How can cannabis brands expand to multiple states while maintaining consistent quality and authenticity?
Industry experts, including Crystal Millican, SVP of Marketing & Retail at Cookies; Christine Smith, founder and CEO of Grön; Josh Hirschey, president of Timeless Refinery and Kit Gallant, CEO of Fernway delved into the intricacies of managing state-specific regulations, implementing CPG strategies, and exploring innovative concepts like reverse licensing, at the last Benzinga Cannabis Capital Conference in Chicago.
Building Strong Cannabis Brands: Beyond Price and Regulations
The discussion delved into the uniqueness of the cannabis industry and the importance of effective cannabis branding. Moreso, when compared to traditional consumer packaged goods (CPG) sectors due to state-specific regulations and market conditions.
“There's a lot of talk about price compression and the race to the lowest price in the cannabis industry. However, when you look at the broader picture in most markets, you'll find that the top-selling brands are often not the cheapest ones in the state. This sends …