Canadian Cannabis: A Year in Review
The first year of Canadian cannabis legalization has come to pass. Original expectations were that $7 billion in cannabis sales but we landed (politely) around $1 billion. The cannabis black market and government regulation were to blame. The fact is, cannabis sales are accelerating into the second year and companies are focusing more on front-end operations, especially with Cannabis 2.0 now here (weed edibles and THC drinks)!
BRANDING IS IMPORTANT
Accoutrements has prided itself on remaining the first and only premium cannabis accessories brand in the cannabis space with a focus on chic accessories that integrate into the home. And we have more on the horizon!
Branding will become a larger component, especially for small-to-medium sized growers, as larger companies such as Aurora Cannabis, Aphria, and Canopy Growth use their large-scale production to push down price. How else does the new consumer determine what to purchase if it's their first time in a head shop? Like all markets, segmentation will be necessary to push customers towards luxury cannabis products, middle-market, or cheaper low-end products.
Premium cannabis accessories are still a young market, with companies like Barney's only now beginning to jump on the train. We hope to see this trend continue.
Happy 1st Birthday, and here's to many more!