The public is in the favor of legalizing cannabis for recreational and medicinal purposes. There has been a growing acceptance in the use of cannabis for therapeutic purposes and some states have legalized its use while have decriminalized its use. Being aware of the CBD legislature is essential when it comes to cannabis marketing. In 19 states, cannabis is now legal for recreational purposes while in yet another 19 states cannabis is legal for medical purposes.
Growing market
Each state has its own laws when it comes to the use of cannabis. New cannabis legislature helps to open new markets in the rapidly growing cannabis industry. The industry has tremendous growth potential and could reach $72 billion by the year 2030. The growth in the market might bring an increase in sales but it will likely also bring an increase in regulations. Competition will also increase as brands rush to enter the growing market.
Evolving Legislature Impacting PR & Marketing
The industry is complex and includes more than the supply chain of cultivators, manufacturers, and dispensaries. Given the ongoing changes to the industry and the regulatory space, . Brands in the space can greatly benefit from collaborating with a PR and marketing team who are well versed in the cannabis space and familiar with the intricacies of marketing products within the confines of existing legislation. Regulations, infrastructure, and stakeholders differ from one state to another and hence communication strategies have to be adopted accordingly.
Increasing Variety of Products
We should expect to see an increasing level of variety in the types of products being offered in the market as the cannabis space becomes more mainstream. Companies in the space will likely go beyond products like chocolate bars, gummies and baked goods, going to market with innovations in food and beverage, skin care, grooming and even pet care. As new products are introduced, brands need to ensure that they have clear product and brand marketing campaigns around them so that consumers understand the use case of each new product and develop a level of trust with the brand.
Growth in customer base
Naturally, changes in legislature will result in a broader consumer base being interested in the cannabis market. We can expect to see companies explore niche markets and hence new approaches will be needed to communicate with different demographics and consumer segments who may be interested in trying cannabis products for the first time. Different social media platforms have specific rules regarding the marketing of cannabis products, and close attention should be paid to those rules while creating content for those platforms.
