Cannabis Industry Trends
The cannabis industry shares many points in common with the pharmaceutical industry. However, it comes with its own set of challenges and constraints, including rapid change. Cannabis companies and their ancillary partners need to be innovative and flexible to keep up with the pace of development.
Cannabis Industry Challenges in 2021
- Applications and permits required for the cultivation and sale of marijuana take over a year.
- The offer and price point of the varieties of legally consumable cannabis products – flowers and oils – are the most cited reasons among 60% of cannabis users for not purchasing legally are confusion and cost.
- The low rate of consumer awareness of cannabis brands and brand preference is mainly due to pricing.
- The prohibition of public cannabis promotion and restrictions similar to tobacco through specific access pathways.
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