues to grow at a fast pace and that means there are always opportunities for product development.
In addition, there is now access to insurance and benefits that didn’t exist before. So given all of that, where should cannabis companies put their focus?
Invest In Stellar Staff
While job growth in the industry climbed 33% between 2021 and 2022, employers are still experiencing high turnover. Plus, there’s a lack of skilled labor. That means business owners are allotting more time and money on attracting good employees and retaining them.
The good news is, benefits programs are now available to cannabis business owners for their employees. When employers are able to personalize benefits to each of their employees’ needs, it builds trust and positivity which just happen to lend beautifully to employee retention. Imagine that.
If you’re a cannabis business owner, you could start adding health insurance and offering 401(k) plans to your employees. They’re much more likely to enjoy their work and stick around.
Be Aware of New Risks
By now, most cannabis business owners know about the risks involved in this business. As such, they have risk management strategies in place. Especially grow houses.
But some of the latest risks have to do with the breakneck speed at which new products are entering the market. That means additional research and development must be performed to reduce the risk of problems during extraction, packaging, storage, and distribution.
Then there’s the possible issue of refrigeration and bottling. The edibles and beverages market is skyrocketing and forcing companies to create new formulas and products – which is great! But it’s also results instates issuing dozens of recalls because of salmonella, mold, and mislabeling. You definitely don’t want to hear from attorneys who have filed suits on behalf of consumers calling you out for faulty products.
So stay on track with risk management plans and advisors to help ensure company’s success in 2023.
Take Advantage of Strong Public Relations
According to data analytics from Prohibition Partners, global sales of CBD, medical and adult-use cannabis topped $37.4 billion in 2021and is expected hit $102 billion by 2026.
Even so, legislative issues and the continued social stigma regarding cannabis and its reputation persist. Of course, misinformation and contradictions still run amok.
Today, a strong cannabis PR strategy not only bolsters brand reputation, but it can serve to drive media coverage so companies can reach customers and shorten sale cycles. It’s important to work with a PR firm who’s well-versed in the issues, nuances, regulations, culture, and language that surrounds the industry. They know how to create credible stories to reach your target audiences.
Still On the Hunt for Effective Cannabis PR?
If getting more exposure is one of your cannabis company priorities for 2023, then contact us today.
As well established cannabis PR and marketing specialists, we know how to put you at the center of relevant conversations in an authentic way.
So whether you’re new to the industry, a thriving cannabis brand, or anything in between, we can effectively tell (and sell) your story.