It is more than obvious that what the legalization of marijuana started will create new business opportunities. New products passed suddenly from illegality to semi-legal distribution, and as a result, the demand increased. New people come with new ideas and startups begin trying to take advantage of the market. The way Americans see cannabis is changing drastically day by day.
The demand for all these new products — extracts, seeds, relevant services, edibles — is expanding fast and will keep on growing as the expected legal developments seem to move toward an optimistic economic future.
In just the first three months of 2014, Colorado raised $25 million from cannabis businesses. This was just in taxes, licenses, and fees alone. Some say that the global medical cannabis industry will be a $100 billion opportunity within the next several decades.
There are now professional consultant services built to handle the increasing number of entrepreneurs in the marijuana industry. No one knows how the marijuana industry is going to evolve or what it is going to be like in the years to come, as there are so many factors that come into play here. The factors range from social to political to economical. But it is quite obvious that as the legal cannabis industry grows, marketing strategies can increase to serve more consumers.
Specific knowledge of the marijuana industry is now needed more than ever. The legal market is gradually expanding to cater to marijuana-related businesses. There are even groups that specialize in cannabis branding for businesses within the marijuana industry. The simple fact that these groups even exist is a testament to how much this topic has evolved over the years. Cannabis branding is not much different from any other marketing service, whereas these groups provide specialized services such as content creation and sharing in order to stimulate interested in a specific brand, using all kinds of digital media like blogs, videos, infographics and others. They can design logos and create promotional packages that can turn a growing cannabis business, into a thriving cannabis business. And with all the efforts currently underway to maintain the century-long cultivated negative perception of cannabis, the more thriving cannabis businesses the better. This is truly the next step in the social evolution of cannabis: to find its way back into humanity’s everyday life, be it medically, industrially or recreationally.
The increasing number of states that legalize marijuana will no doubt lead to an increased number of cannabis-related product consumers. This indicates that there will be a lot of people who want to try the product for the first time. These people have no idea on how to use it; it could be quite daunting, for the uninitiated, to attempt to understand the difference between an indica and a sativa. There is a big market available for new products that are branded in the hope of bringing in new consumers. These include products that have a reduced level of THC, for instance. The branding strategies utilized by these companies should be hospitable and amiable.
The states that allowed the use of recreational marijuana, including those that legalized in November, have medical marijuana dispensaries that might have plans to cater to medicinal and recreational users. This is in a bid to increase the number of customers and maximize profit.
At the end of the day, those not caught up in the endless stream of misinformation and drug war propaganda, can see just how important cannabis is to a healthy society. And this is, in large part, why the industry is booming, even in the face of “Reefer Madness” rhetoric that still manages to find its way into modern American policy.