8 Cannabis Leaders Discuss Emerging Patterns in the Market
I have the terrific honor of trying out numerous items and going to numerous dispensaries and cultivation sites, and can spot emerging trends, however wanted to see what some of the leaders in the industry are thinking, too. I asked market expert Andrew DeAngelo, Peak Extracts’ Katie Stem, WAFBA’s Morris Beegle, Aster Farms’ Sam Ludwig, and Weed Grub’s Mike Glazer & Mary Jane Gibson, AlpinStash’s Danny Murr-Sloat, and entertainer Laganja Estranja to share their insights with me.
Here’s what they needed to state …
Warren Bobrow=WB: What patterns do you see emerging in marijuana?
Morris: It’s going to be a wild year for the cannabis industry, all markets for that matter with the international coronavirus pandemic, but I see upsides for the hemp and CBD markets. I believe because of the current circumstance that more focus will be placed on health and wellness, consuming good foods, and taking dietary supplements. If you don’t want to get sick, consume well and look after yourself. I see hemp superfoods and supplements that include CBD, CBG, full and broad spectrum extracts will discover their method into more and more individuals diets over the coming months and years.
Sam Ludwig: We see a movement towards sustainable brands. As the industry develops and the consumer base widens, the typical user will be more discerning, appreciating who, where and how the marijuana items they invest their cash on are produced. Organic, clean and natural. That is what individuals want.
We are already seeing an increased need for sustainable marijuana. Aster Farms is vertically incorporated, growing our own cannabis, so we can supply outright transparency to our customers and control quality from seed to sale.
Mike & Mary Jane: Less stress names like “Green Crack” and more like “String Theory Makes A Great Deal Of Sense So It’s Most likely We’re All In A Simulation.” Martha Stewart will open a chain of dispensaries called “It’s An Advantage.” The marijuana market will continue to be strangled by taxes and policies, and by the federal government’s failure to legalize it. On the other side, there will continue to be fantastic individuals at organizations like Root & Rebound and Last Prisoners Task working hard every day to alter things for people impacted by the racist War on Drugs. Our advice is to grow your own weed– and listen to our podcast! We assure it’s amusing, although this is serious.
Katie: There will be more mainstream CBD companies, and consolidation of the industry to include more vertically integrated multi-state operators that can withstand market volatility. Little marijuana companies, such as ours, have proven durable in times of crisis since of our little pool of workers, making layoffs unnecessary as we weather the storm of a worldwide pandemic. Remaining in the market for a number of years has likewise permitted us to make the most of production performances and keep a number of months of item in stock, permitting us to stop briefly typical production in order to pursue growth goals. As the industry grows it will be necessary to take benefit of economies of scale and automation in production. In addition, a main goal should be to combine administrative tasks in between multi-state operators in order to get rid of redundancy, and likewise reduce the number of tasks performed by each individual in a small/growing company. In between automation and pooling of administrative resources, we have estimated at least a 40%reduction in required personnel. Having a multi-state presence will likewise permit more strength as the marketplace and regulatory environment shifts in individual states. A more established market such as Oregon could buffer one like Michigan, where licensing and supply is still very unsure. In the last year, although there are countless new CBD start-ups, there are some clear front runners that will develop themselves as leading entertainers in the market. It will be tough to take on recognized CPG brand names that have actually already taken shelf area in the supplements, food or charm sectors; however, I think there will be a location for those who can develop their knowledge with cannabis/hemp as a differentiator.
Laganga: I think the biggest trend we saw come out of the marijuana market last year was the creation of LGBTQAI Pride Month items. My partnership last year with Fruit Pieces not only expanded the brand name’s taste profiles, however it likewise was offered year around.
Danny: A rising pattern that we are seeing is an increased need for craft/connoisseur items. As marijuana, in addition to the understanding of what craft marijuana means, becomes more available, we have actually seen a growing class of educated customers. Once restriction ends in a given state, there tends to be a rush to buy any kind of product. When this novelty disappears, people desire a product that tastes great, looks good, and something that’s developed with ethical and thoughtful practices by a company they can think in. Integrate this with the introduction of business whose sole focus is a quality craft item, you have a dish for success in this sector of the market. This is amazing, because craft business are almost always small businesses, and in a market significantly controlled by corporations, any location which prefers the mom and pop companies is great.
Andrew: Delivery, drive through, curbside pick-up deals– governments ought to support and motivate this behavior. In-store experiences will change with social distancing, no display cases and plexiglass guards all over. Edibles and non-inhaled kinds of marijuana will grow in appeal. Consumption lounges in legal states will be voluntarily shut down until after the pandemic. Legalization efforts will be stalled in the short term by coronavirus, however may gain momentum in the medium term as tax profits drop– it’s hard to object to a cannabis dispensary in your neighborhood when there’s no cash to money the school within it. And, the Great Economic downturn opened up medical markets all over California as towns rightly chose they had larger fish to fry than banning weed shops. It’s very difficult to forecast a future from the current perspective on the curve of the crisis, however I see these trends holding till the mid to late summer.