With medicinal marijuana now legal in over half the states in the U.S. and legal recreational use not far behind, the options and opportunities for cannabis related businesses are on the rise. But in such a rapidly emerging industry, what are the most effective ways for new businesses to grow and compete?
Cannabis Legalization: What Happened When?
The Competitive Climate
As states continue to change their laws, the demand for legal marijuana causes more and more dispensaries to open their doors. In Colorado, for example, a recent study shows that there are more total dispensaries in the state than Starbucks and McDonald’s establishments combined. (364 at the time of the study.)
In fact, according to City & State New York, many entrepreneurs are coming up with elaborate business plans in New York, a state where cannabis is still illegal, in anticipation of a change in that legal status. With such a large population, and a governor who has been vocal about his support for legalizing recreational marijuana, the estimates for market opportunities have been impressive. And it’s not just New York — the research agency New Frontier Data reported a projection of $24.5 billion in cannabis industry sales for the U.S. as a whole by 2021 as more states legalize marijuana use and current markets find their footing.
While those numbers are encouraging for a prosperous industry, the new dispensaries which continue to open in cities where cannabis use is legal face the challenge of a crowded marketplace. As with any new or existing business, establishing a brand and gaining loyal customers from the beginning are a big part of a company’s overall success, especially with such fierce competition.
Promotional products are a time honored solution to that problem. Alongside initial branding of a business, like creating a logo, promotional products help establish a company voice. This is especially relevant in the cannabis industry due to the challenge on each dispensary to work around the reputation of the plant itself. With a substance that’s been illegal for so long, the perception of marijuana is very different than the usual health and wellness product. In order to move away from the goofy stoner/college kid stereotype, dispensaries are using professionalism in their branding to establish legitimacy and create a knowledgeable voice for their company. Using the right custom dispensary products, within the business and as giveaways, can make all the difference.
Supplies for packaging and displaying cannabis products are necessary tools for dispensaries to run. And, as printed products go, they’re some of the most important for this industry. High quality supplies with your dispensary logo on display creates a cohesive look for the business and helps to establish legitimacy. The right containers, bags and jars leave a great first impression with clients and establish customer trust and loyalty.
While grinders, lighters and rolling papers aren’t the primary part of a dispensary’s business, offering them is certainly beneficial. Firstly because customers will love being able to find everything they need in one place! Not to mention, it gets your company logo into customers and clients’ homes and puts your brand on display.
Handouts and giveaways are an easy, attention-grabbing way to raise awareness for your brand. Finding the right festival or event to give away cannabis leaf shaped hand fans, stress relievers and magnets is a great for getting the dispensary name on potential customers’ radars.
Whether you’re looking for dispensary promotional products and supplies or any other printed item, PrintGlobe can help you find exactly what you’re looking for. If you have any questions about the products on our site or you’re looking for something specific, our dedicated account managers are always happy to help you out.
Please note: Laws and marketing regulations for legal recreational and medicinal marijuana dispensaries vary by state. Knowing the laws in your state is the responsibility of the buying party.