Three marketing lessons we can learn from the legalised marijuana industry
The legal pot business is tipped to be worth over $1.2 billion in Australia by 2024. Kath Mills from Edge believes Aussie brands have a lot to learn if they want to cash in on the industry.
The legalisation of recreational marijuana in America and Canada has opened the floodgates to a new-age gold rush. The global market is estimated to hit $31.4 billion by 2021 as more and more countries embrace the product.
Major names across the pharma, retail, wellness, and food and beverage industries – for instance, Coca-Cola, Estee Lauder and high-end US department store Barneys – are all racing to score a piece of the lucrative field, while a host of new businesses catering to the budding industry are emerging every day.
Trendy Weedy products
In Australia, the medical marijuana industry is in its nascent stages following federal legalisation in 2016. While it’s now in a legal grey area, the tides are slowly beginning to turn – and it’s fascinating to watch a brand new field emerge within consumer products.
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