Cannabis Enters CPG Era: Data, Brand And Market Strategies Explained By Industry Leaders At Benzinga Conference

The cannabis industry is on the brink of a transformation, paralleling traditional consumer packaged goods (CPG) sectors, and industry leaders are taking note. At the recent Benzinga Cannabis Capital Conference in Florida, a panel of industry veterans moderated by Carlos Pinto, CCO of Leafly LFLY explored how data-driven strategies and innovations are pushing cannabis into a new era.

Leveraging Data For Consumer-Driven Products

Kris Walker, president and CCO of Hoodie Analytics emphasized the critical role of data in identifying and fulfilling consumer needs. By analyzing consumer patterns across different dispensaries, Hoodie Analytics helps brands tailor their products to diverse consumer segments, enhancing profitability and brand differentiation.

Echoing this sentiment, Christine Smith, CEO of Gron Edibles, underscored the importance of data, particularly in guiding product development and market entry strategies. Smith highlighted how real-time data from retailers aids in understanding consumer preferences, allowing for rapid adjustments in product stocking.

Micah Anderson, CEO of LEEF Brands LEEEF, also shared insights into the practical applications of data in product testing and development. LEEF Brands utilizes customer feedback from a dedicated retail store to refine product offerings before broader distribution.

Understand Your Customers And The Market

Furthermore, panelists discussed the importance of understanding consumer demographics and preferences, which is crucial for expanding into new markets. This approach helps to mitigate risks and maximize the potential for successful product launches.

Cannabis rescheduling seems to be right around the corner. If you want to understand what this means for the future of the industry, hear it directly from top executives, investors, and policymakers at the 19th Benzinga Cannabis Capital Conference, coming to Chicago this Oct. 8-9. Get your tickets now before prices surge by following this link.

Strategic Distribution And Packaging: Keys To Success

The conversation also addressed the practical aspects of entering CPG, like packaging and distribution. Each state’s unique regulations demand a dynamic approach to managing SKUs and ensuring compliance, making adaptability a vital skill for maintaining brand consistency and consumer trust across markets. According to Walker, consistent and appealing packaging contributes significantly to a product’s market perception, enhancing its premium status and customer appeal.

As the cannabis industry gears up for significant changes, understanding these CPG trends becomes crucial. The evolving relationship between brands and retailers, highlighted by Smith, shows a shift towards sophisticated marketing and distribution strategies that could define the future dynamics of the industry.

Now read: Post Cannabis Rescheduling: What’s Next For Marijuana Giants? Potential $1.1B Cash Flow Boost From IRS 280E Removal

Photo: Benzinga