It’s easy to read the headlines and think you know everything there is to know about the cannabis industry these days. There are big, bold stories with big, bold experts explaining what they mean, and they all pretty much either come to the conclusion that cannabis businesses are really licenses to print money so everyone should be involved or that cannabis businesses are a danger to your portfolio and no one should get anywhere near them.
The truth probably falls somewhere in between those two extremes, and if you balance out everything you read, you might be able to get a decent idea of where the industry actually stands. If you’re looking for a lot of that information in one place, New Cannabis Ventures just posted a pretty good list covering a lot of the common misconceptions about the cannabis industry — particularly some that we’ve been seeing for the last six months or so.
While we won’t go over all of them, a few of the strongest points on the list that don’t generally get talked about focus on one of the more unspoken aspects of the cannabis industry: Branding. Sure, the medical side of the market will remain focused on the science and effectiveness of the products (you wouldn’t buy traditional medicine solely because of the marketing or packaging it comes in), but the recreational side is where some massive opportunities exist for those who know how to sell themselves.
You rarely (if ever) see a chain like Starbucks when experts discuss the best coffee in the world, yet their branding and availability are so strong that they’re unrivaled in the marketplace. Much like how Starbucks’ holiday cups are a story every year despite not actually changing the drinks they contain, marketing and branding — from social media and advertisements to logos and packaging — are going to play a major role in the cannabis industry over the next few decades.
Industry trends will come and go, and many of today’s biggest names will likely collapse along the way, but whichever brands establish themselves as the standard within certain market segments will likely be around and prominent for quite some time. You can produce the greatest cannabis the world has ever seen, but it won’t matter at all if no one is interested in buying it.