Regional marijuana legalization opens the door for new ventures
Implications - Just as a fast-growing legal recreational marijuana market has created a demand for brands and products, the emerging opportunity has allowed for the emergence of new ventures that serve functions unique to the cannabis business. In addition to highlighting the far-reaching nature of the legal cannabis market, this shift highlights the opportunity for brands offering B2B services to leverage the needs of entrepreneurs in unique emerging sectors.
Workshop Question - In your current position as a company, how can you help new businesses that are embarking upon niche markets? Consider co-branding, co-creations and B2B involvement.
Trend Themes
1. B2B Services for Cannabis Businesses - As the legal recreational marijuana market grows, there is a demand for unique brands and products, creating opportunities for B2B service providers to leverage emerging sectors.
2. Scientific Research and Development in the Cannabis Industry - Startups like Potbotics are bringing biotechnology and DNA analysis to dispensaries to help doctors prescribe the right strain for the right condition, highlighting the need for scientific research and development in the cannabis industry.
3. Connective Platforms for Improved Customer Service - Innovative platforms like Baker Technologies are fully-equipped customer relationship management, loyalty and marketing tools, helping dispensaries improve customer service and win over customers much like other businesses do.
Industry Implications
1. Biotech - The need for cannabis-specific scientific research and development highlights the potential for the biotech industry to get involved and bring innovations to the cannabis space.
2. Tech - As Microsoft and other tech companies collaborate with the cannabis industry, there is an opportunity for tech professionals to develop new software and tools to support the industry.
3. Retail - With the emergence of legal cannabis markets, there is a growing demand for unique brands and products, creating new opportunities for retail professionals to enter the cannabis industry.
