Every season has its unique foods. Both fruits and chocolates are a favorite snack amongst people of all ages. Pumpkin spice drinks, cakes, strawberries, and other amazing specialties make every time of the year special. Cannabis growers and retailers have seen an opportunity here and infused these products with THC.
This began as an amazing series of limited-edition, exclusive products. Upon seeing their beloved food infused with THC, people instantly became interested. But are we, as an industry, utilizing this window of opportunity enough?
If not, why? In this article, we will explore the benefits of cannabis-infused products and how to grow your business with their introduction.
Capitalize on Popular Demand
Many cannabis-infused products only appear during a select time of the year. Because of specialty products, manufacturers have the opportunity of introducing new options to their catalog.
Usually, these are niche products. As such, they can appeal even to people who otherwise don’t use marijuana recreationally. How come?
Individuals who aren’t cannabis enthusiasts want to try edible products because they’re familiar with the snack. Due to this milder approach, they remove their barriers towards marijuana and enjoy the edible.
Holiday seasons are especially lucrative when it comes to specialty cannabis products. Aside from “rookies” within cannabis culture, even regular enthusiasts are more likely to try special edibles. But how does that grow your business?
- You can get more creative with the packaging
- Because of the limited-edition format, the interest in your brand will be higher
- When in contact with your products, you will gain new and retain old customers
- Due to the unique nature of specialty products, people will want to buy other ones from your catalogue
- Holiday-season specialty products can be used as a means of marketing
- Individual seasons mean seasonal discounts, which gives you an excellent excuse for a clearance sale or two
The benefits of selling specialty products are apparent, but some manufacturers still avoid selling them. What might be the obstacle that prevents them? Let’s see the whole problem in the next section.
How to Successfully Launch Specialty Products
The obstacles on the road to selling specialty products are often related to financial resources. An estimate is that special products in the catalogue can raise production costs by as much as 5%.
This is especially a problem because several states have tough conditions for opening a retail business. Due to these unfavorable circumstances, most companies hesitate to spend more, regardless of the profit.
Adding special edible sweets or even kinds of pasta might be an investment, but it pays off eventually. Here’s what you need to establish good specialty products sale:
- Observe any trends in your sale and pinpoint the jumps in numbers around the holiday season
- Gather knowledge about the most popular products that aren’t infused with THC
- Find out what your competitors offer
- See if you can add any new products or “twists” on older products to your catalogue
- Explore the analytics you’ve gathered and decide on a budget
As we’ve already seen, all it takes to launch a campaign for your new products is planning. With a big enough database of customer and sales information, you can know which products to sell and when exactly. Of course, it’s not always possible to invest a lot. However, this doesn’t mean that boosting your sales isn’t possible over a short period.
Even if you solve the financial side of the conundrum, there is still a myriad of problems to face. Unfortunately, most of them are of legal and regulatory nature. It’s time to explore the challenges they bring.
Dissecting the Legal Side of the Problem
Planning the launch of a product is very important, but it takes up only half of your entire effort. Before you release limited-edition products onto the market, explore the legal and regulatory obstacles that you may face.
Lots of laws makes launching products in your state a bad investment. If you wish them to be successful on the market, you may have to prepare for planning.
How does this happen? Well, take Washington for example. Any cannabis retailer that wants to introduce THC-infused edibles onto the market must go through a process. This requires him to submit packaging designs and precise development plans to several organizations.
These legal papers and projects cost money, plus the Liquor and Cannabis Board (LCB) takes a long time to make their decision.
Due to these regulatory barriers, we advise you to start planning as soon as possible. Don’t opt for many products because many of them have different production standards and approval times. Add a few products of high quality to your catalogue and experiment.
Many THC-infused edibles don’t get approved by the DEA or any state legal body, but those that do are far from being released. If you wish to launch a series of new products on the market, you have to have a skilled manufacturing team.
Everyone must know the laws and regulations about every product so that the company doesn’t face legal consequences.
Also, you need to check the costs of producing each snack. Some might seem cheaper, but because of permits and equipment – they might set you back. To avoid this, consider any manufacturing chances and calculate the pros and cons.
Social-Giving and Other Promotional Options
Organize giveaways of your products both via other retailers and through your physical store and website. Organize contests and supply free edibles for events, weddings and any other occasion where people might be interested.
There are many opportunities to increase the popularity of your products by social-giving opportunities.
If you wish to reinvigorate your cannabis offering, think about seasonal specialty products. Including various marijuana-infused foods is a significant investment, although it requires careful planning.
Before you launch a product, explore all the legal limitations and see if its work it. Organize giveaways and always know the exact product manufacturing costs. With these tips, you will be able to grow your cannabis business.