If it’s anything we learned from year one in Colorado, it’s that there’s a new found market that’s beginning to show its potentiality and make a huge impact in our economy. A majority of Coloradans agree that cannabis has had a positive impact on their economy.
As a shop owner, it is of great importance to know your local market growth potentiality. Staying up on new products to stock your shelves and add value to your customer are just a couple ways to stay relevant – the new industry player is the Cannabis Industry and it is rising to new heights every day. It’s a decision to leap forward and grow your knowledge even if it involves immersing yourself into a subculture that has always been misunderstood. Let’s dig into a brief history.
Looking back to the 90’s. The birth of marijuana legalization in America is considered one of the most important decades for advocation. Where notable strands were scarce and it was still very taboo in the nation’s eyes, progress was being made and it started in California and Prop 215. Oregon, Washington, Maine and Alaska were soon to follow.
As we fast forward 10 years, the progression of legalization, at least more heavily centered around medicinal use, was gaining traction and surfacing in places like Colorado, Hawaii, Montana, and Michigan. Heading into the last five years we have seen over 50% of Americans support the legalization of marijuana and the outcry grows every day to tear down the layers of misinformation about the plant as a whole.
What it means in today’s status is that as of November 9th, 2017, 4 of the 5 additionally proposed recreational states won the majority vote and over half of America has adopted medical marijuana to drastically improve their way of life as well as local economies. The progression is happening and the foreseeable action is, not much will stop that traction.
Why is all of this history and information important? I believe it truly plays a part in future decision making in large companies but as well your privately owned retail shops. It should be in heavy focus and contribute to your business decisions. Do you embrace? Or do you stand back and wait for the smoke to clear? As a business owner, you must be practical in the direction of your business from year to year and push ego/personal ideologies aside sometimes when being growth minded.
Let’s look at fast food chains in America for example. Adopting healthier options, vegetarian and vegan, gluten-free and beyond to stay relevant in a fast-paced and evolving market. It begins with planning test markets where they ultimately show success potentiality. Timeliness and orchestration still require knowledge, and in our current state of business, we find that the traditional tobacco and retail shop customers will begin to lean into more products that have to do with the cannabis industry. It’s proven as a healthier option to so many things and there’s a new way to infuse cannabis into any lifestyle, or health need, every day.
Business and Marijuana. The legalization of marijuana caused the industry as a whole to double in just one year. Think about that for a moment, in one single year revenue doubled the previous year. That’s incredible growth and if you are a business owner, this is tremendous news!
So how do you approach this new facet of business? There are a ton of industry shows each year and some of the strictly business conferences focus on growth in the market, understanding the flow from seed to market. Start your planning calendar now and focus on shows like MJ BizCon, The Oregon Marijuana Business Conference, Marijuana Business Conference and Expo and much more. These shows have excellent information seminars, live demos and presents a suitable networking ground that will allow you to connect with individuals that can guide you in the right direction.
Advertising and Marketing. It has been tough to truly get your business incorporated into some of the most traditional methods like Google Adwords, Facebook Ads and YouTube sponsored ads due to the sensitivity of the subject. However, there are still great tactics out there for organic search optimization as well, still, one of the best approaches to business within your community is local street marketing and knowing your surrounding market value. Do not be swayed in incorporating cannabis industry products into your shops. The days of heavy scrutiny and overall disapproval from the public are dissipating daily, which is a very good sign that this movement is here to stay.
Confidence in the Market’s Progression. Everything from financial institutions, tech giants, chefs and all corners of business are starting to embrace the cannabis industry. Where there was a time that heavy taxation and restrictions would break down a small funded business very quickly, the tides are shifting and what most are calling “The Green Rush” is making way in America, and all over the world.
As a business owner, you should take a look at what that means for your business and start making connections today. The perceptions are improving greatly with influential people coming forward and sharing their stories about cannabis and how it has positively affected their lives. The case studies of medical patients and success in especially in epilepsy, Crohn’s disease, arthritis and even cancer show huge upside and promise that we can step back as conscious individuals and support something that is more than just getting high.
I am sure you have already been exposed to glass pipes, rolling papers and grinders galore. However, there’s everything from oil pens, portable herb vaporizers, the concentrate market and let’s not forget cannabis-infused products like edibles that need some love too. That being said, there’s room to explore your store layout and find the best place to start dedicating shelves to support the products for cannabis usage. There’s new technology to learn about, and your best efforts will be in industry knowledge as a business owner, as well as product knowledge for your entire shop. This includes your managers and employees who support the front facing interaction with over half of your customer base.
Those who are proactive and reactive, with a drive to grow their business will surely succeed for long time presence in this expanding market. Publications like Forbes, Business Insider and even the New York Times are creating buzz and attention toward the marijuana industry. Ancillary companies that support business overall are coming on board as well, so ask your CPAs, accountants, lawyers and distributors about their view on cannabis industry and how they plan to support your business.
There are unique challenges in the cannabis industry you will face, and they vary from state to state, as well in some cases from one city to the next. This knowledge doesn’t seem so scary however when you consider that the cannabis industry has the highest potentiality of becoming a global market. Much the same way we saw alcohol and tobacco companies gain attention from household and national brands, be sure the same kind of attrition will be seen in the marijuana market as well. If you are the type of business owner that knows there is a great probability in rewards from slightly risky engagements, then you may have already started gravitating toward this movement. If you are on the fence about it, then it may be time for you to take the next big step. SVBS
John Bailey is the Affiliate Program Manager for Davinci Vaporizer. John brings a wealth of knowledge in many facets of marketing and branding experience to the industry. John loves health and fitness, Doctor Who, dark scotch, hiking, and photography. Contact him at (512) 954-4630 or email [email protected] or visit www.davincivaporizer.com/affiliate.