With legalization in several geographies and more on the way, still no one agrees on the market’s predictions, prognosis or stock prices.
Here’s five things we know for sure…
This boom won’t bust.
This isn’t comparable to anything else. Some say the cannabis boom will go the way of the dot.com trend in the 90’s. But with cannabis (and unlike back then) we have an established product and market. Customers know what they want to buy.
The customer is ready to be courted.
Customers are curious and ready to buy, but they’re faced with so many options. How will they choose? Like in any relationship, brand loyalty will come when customers experience brands that are available, communicate well, and meet needs. Is your brand ready for love?
Consistency matters.
Out of the gate, some companies have struggled with product availability. Patience with ‘growing pains’ won’t last long. Companies that focus on an in-stock offer and a clear and consistent brand experience will build loyalty faster than others that might be bigger, louder and hit-and-miss.
It’s time to build brands.
Like every other industry – from car sales to hotels, pizza delivery to insurance – this industry will fragment and stratify. Some brands will be premium, others discount. Some will invest in better experts or better equipment. Some will serve up experience, others will just serve fast.
Brand winners will know their customers best. How is your brand aiming to be different?
It will look very different in two years.
Brands that are future-ready will last. How will your brand launch new oils, edibles and more? What happens in markets with different regulation? How will your brand grow and innovate?