Why The States Are Getting Greener
Why the states are getting greener from cannabis
The cannabis industry has released a plethora of products in the legal cannabis market of the U.S. and this industry is here to just thrive in upcoming years.
Now, how is there such a rise in cannabis products you may ask?
The answer is simple, consumer demands are also on the rise and they are ready to try new ways to consume Cannabis.
Let’s look at the survey for more clarity, this survey is done by A.T. Kearney, a global strategy and management consulting firm; the survey was done on 1,000 U.S. Consumers as well as 1,000 more from Canada, in which more than half of them said they would try cannabis.
Entrepreneurs took notice of this huge consumer demand and as the states have been legalizing recreational cannabis one by one (As of now, 11 states and Washington, D.C., have legalized the recreational use of marijuana. An additional 22 states — along with U.S. territories Puerto Rico and Guam — allow the use of cannabis for medical purposes. Weed, of course, remains illegal at the federal level.) They started investing and partnering to leverage the new burgeoning market.
In the same survey, nearly 40% of the participants said they would have an improved perception of a brand if it were to become involved in the cannabis business.
No sooner brands like Constellation Brands (owner of Corona) & Molson Coors already invested billions of dollars in cannabis companies and joint ventured with a company in Canada respectively.
Coca-Cola also said that it is “Closely watching” the cannabis market yet no current plans are there to get into the business.
Cannabis was still on the table the same day as PepsiCo’s earnings release, PepsiCo CFO Hugh Johnston noted in a CNBC interview. There is no guesswork required that PepsiCo is in need to flourish its beverages and snacks portfolio further.
Diageo, the alcoholic beverage maker hasn’t been shy about its interest in the cannabis industry either. Rumors suggest Aphria can be the most logical partnership as Tom Looney, previously the president of Diageo’s U.S. Spirits and Canada division joined Aphria’s board of directors late last year, and he could be the one to make both the companies shake hands where they both can leverage and up bring each other’s expertise.
Not just big brands but even celebrities have joined the cannabis industry with their own brands
After all, who doesn’t like some extra green?
Here are a few of the brands and celebrities who own them:
Snoop Dogg – Leaf By Snoop
Wiz Khalifa – KhalifaKush
Dan Bilzerian – Ignite
Seth Rogen – Houseplant
Tommy Chong – Chong’s Choice
Mike Tyson – Tyson Ranch
Their involvements have not only helped remove the negative stigma of cannabis in the society but have opened gates for the premiumization of cannabis overall.
The marijuana brand landscape has been exploding with emerging brands seeking to capitalize on the growth opportunities as per statistics released by The Nielson Company.
Quick Look at some of the hot Cannabis products of US Market:
Beauty & Skin Care products
It’s no wonder why the States are getting greener as the rapid wave of legalization sweeps across the U.S., new brands will keep on emerging and big businesses will continue to invest and tap into the thriving legal cannabis industry.
Check out this interactive map of marijuana legality by state, provided from DISA for information on legalization, medical use, recreational use, and anything in between.
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