What's Hot And What's Not In Cannabis: Dutchie's Advice On How Dispensaries Can Thrive In 2024
In 2023, the U.S. had more cannabis dispensaries than McDonald's, prompting curiosity about the most popular cannabis products. Dutchie, a cannabis tech platform, revealed that pre-rolls, flower, and edibles saw revenue growth, while topicals and tinctures sales declined. Christine Shriver from Dutchie attributed this trend to price sensitivity, with consumers prioritizing affordability over other factors. Despite a 9% increase in item sales, aggressive discounting offset revenue growth. Shriver emphasized the importance of brand loyalty and personalization to combat mass discounting in the cannabis industry. Additionally, challenges like the illegal market and product differentiation through education were highlighted. Dispensaries were advised to focus on enhancing consumer understanding, providing low-friction payment options, and building brand loyalty through personalized shopping experiences. Digital ordering systems like Dutchie Pay were shown to increase basket sizes, offering a potential solution to combatting aggressive discounting.
