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The initiative to legalize marijuana has been active for some time now. As the years are passing by, more and more states have succeeded with the law. The list of states where marijuana is legalizing is becoming long, and it doesn’t seem to be stopping there. For those that had already won their petitions before then, they have been benefiting and making huge profits from the sale of marijuana. Being a new year with a new administration, people cannot help but anticipate on how the industry will be performed and progress. Either way, there are a few predictions which are most likely to take place within the industry. One of them happens to be the growth of craft marijuana.
The name is not entirely estranged from our ears because we’ve come across the term “craft beer.” Before initiatives of marijuana legalization began, few people took an interest in where it was coming from. All people wanted was to buy the weed in secrecy, smoke it, get high and life goes on. Some people didn’t even want to know whether the weed they were consuming is healthy or not. So, back to craft marijuana, it refers to weed that is grown small-scale and with a lot of precision and care. In addition to that, what is being used to grow the marijuana is of much importance now that marijuana will get tested before being sold in the markets. With craft marijuana, you can expect to benefit more from it compared to big marijuana. Furthermore, it is grown in favorable conditions and with organic products.
The market is expected to have an inverse relationship between the growth of craft marijuana and the prices. The Chief Marketing Officer of vaporizer distributor Greenlane, Sasha Kadey, expects that as the supplies of weed increase, the prices will fall. This will lead to a commoditizing effect, which is heading towards premiumization. Well, this is all about the industry developing and maturing as the weed producers wish to differentiate their weed by branding and premium packaging. Economically speaking, the marijuana business has been spiking up with some states such as Colorado reaching the $1 billion mark. So, this initiative is meant to result in a seed to sale cannabis. On top of that, the growth of craft weed will imply that the quality of the product is high, and so is its value to the users. In fact, it will also be of better quality and significance to the medicine industry.
There are a lot of benefits associated with craft marijuana which is one of the many reasons the business is booming. In addition to that, the fact that it is being legalized, people can start marijuana business and the consumers can freely buy the product all the same. The demand for weed has also been rising tremendously, so the marijuana business startups see the need to brand their products. Furthermore, the consumers are willing to pay whatever it costs for quality weed with good taste, influence and overall effect. And all those are the characteristics of craft marijuana. The craft marijuana market has been highly classified as the millennials, but even the older generations are into weed consumption.
The biggest factor in consideration is quality and its potency. Provided the weed is good, there will always be a wide customer base to supply to. For the marijuana producers, they believe branding and premium packaging of marijuana will help improve their sales and boost their performance as a business. But it is worth noting that branding can be expensive if they are relying on celebrities to promote their weed. Nonetheless, if the branding goes on well, then it will be reflected in the sales of craft marijuana. While that applies to only a portion of weed producers, others are more concerned about the naturalness of the product. That is the organic component featured in craft marijuana.
Another thing that is highly influencing the prosperity of craft marijuana is the weed culture. By that, I mean the “420” weed culture which has been adopted across the world. The hack to the weed industry is that you need to be passionate about it and really know what the people want. Only then can you put in the effort needed to provide quality weed and meet the demands of your customers. With branding of marijuana from the producers, it is a clear indication that they are concerned with what the people are looking for. Nevertheless, it helps in attracting more and more customers which then increase the sales at the end of the day.
The growth of craft marijuana is only at the beginning of its course to success. The market will improve, and as marijuana is approved in more and more states, so will the industry prosper. It is a thoughtful gesture from those growing craft marijuanas in small batches because they are more dedicated to growing it in the right conditions. More so, they want to make sure that its contents are beneficial and very natural. In addition to that, they are willing to provide their customers with quality branded weed which is strong enough to satisfy their needs. The small marijuana businesses will benefit from the customers by making good sales in return for effective craft marijuana. It will also influence customers and the performance of the industry.