The cannabis market has remained extremely lucrative as new companies continue to enter the space on a daily basis. As laws begin to change in favor of the industry and the public perception of cannabis continues to change, the market is continuing to develop and reach new heights. One of the newest parts of the developing industry has become the ancillary market that deals with everything from packaging to shipping and more. The market on packaging the cannabis plant has become extremely large as well as new regulations make it more and more necessary. With new products being made on a regular basis, the market on the packaging is continuing to grow with a large amount of propensity for the future.
Packaging cannabis has become the forefront of the industry, as new packaging types begin to cause more sales for those products. Jenna Zilincar, the founder and creative director at M Studio, which is a packaging and display company based on making new ways to package various cannabis products. She stated that “the brand becomes a more dynamic platform that tells a compelling visual story and the packaging is an integral part.” Packaging has become the first way that people are able to see the industry and as the new restrictions make packaging more concise, more and more businesses are looking for new solutions to such a new issue in the market.
How Cannabis Packaging Can Increase ProfitsAnother individual who has been a large player in the industry has been Mo Taxon, a California based branding, and marketing specialist. He stated that “Businesses and entrepreneurs understand making an ad or a website,” said Taxon, but fewer know that “branding is about creating a feeling rather than a sale. It’s a strategy rather than tactics. When national legalization comes, companies that have widespread brand recognition and a strong reputation will be acquired quickly and at higher valuation.”
Packaging not only creates a way for customers to buy an enticing product, but it also is a way to tie a brand together with a cohesive method of imaging. When a new product emerges, the packaging is a way to display what the product is all about in addition to what the company stands for. The packaging is also a way to provide some sort of backbone for customers to trust the product they are getting. There are several challenges when it comes to the packaging of cannabis products, but many states in the U.S. and Canada have put in new restrictions on various aspects of what products need to display. This could be anything from THC content to child-safety, but all of these product regulations need to be met with an accurate way to depict them that still remains attractive to the consumer. Zilincar continued to state that “in a retail setting when other competition is screaming for the attention of the buyer,” it is extremely important to have the most attractive and enticing packaging. Various design elements such as embossed lettering or stamped foil can also add a large amount of quality which can continue to communicate various aspects of the product to the consumer.
The cannabis market as a whole is still very much in its infant stages which means that aspects like packaging are still being worked out. The hopes are high that these complications can continue to be worked through so that consumers can know exactly what they are getting and what effect it will have. Only time will tell how these new strategies on packaging can continue to impact the market overall.
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