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Like any other industry, the cannabis market needs long-term growth to remain profitable. Since legal dispensaries are such a new phenomenon, it has been relatively easy to attract customers into this exciting market. However, as the cannabis industry becomes more commonplace, it will need to think of creative ways to attract first-time customers.
There are some early signs that “canna-curious” customers have emerged in legal states. However, to sustain a steady flow of new cannabis consumers, weed companies may have to re-evaluate their marketing and research strategies.
One factor that’s working in cannabis businesses’ favor is that most North American residents are receptive to weed laws. The Pew Research Center shows that over 90 percent of Americans would be OK with legal recreational or medical marijuana. Currently, over half of US states have medical marijuana programs, and Canada became the first Western nation to approve recreational weed.
Interestingly, even though most Americans seem to be OK with legalizing pot, only about 18 percent of US residents use this drug. There are, however, a few indications that cannabis legality will attract new customers.
For instance, recent reports suggest more older citizens are likely to use cannabis as laws relax. Recent data shows a 10 percent increase in marijuana use in the 50 – 64 age range and a 15.3 percent jump from those over 64 between 2002 – 2014. Many senior patients are curious about using cannabis for conditions like arthritis and anxiety rather than OTC pills or pain prescriptions.
There are also surveys that show new customers are most interested in trying cannabis for overall wellness. Rather than “getting high,” new cannabis consumers want to try this herb’s therapeutic potential. Indeed, many newcomers to the cannabis space only focus on non-intoxicating CBD products to enjoy benefits like stress relief without THC’s psychoactivity.
Currently, cannabis and hemp companies can easily attract many new customers who are simply interested in sampling a newly legal product. However, successful weed businesses must carefully consider their branding and marketing strategies in the following years.
As mentioned above, many new cannabis customers aren’t just interested in enjoying a high-potency dab session. People entering the cannabis space for the first time seem interested in using weed for conditions like anxiety, depression, or chronic pain. In many of these cases, people don’t want the ultra-high-THC strains ubiquitous in the black market.
To continuously attract new business, cannabis growers and manufacturers must be open to innovation and experimentation. The more variety companies could offer new cannabis customers, the greater likelihood they will continue to generate a healthy revenue as the cannabis market matures.
Of course, it will be crucial for the cannabis industry to formulate high-quality & nationally-accepted testing procedures. Consumers want to know the cannabis they’re ordering has gone through rigorous screenings to ensure there are no contaminants. If the US government and the FDA lay out laws for testing legal cannabis, it will help drive more traffic to this emerging market.
