In recent marijuana industry news, the rise in new cannabis consumers, frequent weed users’ demands for new edibles and major players leading the edible market has seen marijuana-infused edibles sales continue to push trends upwards. From 2018 until now, edibles have tripled in sales, almost reaching the $1.4 billion mark. Now, this $1.4 billion mark is set to be surpassed, with the recent popularity and purchasing power placed on cannabis-infused gummies.
A Preference For Lower Price And Higher-Potency Products, With The Familiarity Of Fast-Action Delivery
This recent focus on lower-priced, quick-acting products that boast higher potency has seen mass attention from cannabis veterans and newcomers to fast-acting gummies. Now, gummies are the largest sector due to consumers’ familiarity with the delivery method and leading industry players making marketing and branding moves to acquire a piece of this profitable sweet pie—with 77% of the cannabis market made up of edible sales.
According to news reports, “Joe Hodas, chief marketing officer at Boulder, Colorado-based manufacturer Wana Brands, said the company’s line of fast-acting gummies appeals to veteran flower consumers. Our quick-acting product appeals to traditional smokers who want something fact-acting,” he said. As with other cannabis categories, consumers are showing preferences for lower-priced but more potent products.”
Not only is Wana Brands capitalizing on this upward trend, but they are also taking this opportunity to develop a new branding and marketing style that appeals to new consumers seeking gummies and other new edible products. A game-changer for the cannabis marketing game.
The same can be said about Oregon-based company Wyld, another big name in gummies, who used existing brand loyalty and recognition and leveraged this with different marketing and branding to grow in the market to promote sales.
Wana Brands is currently marketing these gummies through education. Brand Innovators explained this further, “That’s also what we communicate in our brand, which is why we have a heavy bend towards education in all of our marketing. Everybody interacts with cannabis differently, but at the very least, our goal is to create consistency for each consumer.”
Brand Innovators continues, “Hodas has focused the brand’s marketing strategies on in-store promotions and education of ‘bud-tenders,’ the well-trusted dispensary employees who influence about 80% of consumer decisions. Their newest product offering, a fast-acting cannabis gummy labeled Quick, took years of research until they got the formula just right. We developed this product because we noticed a real problem on the edible side of the industry, where consumers were unsure of how edibles would affect them. It can be really variable and really powerful for some people. Other companies put their new fast-acting products in the market, but we waited until we had the exact right product. The benefit is that consumers recognize this.”
This marketing approach for gummies will see a rise in product sales among veteran and new consumers in late 2022 and throughout 2023, along with other cannabis-infused edible products that are seeing high sales trends.
Preferences For Gummies First, Then Caramels, Chews, And Taffy
Edibles like caramels, taffy, and chews are also pushing the edible trend upwards, although these products saw less sales than edible cannabis gummies. “Nationwide, caramels, chews and taffy are the second-most-popular edibles segment, followed by chocolate,” adds news reports.
The rise in these products will continue to see market dominators, including Wana and Wyld, not competing against each other but rather using the rising trend and high sales potential to operate, build branding and create marketing strategies from completely different angles and for the long-term.
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