The Evolving Cannabis Market Requires an Insightful Approach

As cannabis heads towards increased legalization across the globe, cannabis companies are evolving with the market. The industry has advanced beyond just providing flower for patients to smoke and into edibles, topicals, and even non-psychoactive derivatives.

Innovation in the cannabis market is a necessity to stay competitive as the industry focuses on optimizing their final product. Consumer demand is one significant factor that can help determine how a company should branch out. But measuring consumer demand and satisfaction is hard without concrete evidence.

Package design, descriptors, and information can all have an impact on whether a product hits the mark with its target consumer. Kristin McCabe of GGB explains how analytics are directing cannabis product development in this insightful and informative interview. It’s a unique look at how these companies must adapt to consumer preferences to stay relevant in an ever-evolving marketplace.

Industry Standards

Because cannabis is still federally illegal in the United States, many scientists have been unable to research the plant properly. Categorizing cannabis strains and the cannabinoid compounds and their effects on the human body is still mostly new science.

That means packaging and dosage information for consumers is mostly guesswork from companies doing their own research. Brands will need to be aware of evolving regulations for product packaging, too. As the industry is changing rapidly, new regulations introduce new requirements. Cannabis companies must be prepared to adapt to these changes to succeed.

Regulation

The regulation of cannabis will move beyond just controlling the amount of THC or CBD that appears in manufactured products. Terpenes are currently not regulated, but they may not stay that way for long. Terpenes are responsible for much of the aroma and taste of cannabis, but vaporizing it at high temperatures may cause unwanted side effects.

We’re finally starting to see cannabis companies that list terpene content on their packaging, which allows for precise dosage and temperature control. Cannabis companies should expect some amount of terpene regulation in the next 5 to 10 years, considering the government gave tobacco additives the same treatment.

Consistency Is Key

Even if the face of all these changes and regulations that may affect product designs in the future, consistency across brands is critical. Cannabis companies thrive when their branding is unique across social media, dispensaries, and marketing.

Keeping branding on point is how these companies work to maintain a steady relationship with a consumer who shops without a brand in mind. Consistent marketing and messaging can help establish a nascent company as a leading brand in the emerging cannabis market.

Getting a consistent taste or effect is just as important. The industry lacks a universal agreement for the optimal decarboxylation process, which results in many different methods being employed.

With so many different extraction methods, product tastes, looks, or smells different between batches. This lack of consistency is a net negative for consumers, who rely on the consistency of the product for their daily needs. Not every product can use the same extraction process to be successful, either.

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