Marijuana Industry Matures and needs Branding
The marijuana industry started slowly years ago but now the story is different. Legalized cannabis generates huge cultural and social impact and a wealth generation. It is a goldmine waiting for entrepreneurs to tap into. An investor could start with as little as possible and yet earn a lot. One can invest in concentrates, products of medical marijuana (edibles), fun dispensaries etc.
The marijuana industry has a lot to offer investors that are interested in it. As a result of the legalization of cannabis, a lot of businesses are springing up all over the USA. In Canada, legalization of marijuana is being considered. It is not only the local Marijuana Dispensaries that one can get his Cannabis from. It is also Cannabis-themed hotels, Marijuana Edibles companies, many different niches of related services like Labs, Delivery services, and Specialized Medical services also.
Branding is very important in the marijuana market as it has a lot to do in removing the stigma attached to marijuana in past years.
There is going to be a need for mass market branding for cannabis as it is with other products. These new brands will all aim to cater to various consumers so there will be a need for unique and consumer-friendly brands.
It is very important that the marketing plans followed for each brand diversify their moves according to the different target groups. There is always the possibility of facing difficulties as a result from marketing a commodity to both recreational and medicinal users. These problems are most of the times creating confusion, reduce the profit gained from the commodity and damage the brand promoted in that manner.
A clear example is a difference between recreational and medicinal cannabis when planning their campaigns. Any good cannabis branding agency has to consider that recreational users of marijuana are more interested in the psychoactive effects of it and they are willing to try new products and different methods of consuming the product. At the same time, medicinal users take the product in a bid to heal themselves and improve the quality of their lives. The medicinal users prefer product quality, consistency, and predictability.
One can’t use the same marketing plan to cater to both sets of users. A study in Colorado showed that adults that earn more are more likely to try cannabis. In relation to this, there has been an increase in high-end, luxury brands of cannabis. Brand positioning and market share will be dampened by marketing under a single brand.
As marijuana increases in usage, there is going to be a mass marketing of the commodity. Although most institutional investors have not made a big move in the market mostly because it’s federally illegal the Investments in the industry are growing in size.
Many investors say that If legalization evolves as expected in the next few years the financial growth looks very optimistic for the future of the new legal industry. People wait to see the strategies that political scene will follow.