You’ve heard it a million times the cannabis industry is the fastest growing industry in the United States. The fact that this has remained true for so long, should inspire you to take action because it’s a standing promise. The industry does have its risks, but it’s important to recognize that now is the time to invest in an industry that has a large potential for growth and could help minority businesses level the playing field.
Currently, 29 states have legalized some form of medical marijuana and allow doctors to prescribe it to their patients. Arcview Market Research with BDS Analytics, publicized a report in 2016. The report predicted that as more legal markets become active, the entire legal cannabis market will reach $24.5 billion in sales, a 28 percent annual growth rate, by 2021.
This is creating many jobs across the U.S and hundreds of cannabis products and services. Many of these products and services are specifically aimed at women consumers. Women could easily make a cannabis investment that would allow them to guide America’s medical marijuana in the right direction.
Hard-working women in the industry provide the following three tips for women looking at cannabis investing.
Be Genuine and Engaging
As more money floods the market, it’s critical for businesses to be authentic and genuine in their communities. This starts with valuing the customer. Many women-owned businesses are modifying products and services based on honest feedback from their consumers. The can do this by creating real conversations and interactive experiences around their brands.
Interacting with consumers on social media is another way to build an inclusive and community-led fan base while keeping followers up-to-date.
It’s also important for you to stay up-to-date with the latest research, insights and facts. For example, a Cannabis Consumers Coalition’s (CCC) report released last year found that more women were consuming marijuana than men, 58 percent to 42 percent. This means you should be looking at women as a potential target audience for content and marketing and find ways to appeal to their needs and wants.
Consumer reports, new research, and data on the medicinal properties of cannabis is essential information that can add to your skill set and knowledge of the market and help you make better executive decisions. Armed with these facts you will be able to understand your market better, and you’ll be well-equipped to tackle debates in favor of cannabis legalization.
Be Innovative and Have Confidence
The cannabis market is a new and innovative market, which encourages out of the box thinking and bold leadership. Being self-aware, understanding precisely what you bring to the industry and having the confidence to follow through will do more for your business than almost anything else.
Now is the time to join the cannabis community. The possibilities for success are virtually endless and women stand as front-runners if they are willing to take the necessary steps. Above are just a few tips from women in cannabis today, who are ready to build a united feminine front in favor of cannabis.