As cannabis regulations continue to be relaxed across large parts of the nation, the expanding retail market is undergoing a series of rapid changes as both customers and suppliers adapt to new conditions. Dispensaries in California – and elsewhere – can expect to see these four trends begin to increasingly impact their markets in coming months.
1. More Money Will Be Spent on Cannabis & Associated Products
As regulations on cannabis usage relax, you can expect to see more people of all demographic groups at your cannabis retail shop. The societal taboos against usage are also rapidly disappearing. Consequently, there is going to be a significantly larger amount of money being spent in the industry – both from growth among the total number of users as well as the fact that the average user is becoming older and more middle-class, with greater spending power.
2. Greater Focus on Specific Products & Personal Choice
Along with more money being spent on cannabis and cannabis products, you can expect to see a greater focus on individual user choice in the marketplace. People will learn what specific strains of flower fit their needs best, whether those needs are medical or recreational, and begin to seek out and regularly purchase the products they enjoy best.
Gone are the days of nameless flower, and having a choice between buying what your dealer has on hand, or going without. Expect to see the same diversification in cannabis accessories and other products as you do in the raw flower itself.
3. Methods of Ingestion will Diversify
Along with a changing user profile, the cannabis industry can expect to see continued diversification when it comes to methods of ingestion. There is already a dazzling array of edibles and concentrates available that would be difficult or impossible to imagine just five years ago.
People are also exploring vaping and dabbing as alternatives to smoking. One of the driving factors behind this is the fact that people are increasingly health-conscious and are actively seeking ways to reap the benefits of cannabis without having to engage in dangerous behavior such as smoking. Use your cannabis point of sale system's reporting tool to identify and tap into these trends at your retail shop.
4. Dramatic Shift in Marketing & Retail Aesthetic
The final sea change to look for is a dramatic shift in the overall aesthetic of the cannabis industry, particularly in their marketing activities. Patients in search of medicinal cannabis preparations don’t want to be assaulted by black light posters and adult products; they want to make their purchases in a space that is clean and approachable.
Before you open a cannabis dispensary, ensure you are ready to adapt to the changing demographic and buyer needs. For more information on trends in the cannabis industry, and how your dispensary can stay ahead of the curve, subscribe to the Cova blog.