This Company Reports That Its Cannabis Products Are Getting New Consumers' Attention

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As marijuana could be moving toward federal legalization, manufacturers are developing cannabis products that give consumers more control over the effects they feel from consuming them. 

Recreational cannabis is legal in 18 states and Washington, D.C., and medical marijuana is legal in 37 states. A Pew Research Center study found that 91% of U.S. adults favor marijuana legalization. 

With 44% of all Americans living in states where recreational marijuana is legal, the industry may have the opportunity to attract customers who have never consumed cannabis, but to do so could require creating products that look and feel like mainstream consumer packaged goods. 

Sales are on the rise, too, making the cannabis market more attractive to companies that want to introduce products to attract new consumers. 

U.S. cannabis sales increased 40% to $26.5 billion in 2021 and are expected to reach $32 billion this year. The legal cannabis industry is projected to grow at a compound annual growth rate (CAGR) of 11% between 2020 and 2030 when sales are expected to reach $57 billion, according to New Frontier Data. 

Flower, which accounts for 61% of all cannabis sales, remains the industry’s top-selling cannabis product, followed by concentrates at 22% and edibles at 9%.

Cannabis Companies Innovating to Succeed?

Innovation might be key in an industry that is arguably trying to shed its reputation as perpetuating a stoner culture, and companies are reporting developing products that combine cannabinoids, terpenes and flavonoids in ways that enable consumers to customize their experiences. 

Many companies tout the effects various cannabinoids have. Denver-based 1906, for example, has a line of edibles that achieve a range of effects depending on what’s in them. Go chocolate-covered coffee beans and tablets are designed to boost energy, while Midnight chocolates and tablets help with insomnia. Jushi Holdings Inc. JUSH carries the full line at its Illinois stores.  

Other cannabis companies — particularly those making products from hemp-derived CBD — rely on ingredients that are found in mainstream products to differentiate themselves. 

For example, Marijuana Company of America’s MCOA signature brand hempSMART is a premium CBD company that manufactures a line of tinctures, capsules and topicals that reportedly help people with everything from managing stress and relieving pain to getting restorative sleep. 

The company states that in addition to containing CBD, its NeuroSmart brain supplement includes Bacopa, thought to improve memory, focus and learning speed; turmeric, which protects existing brain cells and stimulates normal development of new ones; and rhodiola, which may help with concentration and problem solving. 

HempSMART’s Smart Relief topical has a number of ingredients that are reported to reduce inflammation and soreness in muscles and joints including CBD, arnica, turmeric and nettle. 

Whatever reasons consumers choose to consume cannabis, they’ll be looking for something that suits their specific needs, and players like Marijuana Company of America look to be prepared to meet them. 

This post contains sponsored advertising content. This content is for informational purposes only and is not intended to be investing advice.