Into 2023 Digital Cannabis Market

Digital marketing takes up a large part of our everyday lives.
We can get any product delivered from one point of the world to another in a very short period of time. Cannabis market, which was just a wishful dream until not too long ago, now meets its users digitally.

Cannabis, which has become legal mostly for medical use, is on for sale over the internet, although it is still limited in some countries.
In fact, it quickly grew to a point where a good amount data can be collected to analise the market.

There is quite a few interesting data and information that can be provided in this area according to new research and surveys that focus on the digital cannabis marketing industry.

No matter how effective online sales and promotions are, it is clear that there is still a gap between the seller and the target audience.

Now, let’s take a look at the some of the insights:

Correct Message

Leading names of the industry in the digital market stated that they could not convey the correct messages about cannabis to the right audience at a rate of 80%.

Although users are searching specific products as their focus of interest, they do not actually make the purchase through any message that is presented to them. Unfortunately, creating a sustainable loyal audience base is not really achievable in this area.
In order to realise the sales rates planned for the long term and to increase the share in digital, it is essential to determine the interest areas of the target audience in 2023.

Resource Usage

Although there is a digital market between the countries that sell cannabis legally, it is still an area where users do not feel super comfortable.
Therefore, instead of buying the product right away, people prefer to observe the brands for a while for the trust to build in.
Therefore in 2022, most people in the industry used social media accounts as digital channels and focused on campaigns of awareness.

Even the websites which are sale-oriented are trying to revive the digital market with simple/general information activities.

Budget

Around %50 of brands declared that their annual budget, including digital media to be less than $50,000.

Even though many brands have kept their marketing budget lower, the market is still expected to have a growth of over 500% over the next three years. This is being driven by a mixture of the recent supportive laws, including many governments granting funds to accelerate R&D activities on cannabis use for COVID-19 and a significantly reduced cultural stigma as scientific evidence continue to support the benefits of cannabis.

Into 2023

With all these insights, it is expected that 2023 will be more productive for all parties involved in digital cannabis market as a result of the growing market and strategic improvements on marketing strategies such as combining the right channels with the right messages.

Sources: NXTeck, Cannabis Marketing Association, New Frontier Data, Statisca