5 Strategies To Win At Retail With CBD

The availability of legal cannabis products in the United States, including cannabis and hemp-derived cannabidiol (CBD), is greater than ever, with consumer interest continuing to grow. CBD products are now easily found in mainstream retail stores and the number and variety of products will undoubtedly expand further.

It’s no surprise that grocers are hopping on the bandwagon, as well they should. Spending on cannabinoid products is expected to reach $45 billion by 2024, with CBD serving as a major driver of this growth. To put the market opportunity that cannabinoid-infused products represents into context, the current U.S. snacking market delivers roughly $40 billion in annual revenue. The CPG industry hasn’t experienced new market opportunities of this size for decades, if ever!

For retailers to take maximum advantage of the opportunities created by cannabinoid products, retail marketers must first answer several questions. They must determine who their target shoppers are, what CBD products to explore, and how to draw shoppers in and away from other channels such as dispensaries, vape shops, salons, spas, vets and cafes.

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128 Million People About to Gain Access to Legal Pot: What It Means for Marijuana Stocks

Right now, around 41 million people have access to recreational marijuana that’s legal at a federal level. Two countries have legalized recreational pot — Canada and Uruguay. We can’t include the millions of Americans who live in the 11 states that have legalized recreational marijuana in our total since marijuana remains illegal at the federal level in the United States.

But very soon another 128 million or so people will gain access to legal marijuana. Legislators in Mexico are finalizing regulations to make marijuana legal. The legislative effort came after the country’s Supreme Court ruled last year that Mexico’s ban on recreational pot was unconstitutional.

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New York cannabis legalization will pair with neighboring states, governors say

The governors from several Northeastern states said Last week they want to work together to regulate marijuana and vaping, including possible regional restrictions on flavored vaping products.

Democratic governors from New York, Connecticut, New Jersey and Pennsylvania met in New York City with health and legislative officials. Representatives from Massachusetts and Colorado were also on hand for the meeting.

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The Dis-United States of Cannabis

In the absence of federal action on cannabis, states have passed a patchwork of laws for adult-use and medical marijuana. Although federal law still designates marijuana as an illegal Schedule I drug, 48 states have laws on the books that allow or decriminalize the use of cannabis in some form.

Eleven states and Washington, D.C. have legalized — and 15 states have decriminalized — adult-use cannabis, which usually allows retail sales and home-grown marijuana on a mixed basis. A majority of states have enacted medical marijuana laws, which allow eligible patients to obtain or grow cannabis to treat a range of conditions.

POLITICO’s cannabis legalization tracker will be updated on an ongoing basis.

Link to story: politi.co/35EM3yE

 

Social media influencers can help cannabis businesses get around advertising restrictions

Social media influencers are people hired by companies to engage with prospective customers via Facebook, Instagram, Twitter and other online platforms.

Influencers can provide a way for marijuana companies to advertise their products because they have built up trust with their followers and can impact purchasing decisions.

And, because of advertising and marketing limitations imposed on the cannabis industry, influencers can broadcast companies’ messages in places the companies themselves cannot.

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Research Suggests Marijuana Is Competition For Alcohol, Not Tobacco

If you were asked to predict which industry would suffer more from the legalization of recreational marijuana, the alcohol industry or the tobacco industry, which would you choose? This was the question explored in a new article appearing in the journal Marketing Science.

The answer, researchers found, was the alcohol industry. But how they got there is perhaps as interesting as the finding itself.

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