marijuana dispensary funding
Will Big Tobacco Become Big Cannabis?
Cannabis could “help” Big Tobacco companies double their underlying growth. On the whole, taking into account full legalization, Big Tobacco could scoop up around 1/5 of the total share of the marijuana business by 2036.
There’s some anxiety in the cannabis industry. Many business owners think that “Big Tobacco,” which boasts large financial and agricultural resources, will step in and take over some time later.
A few months ago, vaporizers made up a greater percentage of sales as compared to dry, loose buds. This is based on the data provided by a California-based company. In January, Larry Wexler, CEO at Turning Point Brands, noted that the marijuana business was an “exciting opportunity” that he was still trying to get a better idea of.
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According to a specialist in the field, the tobacco industry is highly scrutinized and is under tight regulation. This is true globally. Currently, reduced-risk product platforms represent one of the main priorities for global tobacco companies.
However, the marijuana business faces some big health problems. Angel Stanz, CEO of Bud Genius notes that the corporate giants are inevitable, which will make the industry landscape change. Information will be the key to survival.
Multinational corporations’ marketing, brand positioning, and product management are based on data. The latter has to do with detailed demographics of their consumers and how each product’s attributes appeal to them.
The threat marijuana truly has presented to a highly addictive product already used by almost 40% of American adults isn’t clear yet. However, cigarette-makers took notice.
A story in High Times points out that pot, both as a rival and as profit, has always been in the center of attention for tobacco companies. Now, these companies are just waiting for the green light. Once weed is announced legal, they’ll use it as a major money maker.
Author Bio: As an account executive, Michael Hollis has funded millions by using alternative funding solutions, including marijuana dispensary funding. His experience and extensive knowledge of the industry has become a true asset for First American Merchant.