The State of the Cannabis Industry: A Data Deep Dive
A CMA Webinar Brief
By Vyla Carter
During 2020, the cannabis industry has seen growth and change, with a large impact from the COVID-19 pandemic. Recently, a group of cannabis industry experts came together in a CMA webinar to discuss data on the cannabis industry. They dove into the recent State of the Cannabis Industry 2020 report.
The panel was moderated by Gina Larson, the Creative Director for Mattio Communications. Sean Cooley, the Head of Content and SEO for Vangst; Michael Hanson, Director of Data Science for Flowhub; and Alex Feldman, the General Manager for LeafLink Insights answered Larson’s questions about the current and future state of the cannabis industry.
What trends do you expect to see in the cannabis industry as the COVID-19 pandemic continues?
In terms of hiring in the cannabis industry, Cooley says that the industry will likely follow the trends seen in the general market. There is a big trend in remote working and hiring. The cannabis industry has and will continue to see this. Apart from this, executive hiring took a big hit. It is not as much of a priority in the cannabis industry right now as it was at the start of the year. Cannabis marketing also saw a rise in hiring according to data on the cannabis industry.
Hanson says that the current trends will be impacted by whether there is a second wave of coronavirus shutdowns in the United States. He believes that if there is not, sales will start stabilizing from the rise they have seen in the past year. If there is, it will be interesting to see if people rush to the dispensary.
According to Hanson, online cannabis sales will continue to rise. Fewer people will go to the actual store to get products.
Because the cannabis industry adapted so well to the first round of lockdowns, according to Feldman, the most impactful variable this coming year will actually be legalization. Essential status is now in place regardless of what happens with the pandemic.
As we start to think about coming out of this pandemic, what do you think some of the lasting effects on the cannabis industry will be?
The change in the way customers purchase will stay, Hanson says. This means more online purchasing. Because of this virtual buying trend, Feldman believes that retailers should be more reliant on the new market data. This will allow them to better understand what consumers want.
According to Hanson, the pickup in older generations using cannabis products will continue. These older age groups go to the dispensary less, but when they do they typically spend more and buy higher-end products.
The overall theme of health and wellness will also stay in the industry, according to the report about data on the cannabis industry. Right now, every consumer is concerned with the health and the safety of the products they are buying. This means making sure your workplace is fully compliant with current health regulations. Companies should also have a strong human relations head.
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The webinar continued with a discussion on what technologies are enabling cannabis companies to thrive during this time. Other topics included current hiring trends in the cannabis industry. They also discuss how to best reach consumers through digital buying practices.
Finally, the webinar ended with a question and answer session. They talked about recent wildfires and their impact on the cannabis industry and sales. The panelists discussed how they have impacted prices in different areas of the country. They also touched on how recent legalizations will impact the industry.
Watch the full webinar to get more insight on data on the cannabis industry by becoming a CMA member today!