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The cannabis industry exists in a precarious position. While dozens of states have legal and robust cannabis markets, the federal government still classifies cannabis as a controlled drug. This federal classification places significant restrictions on America’s state-legal cannabis industry, with cannabis marketing being the hardest hit. Cannabis businesses in most states have to contend with strict marketing limitations and can’t use most conventional advertising avenues such as social media to market their products.
Despite these barriers, businesses in the cannabis space can still optimize their marketing efforts by leveraging consumer data. Studying how different kinds of consumers approach cannabis use can help businesses tweak their marketing and attract more customers.
For instance, men and women deal with cannabis consumption differently. Women are more likely to avoid substance-use-like behaviors while men tend to engage in binge-like behaviors. In addition, according to a 2020 study from Canada, men tend to use cannabis to seek opportunities for intimacy with women while women are more selective.
Cannabis is a relatively new industry, and a lot of the consumer information companies are gathering is brand new. This data is an invaluable resource that can help businesses figure out consumers’ needs and wants and tailor their brands and marketing efforts to best meet these needs, industry experts say.
Aurora Cannabis, a medical cannabis provider headquartered in Edmonton, Canada, is one of the companies leveraging data aggregation to improve product development and ensure better customer experiences. The company recently partnered with the medical marijuana-use tracking app Stainprint to collect customer feedback. Stainprint allows medical marijuana patients to report things such as the symptoms they want to treat via medical cannabis and how the specific strains they took made them feel.
According to Aurora Cannabis’s vice president of innovation and customer preference Lana Culley, the app also allows the company to collect demographic data. Culley said the company would integrate the data collected through Stainprint into its decision-making pipeline and use it to glean insights on the market.
The data has shown Aurora that THC is still a major seller regardless of age, sex, gender or location, and has given the company more incentive to keep focusing on its cannabis breeding program, Culley said. However, she notes that consumer data collection is still a new field in the cannabis market and the industry still doesn’t have enough “robust tools” to gather consumer data and learn consumer opinions of various cannabis products.
As cannabis companies get better at leveraging data in their efforts to advertise their products within the space available to them, sales could improve, thereby also increasing the business opportunities for cultivation equipment makers such as Advanced Container Technologies Inc. (OTC: ACTX).
NOTE TO INVESTORS: The latest news and updates relating to Advanced Container Technologies Inc. (OTC: ACTX) are available in the company’s newsroom at https://cnw.fm/ACTX
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CNW420 spotlights the latest developments in the rapidly evolving cannabis industry through the release of two informative articles each business day. Our concise, informative content serves as a gateway for investors interested in the legalized cannabis sector and provides updates on how regulatory developments may impact financial markets. Articles are released each business day at 4:20 a.m. and 4:20 p.m. Eastern – our tribute to the time synonymous with cannabis culture. If marijuana and the burgeoning industry surrounding it are on your radar, CNW420 is for you! Check back daily to stay up-to-date on the latest milestones in the fast -changing world of cannabis.
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