The substantial growth of the cannabis market boosted a lot of entrepreneurial activity that contributed to the $6.7 billion market. With more countries legalizing marijuana for both medical and recreational reasons, entrepreneurs are at a scramble to come up with creative and innovative ways to make marijuana more accessible. Most of the growth will come from medical marijuana as new research studies validate marijuana’s efficacy in treating severe ailments. The recreational marijuana market segment will be an area that will experience creative entrepreneurial activity as marijuana gets legalized outside of medical applications. Here are a few trends that could influence the growth of the recreational marijuana segment and catapult the cannabis market to the forecast $20.2 billion in 2012.
New Formats
The traditional way is to smoke a “joint” of rolled dried marijuana buds. Nowadays, marijuana comes in different product forms. For those who prefer to smoke, there are pre-rolls and “cigars.” Vaporizers have slimmer, portable vape pen versions for a more discreet and stylish smoke. Transdermal patches and wristbands laced with 10mg of marijuana offer a discreet alternative to smoking.
Apart from innovative product forms, new product concepts are expanding the market by appealing to a new market: women and wealth. With research proving marijuana’s anti-oxidant and anti-aging benefits, new marijuana-infused lifestyle products like perfumes, lotions and creams are making their way into the dispensaries. Luxury marijuana sampler boxes get doorstep deliveries to subscribers.
Marijuana edibles now go beyond the baked brownies of the 70s. Now there are micro-dosed candies, crackers, chocolates, and mints. Marijuana-infused water positioned as an ideal after sports drink for aching joints and muscles are starting to filter into the market. Infused coffee and single dose teabags are available at lifestyle coffee shops and dispensaries. Upscale foodies in California hire chefs to cater dinners with marijuana-laced gourmet cuisine.
Experiential Retail Therapy
With the many different marijuana products now available, dispensaries are transforming into lifestyle hubs. Now there are “budtenders” who can tell the story of the different marijuana strains and educate the discerning consumer. An upgrade from the coffee shops of Amsterdam, new concept lifestyle outlets that offer house blends of infused coffees and teabags provide an onsite social hub where quality marijuana strains can be purchased and enjoyed.
Media Bandwagon
Recreational marijuana is the new darling that media is infatuated with. A number of TV series and movies on marijuana are slowly filtering into the mainstream. Editorial features in widely circulated newspapers and magazines have featured marijuana as a lifestyle product. Numerous blogs, websites, online publications, and regular features within newspapers now give marijuana a 360-degree purview. With all the hoopla in the media, it would only be a matter of time before marijuana will be seen in a different and perhaps a more positive perspective.
Marijuana is being reinvented. With a growing number of countries and states within the USA legalizing marijuana, the cannabis market dynamics is at its busiest. At a forecasted trajectory of growing at least 25% per annum, there is no stopping the creative entrepreneurs who can steer the growth directions of the cannabis market.
A MarijuanaNewsOnline.com Feature
