An Estimated $41B in Sales by 2026 Means Navigating This Booming Marketplace Takes Strategy
Table of Contents
- Cannabis Industry Data: Let’s Take a Look at the Numbers
- What Makes the Cannabis Marketplace So Different?
- What Makes a Powerful Cannabis Brand?
- How Are Cannabis Advertising Rules Shaping Brand Awareness?
- Why Is It Important to Stand Out Through Marketing Cannabis?
- What Are Cannabis Marketing Services?
- How Do You Find the Right Cannabis Marketing Company?
From therapeutic medicine, to recreational enjoyment, to self-care and wellness, cannabis has become a hot commodity that is part of a fast-growing, multibillion-dollar industry. With millions of American adults supporting legalization and state after state enacting cannabis reforms, the demand for this special plant is exploding.
Recent reporting from cannabis consumer data firm Brightfield Group (via Statista) shows that recreational sales in the United States are projected to surpass $23 billion next year, and reach more than $41 billion by 2026. Meanwhile, the medical cannabis market is projected to double from its 2019 size and be worth more than $11 billion by 2024.
These huge numbers mean that, in less than five years, America’s cannabis industry could grow exponentially into an economic powerhouse that shows no sign of slowing down.
The times are a-changing—quickly. Growing social acceptance of cannabis, coupled with sweeping state-level reforms to laws and regulations, are fueling the booming marketplace. This includes decriminalization and new medical cannabis programs in states that were once staunchly opposed to legalization in any form. Throughout the South and Midwest, new markets are opening to meet the demand of outspoken consumers seeking access to safe, regulated products.
Like almost any other American industry, the growth of cannabis is being driven by competition. Countless new companies and brands are hustling to gain a first-mover advantage in this rapidly expanding marketplace by diving in with fresh innovations, products and services. The flood of new entrants into this still-evolving business landscape means companies and brands need a north star for navigating a path to success in a crowded field and earning consumer loyalty. That’s where branding strategy comes in.
If developing a new product or service is the first step in a company’s growth, branding is the long walk toward understanding what will make consumers really invest in it. Creating meaningful messaging around the personality and values that make a company tick is one of the main ways to earn invaluable brand awareness, engagement and advocacy. This process starts with doing in-depth research into target markets, direct competitors, and, of course, how to get those brand messages in front of the right audiences, without the use of traditional advertising channels.
Despite winds of change blowing across the nation, cannabis remains illegal on the federal level. This means many national and state-level advertisers, both digital and traditional, do not want to risk drawing attention from the government by promoting cannabis-related products. Without typical advertising channels, marketing and selling cannabis is a real challenge.
Due to strict advertising constraints, legitimate cannabis cultivators, manufacturers and retailers are forced to sell their products and services through grassroots methods, including out-of-home displays like cryptic billboards, backpage ads and even hand fliers. The way to supplement these outdated tools and connect with target customers is with agile marketing, rooted in strategy, that can intersect fledgling ventures and hungry consumers.
The power and reach of exceptional cannabis marketing involves combining individual aspects to inform an overarching strategy, starting with:
- Search Engine Optimization (SEO)
- Searching Engine Marketing (SEM)
- Content Marketing
- Email Marketing
- Branding and Messaging
- Events and Expos
- Public Relations
- Web Design
If getting your cannabis company to the top of search pages, inboxes, social media feeds and, generally, the eyes of potential customers sounds a bit daunting, it’s time to push forward. By using an agency that is fluent in cannabis, you can gain a crucial advantage in this challenging industry, as well as a reliable compass to give you the right direction in becoming a household name. Are you ready? Reach out today.