EXCLUSIVE: How Much Competition Will Cannabis Companies…


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exclusive:-how-much-competition-will-cannabis-companies…

The competitors forward within the hashish market from tobacco, alcohol and pharmaceutical firms was a subject of dialogue this week on the Benzinga Cannabis Capital Conference in Miami Beach. 

Competition: One space of concern for the hashish market could possibly be the continued entry of massive firms coming into the market as extra states legalize.

“If you’re big tobacco, you want to blow up the dispensary model,” Greenlane GNLN CEO Nick Kovacevich instructed the gang on the Benzinga convention.

Kovacevich mentioned that the hashish licensing mannequin and regulatory points might make it arduous for large tobacco and alcohol firms to disrupt the hashish market. Instead, tobacco and alcohol firms would wish to make acquisitions and purchase into the market as a substitute of launching new operations.

Related Link: Greenlane Strengthens Leadership, Diversity And Industry Expertise With New CAO And Board Director

Challenges: Among the largest challenges for shoppers is the position of dispensaries attributable to rules.

Canada, which federally legalized hashish in 2018, had a rollout that was removed from clean. 

High Tide Capital Markets Advisor Vahan Ajamian mentioned that when hashish launched in Ontario, there weren’t sufficient dispensaries. Some territories have confronted points of getting too many dispensaries in a single space and never sufficient in one other, resulting in shoppers having to drive hours to get product. 

WM Technology MAPS VP of company improvement Greg Stolowitz agreed and mentioned one of many best challenges for the hashish market shouldn’t be having sufficient shops to satisfy demand.

Stolowitz want to see extra licenses so shoppers don’t should drive as far for pot.

Growth Of Vaping: One space that has seen progress and will proceed to is vaping, in keeping with Kovacevich.

“We suffered through that vape crisis,” Kovacevich mentioned.

Now, shoppers are switching to vaping, with round 30% of customers preferring this technique.

Kovacevich mentioned shoppers have been petrified of this technique attributable to unhealthy apples that weren’t following authorized necessities.

“That’s the reason why customers should buy legal. We need people to convert and buy legally.”

During the pandemic, individuals additionally switched to consuming extra edibles because of the impact of the COVID-19 pandemic on individuals’s lungs, he mentioned. 

“In terms of vaping, I think it’s here to stay.”

Photo by Dez Smith.

BENZINGA CANNABIS CONFERENCE

The best buyers and entrepreneurs in Cannabis are gathering on the Fontainebleau Miami Beach on April 20-21. Don’t miss out.

© 2022 Benzinga.com. Benzinga doesn’t present funding recommendation. All rights reserved.


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