It is challenging to predict shifts within the CBD industry. In the end, there are a lot of states that still prohibit the use of medical marijuana.
New cannabis studies and changes to legislation can seriously disrupt the industry as we know it (for good or for bad). Nevertheless, if you’re a cannabis entrepreneur, you would probably want to know what to expect in the forthcoming period.
We decided to gather the most prominent experts within the field in order to answer some of the burning questions.
Here are the 10 CBD industry predictions. Enjoy!
Perhaps the most significant change we can expect in 2020 is the change in the way we measure cannabis products. Until now, the companies were packaging their products based on “street measurements.” These packages are not ideal for patients as they need to have a proper dosage. Basically, it doesn’t help if you buy a baggie of weed. Nor can you simply smoke a joint. Among others, there is a good chance that tinctures and edibles will become more popular as it is easier to administer them. If you are a CBD company, we suggest that you add dosage calculators that would help your visitors. Otherwise, you will have to provide some other assistance which will teach them about the product dosage.
The competition will become stiffer
With each passing year, more and more states are loosening their stance on medical cannabis. According to the current trends, the number of states that allow medical marijuana will increase in time. As a result, there will be many more growers throughout the US. The competition will likely increase, and the market will become more unified. Although this might seem like a great opportunity, given that you will have access to the whole US market, it also poses certain risks. There will be a lot of local growers who will become go-to providers in their city and in their state. This might also interfere with sales within areas where you previously reigned supreme. In order to stay on top, you will have to implement certain measures. What measures exactly? Read the following tip to find out.
Online marketing will increase in importance (SEO in particular)
Big cannabis companies usually become successful because they manage to advertise their dispensary the right way. Internet marketing is crucial for the CBD industry, as most companies are relatively young, so there isn’t a clear pecking order. As the competition increases in the following years, cannabis SEO will become even more critical. The emphasis will be on SEO as social media is restrictive regarding medical cannabis. If you want to promote your business the right way, make sure to optimize your site and improve your Google rankings. Our medical cannabis company can definitely help with that, so give us a call if you need assistance.
Origin of marijuana and the company’s practices
Nowadays, people are not only interested in a product. Consumers are invested in companies that have positive business practices. A good reputation goes a long way, and this will be the next step for marijuana companies. For now, most consumers were simply trying to find the best way to get their product. But, as the market develops and new companies arise, the focus will be on positive business practices. You will need to emphasize the origin of marijuana, internal policies, environmental effect, corporate philanthropy, and all other things that make a modern company successful.
The emphasis on the elderly will continue
At this point, people in their 50s and above are the main consumers of medical marijuana. Most of them believe in cannabis’ pain-relieving properties. They also believe that the plant has much more to offer. All of that indicates that customers will continue using the product for pain relief, inflammations, insomnia, as well as other issues that are prevalent within older generations.
Unlike some older industries, CBD cannabis didn’t have enough time to create professional standards. All of this might change in the near future. Given the tricky nature of marijuana and the fact a lot of people don’t believe in its medical properties, it is essential to implement rules and standards that would reassure potential clients. For example, there will be more emphasis on QR codes. In the next year or so, there is a good chance that some companies will make their lab results visible to all users. That way, the patients can check the chemical origin of a product. There is also a chance that the top players will create a grading system (similar to stars for hotels). That way, the clients will be able to differentiate the best companies from the rest.
Joining forces with other industries
For now, cannabis companies are mostly stand-alone enterprises. They just sell marijuana and related products without any indication they might provide something else. But, as the market expands, we will see more cooperation between related businesses. For example, wellness companies and marijuana businesses have a similar audience. The same can be said for pharmaceuticals and cannabis. It won’t be surprising if some of the cannabis companies start providing additional related services. There are lots of ways to go about things. For example, some of the companies may open wellness clinics where clients can enjoy CBD cannabis, but also get a massage, beauty treatment, and everything else that would help them unwind, eliminate stress, and live a better, healthier life.
As already mentioned, it is tough to predict the general movement of the CBD industry, as there are numerous unknowns ahead of us. However, if we think of it like any other industry, there are lots of things that can be improved.
The increase in competition will likely bring new products and services. Cannabis companies may start diversifying their program in order to give their customers something new. The same goes for policies: the emphasis will be on improving business practices and showing their clients that they care about the health and the environment.
If you need any additional tips or want to promote your cannabis business, don’t forget to contact our CBD marketing agency!