Cannabis is one of the fastest-growing industries in America. Just two decades after California first legalized medical and recreational cannabis, the industry has created hundreds of thousands of jobs and generates billions of dollars in sales revenue every year. Experts believe the cannabis space will become even more profitable as more states launch legal cannabis markets, predicting it will be worth a whopping $197.74 billion in 2028.
Naturally, such mouth-watering profits have attracted numerous companies to the cannabis sector, with new organizations entering the space every year. Companies that want to stand out among the crowd and consistently attract customers will have to adopt strategies that allow them to gain a competitive edge. As the market gets increasingly crowded, innovative packaging could allow cannabis brands to remain competitive.
Ben Pechetti, cofounder of California-based Sticker Farmer, which produces cannabis packaging, says that packaging is the only way to separate yourself from the pack. Ideally, cannabis companies that want to appeal to prospective buyers via their packaging should invest in environmentally friendly materials that showcase their product in an attractive way and are in line with current design trends.
Given that cannabis companies have limited advertising options, innovative packaging can help catch customers’ eyes and drive sales. Elizabeth Corbett, vice president of sales at Miami-based packaging solutions company AR Global, says that in many cases, the packaging is the first thing that attracts buyers to a product. The way your products look on the shelves makes a major difference, she said, stating that packaging will become crucial in the nascent cannabis industry as it grows and evolves.
She mentioned states such as Colorado, California, Michigan, Oregon and Washington, where the eye of the consumer tends to be guided by dispensary layout as regions where packaging is even more important. If your packaging stands out and is memorable to consumers, she says, those consumers will be able to easily find and purchase your products in other dispensaries. On the other hand, she notes that packaging may not be as important in states where cannabis products are stored behind closed doors rather than on a shelf, until they are sold.
At the moment, Pechetti says, the most popular trend in cannabis packaging seems to be die-cut bags. Trends come and go, the die-cut bags being the latest trend after jars, mylar, sticker bags and directly printed bags had their day in the sun. Cannabis companies can maintain a competitive edge by ensuring their packaging evolves with market trends, something that Sticker Farmer has achieved by regularly consulting with industry professionals.
Design and sustainability will also be crucial to attracting customers. Design trends in cannabis packaging also evolve, and companies that leverage popular designs in their packaging will be able to attract more consumers. One 2019 study indicated that cannabis users increasingly prefer to buy ecofriendly products, while cannabis companies that use sustainable materials in their packaging will be more likely to maintain a competitive edge in the crowded marijuana market.
Given that each market has its own peculiarities, companies such as Prime Harvest Inc. that are operating within those jurisdictions, have to come up with packaging that will promote their brands while adhering to the specific regulations in force within that legal market.
NOTE TO INVESTORS: The latest news and updates relating to Prime Harvest Inc. are available in the company’s newsroom at https://cnw.fm/PRIME
CNW420 spotlights the latest developments in the rapidly evolving cannabis industry through the release of two informative articles each business day. Our concise, informative content serves as a gateway for investors interested in the legalized cannabis sector and provides updates on how regulatory developments may impact financial markets. Articles are released each business day at 4:20 a.m. and 4:20 p.m. Eastern – our tribute to the time synonymous with cannabis culture. If marijuana and the burgeoning industry surrounding it are on your radar, CNW420 is for you! Check back daily to stay up-to-date on the latest milestones in the fast -changing world of cannabis.
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