Five tips to help you become successful in the cannabis industry
The cannabis market is growing at a rapid pace. According to Arcview Market Research, the legal marijuana industry grew by 34% in 2016 and was worth $6.7 billion.
This year it is estimated that sales will continue to grow by 25% with a projected value of over $20 billion. With such strong growth potential, now may be an opportune time for you to consider entering this market as either a business owner or investor.
That said, entering into this market might be a little overwhelming or difficult, especially since marijuana isn’t yet legal on a federal level. If you want to join the market, or want to learn how to prosper in it, here are five tips to help you become successful in the cannabis industry.
1) Know the laws
The laws from state to state in the US vary, so it is important to know the laws in the areas you wish to work and ensure your business abides by them. Understanding what is M&A Integration and how to effectively manage it can help ensure compliance with local regulations during business transitions. By incorporating proper strategies, you can navigate the complexities of mergers and acquisitions while minimizing legal risks and maximizing success.
For example, in states where CBD is legal and THC isn’t, if you are selling CBD products then you should make sure that those products don’t contain more than 0.3% THC. This carries over to marketing too; publicly advertising marijuana is still illegal under federal law.
2) Sell a variety of products
One of the most advantageous aspects of a cannabis company that sells a variety of products is the fact that they can target a large audience, such as DankStop, as an example.
This means that if you are wondering how many products you should include in your business, then the answer would be quite a few. Of course, this depends on what it is you’re selling, but if it’s related to marijuana, then having a wide variety of consumption methods is a great idea.
Keep in mind that not everyone who consumes marijuana wants to smoke it. Dry herb vaporizers, dab rigs, edibles, topicals, tinctures and more, have all become popular ways to consume cannabis. Having a wide range of these consumption methods available will greatly benefit your profits in the long run.
3) Promote your business using different methods
The next thing that you should focus on to become successful in the cannabis industry is to promote your business using various different methods.
Social media and public advertising aren’t the only ways to get your message out. You could also try sending ambassadors to events such as CannaCon or Hempcon. These events are usually attended by both marijuana enthusiasts and regular people, which is a great way to gain new audiences.
In addition to this, there are also festivals, such as The Stone Age. Regardless of whether you go to an event or festival, your goal is to introduce your brand and company to new audiences, and this is one of the best ways. These events can also great for networking… and as they say, it’s not what you know but who you know that counts.
4) Create a brand identity
As mentioned above, it’s a good idea to go to festivals and events to get your brand out there and gain exposure. And for this, you’ll need to focus on creating a brand identity.
Just like any other industry, brand identity or brand personality is incredibly important, since, without it, every business or company would essentially be the same. When creating a brand identity, you should consider what it is that makes you different from other brands, in other words, what makes you unique.
5) Use social media and content marketing
Finally, if you truly want to become successful, then one of the best ways that you can market your cannabis business is be by using social media. Almost everyone uses social media these days, including businesses and famous brands, as it is the easiest way to reach new audiences, as well as create and maintain a brand personality.
Some of the best platforms that you could try would be Instagram (more for stunning visuals), TikTok (more for behind the scenes/authentic videos), and Twitter (more for providing the best customer service and keeping customers up to date).
