Cannabis companies are quickly becoming one of the most popular and fastest-growing markets in the world. By 2022, it is estimated that cannabis will surpass industries such as tobacco ($173 billion) and food ($616 billion). The increase in demand for this market allows more people to get involved with cannabis, resulting in a huge number of investors.
There are still significant challenges when it comes to growing the industry.
With changing trends, technologies, and consumer preferences, the packaging industry has been forced to adapt faster than ever before. Cannabis is a multi-billion-dollar industry and consumer goldmine that’s taking the world by storm. Before this really became clear, many people had never even considered the importance of packaging.
Here’s 5 cannabis challenges that the packaging industry can effectively solve.
- Standing out amongst competition
The cannabis industry is experiencing a lot of competition in branding, packaging and display. Companies are struggling to keep up in terms of staying unique and interesting. Yet, this is another challenge that has potential for creative solutions. So, now is the right time to partner with an experienced cannabis packaging firm that will help businesses create new and creative ideas that will help them stand out in the market.
- Fulfill consumer needs
Cannabis consumers are interested in sustainable packaging and easy-to-use products that are more environmentally friendly. This desire is beneficial to companies as they develop new products and services. It can be difficult for consumers to get into certain types of packages; however, there are many factors that go into deciding which is the best product. People also consider if the package is pet-resistant
- Managing regulatory obligations
The cannabis industry is highly regulated and will likely continue to be so. This makes it difficult to become a successful packaging company, but the regulations make sense given what we know about the substance. The industry is not limited to just the U.S., either – different states have different regulations, and it’s hard to keep track of them all!
It’s nearly impossible to keep up with all the changing regulations in every legal market. This makes it necessary for small businesses to find a reliable partner who can help them comply with new packaging obligations that they might need to follow.
- Different cannabis consumption options
As cannabis laws continue to change, there are more and more options for consumers. You can now consume your cannabis from a jar, a vape tube, a beverage can, a pre-roll, and more. Each form will have different considerations in terms of what you receive and how it affects you. So, each cannabis product needs a different way to be packaged to reach the consumer. A good cannabis co-packaging partner will definitely help you tackle this problem effectively.
- Marketing challenges
The cannabis industry faces quite a few restrictions, including not being able to advertise on TV, radio, or social media. With so many marketing restrictions, it is upto the packaging industry to help your product stand out. Getting your cannabis packaging right is no easy task. They need to be a suitable means of delivery with plenty of comforting branding and advertising benefits.
Despite the challenges, a good packaging solution will help you scale up faster.
Some packaging companies are taking advantage of consumer preference and less restrictive regulations. The trend will likely continue, but it’s important to not get ahead of yourself or overreach as there’s always still a chance to change course. Get a good, experienced cannabis packaging partner to handle packaging overheads while you focus on the other aspects of your business.
