The recreational marijuana space has grown significantly these past few years. Given its growth rate, however, it’s easy to wonder if there are things that may hinder it from progressing further. To find possible obstructions for this burgeoning industry, one only needs to look at the tobacco industry.
Despite the fact that marijuana hasn’t been legalized federally, there are plenty of similarities between the businesses and companies in the tobacco industry and those involved in the recreational marijuana industry. For the legal marijuana industry to continue growing, it is important that the sector doesn’t repeat the same mistakes the tobacco industry made in the 20th century.
Below, we look at some of the lessons the marijuana industry can learn from big tobacco.
Be adaptable
The banning of cigarette vending machines significantly impacted cigarette sales, with sales in the tobacco industry, which were already low, sinking even lower. Big tobacco was already recording declines in sales even before 2020 because of its frigidity when it comes to adaptability.
To prevent this from happening in the cannabis industry, companies need to be more adaptable when it comes to sales regulations. At the moment, marijuana vending machines are growing in popularity, but who’s to say they won’t be affected if stricter regulations are put in place? This is why the flourishing industry needs to be more prepared for any changes that may be made and find ways to adapt in the quickest way.
Be honest
The tobacco industry made the mistake of not being honest about the risks linked to the use of tobacco in its early days. Advertisements with doctors endorsing the use of cigarettes were common in the 1930s, which continued for decades, with tobacco executives claiming that cigarettes weren’t addictive even in the late ‘90s.
For the marijuana industry to remain in the good graces of regulators and maintain trust with consumers, it needs to be upfront and honest about the risks linked to the use of certain marijuana products.
Be mindful of the marketing practices used
A product such as marijuana can prompt business owners to behave in ways that disproportionately affect young people, as was seen in how the tobacco industry impacted people of color and younger individuals. This is why keeping marijuana products out of children’s hands is an important responsibility for recreational marijuana companies.
Overall, the industry needs to be prepared for changes and adapt more easily than the tobacco industry in order to achieve and maintain a high sales volume consistently as many reputable companies aspire to.
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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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