In the sense that the cannabis industry only relatively recently began to experience widespread social and political approval, it is somewhat unique.
In the sense that businesses in the cannabis industry perform better when they follow well-informed insights generated from actionable consumer data, it is literally the same as any other industry.
Businesses in all sectors plan to fail when they fail to plan. Developing strategic action plans requires accurate reporting and insight into target markets, consumer behavior, public approval, the legislative landscape, and more.
Here are some key takeaways from one of the best cannabis market research companies in the field: ISA Corp.
1. Edibles (and other oral delivery methods) are becoming more popular among recreational cannabis users From the April 2021 CANNApinion poll: 76% of cannabis users consumed edibles in the last year; 47% took other orally administrated cannabis products such as tinctures or oils.
2. On that note: Edible users have a collective sweet tooth The classic “cookie” or “hash brownie” may be more than just a popular image. It may reflect a preference for sweets among cannabis users.
A majority from most age segments polled said they’d prefer a cannabis-infused edible in place of dessert – 72% of Gen Z and 83% of millennials.
3. Frozen desserts infused with cannabis may represent a hidden opportunity Everyone knows that chocolates, gummies, and baked goods make delicious edibles, but ice cream? That may represent a significant opportunity.
Ice cream was ranked as the top frozen food product that would be a good choice for cannabis – more than half of all millennials, Gen Z, Gen X, and Baby Boomers polled agreed.
4. “And what will you have to drink with that?” (A significant amount of cannabis users are interested in cannabis infused-beverages or have already tried them) A surprising majority – 73% of Gen Z, 83% of millennials, and 72% of Gen X respondents showed interest in cannabis-infused beverages and said they’d like to experiment with new flavors. A majority of each category even expressed interest in cannabis-infused sparkling water – the novelty of a cannabis-infused drink alone might suffice to pique interest.
5. A stunning number of cannabis users hold C-level positions You might need to rethink your targeting – 41% of users polled in the September 18th, 2020 CANNApinion Poll that vaporized cannabis in the preceding 12 months held C-level positions.
6. A significant number of users take cannabis after work – but not all for the same reasons It might not be considered surprising that cannabis users enjoy it after hours, with significant majorities reporting that they take it to relax and unwind, manage stress, and control anxiety. But 45% – almost half! – reported taking cannabis after work to provide energy or help them stay awake.
Be Informed – Before You Launch Business intelligence through data analytics and comprehensive data reporting and polling of cannabis consumers can account for the difference between a strategically positioned and launched product and a flop.
Cannabis companies – like all other businesses – do best when they hedge their investments against well-informed decisions made after careful strategic analysis and risk management.
Whether you’re thinking about launching a new cannabis business or you’re already a successful player in the marijuana industry that would like to know more, partnering with the best cannabis market research company in the industry is like an ace in your hand.
The figures in this article came from various CANNApinion Polls, reported through ISA Corp. Visit their website, ISACorp.com, or contact their customer service department at 818-989-1044 to learn more.