It used to be difficult to find a reliable place to buy cannabis seeds on the market. Nevertheless, thanks to the uptick in cannabis merchants following state after state legalization, there has been a drop in the market value. As the availability of cannabis is limited, they will charge high cannabis prices.
In Oregon, for instance, the value decreased by 50%. Overproduction has appeared to be a drag lately. Cannabis marketing will get tougher in the years to come, according to Forbes. Although the cannabis industry is expected to grow too quickly, the cannabis market will be volatile. The industry made this forecast in consideration of the following factors that result in cannabis price compression:
Cannabis Overstock
The proliferation of cannabis shops
The legal processing of cannabis is still far from complete
The fact that cannabis is no longer considered a novelty.
High Competition Among Cannabis Business Owners
The cannabis marketing industry is expected to reach USD 13.8 billion within the coming years, which means more entrepreneurs will interact in this sector. Now that legalization is being considered in other states, the cannabis market size will grow even more.
Cannabis traders who do not want to hide within the black market are now growing in numbers, joining the growing population of cannabis business owners within the industry. This has led to tight competition within the local and international cannabis market.
As previously mentioned, licenses and state permits awarded to certain dispensaries are very limited. Thus, it adds to the already serious competition among cannabis business owners.
Promotion For The Cannabis Business
Cannabis marketing is often tricky since legal restrictions surround it. Even the Super Bowl rejected a billboard endorsing the legalization of medical cannabis. With mainstream advertising being tricky for the cannabis business, can they advertise cannabis on a legal platform?
Many cannabis business owners are shifting to digital marketing solutions. Social media platforms are popular choices, because of the organic reach advantage they provide. There is also an increasing use of brand ambassadors or influencers, blog posts with cannabis image content, and online cannabis shows and podcasts are also popular choices.
New Security Guidelines For Cannabis Business
As part of the safety plan, an access system is created. It is expected that marijuana dispensaries will install high-resolution cameras within their establishments. This is often done to ensure that only authorized persons can have access inside the dispensary. Cannabis business owners are also advised to do a background check of all their employees. This may prevent theft and give the person with the incorrect intentions access to the products. Intrusion alarm systems and physical security are also required by law for cannabis dispensing facilities.
Aiming For A Hub Of Medical Cannabis Knowledge
Aside from attracting investment, this could also foster academic and unique knowledge that will help further the growth of the medical cannabis industry. In addition, exports of unlicensed medical cannabis products would help support the domestic industry, tap important overseas markets, and build a center of medical cannabis knowledge. There are some potential initiatives to support this goal. They all have a significant impact on the global medical cannabis industry.
Many nations are aiming to be a pioneer in the medical cannabis industry. Publishing new laws make it possible to sell cannabinoid-based products and seeds in pharmacies. The new legislation also may allow pharmacists to prepare and sell medical cannabis products to patients who need them. In addition, the government may sign a law that allows medical marijuana producers to sell dried flowers. Moreover, it may award licenses for medical marijuana patients for buying autoflowering marijuana seeds and growing them at home for medical use.
Side Notes
There are numerous companies involved in the North American medical cannabis industry. Companies include Canopy Growth Corporation, Aurora Cannabis, Inc., Medreleaf Corporation, and Pharmacann. Companies in Ohio include OhiGrow LLC, a licensed medical cannabis cultivator. These companies are working together to produce medical marijuana products. GW Pharmaceuticals is also active in this market. The company will supply biomass for the manufacturing of medical marijuana products.
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