The marijuana industry in the United States is booming, and shows no signs of slowing down anytime soon. A recent study revealed that one in five states in America have legalized recreational marijuana, with Illinois governor J.B. Pritzker recently signing legislature to legalize the substance in Chicagoland and throughout the rest of the state. Indeed, in 2016, marijuana was an almost six billion dollar industry, and the future looks just as bright for businesses selling the plant. If you’re already in the industry, it may be time to look at ways to grow your business. Here are a few strategies to consider building your business so that it can reach the next level.
Market to the right consumers
This seems obvious, but especially with an ever-shifting landscape of legalities to keep track of, it’s important that you’re always marketing to the right customers. Beyond running the risk of breaking potential laws, if you’re marketing to a customer who isn’t in a state where marijuana is legalized, you’re most likely wasting your advertising budget. So, how do you ensure that you’re following the right rules for marketing marijuana while still reaching customers who can actually purchase your goods? Thankfully, the internet makes it easy.
Display ads are one of the best ways to reach customers, with search engine platforms like Google offering a robust range of filters and tools to ensure that you are drilling down to reach the appropriate audience with each and every ad. Best of all, ads in display networks like Google reach your customers wherever they’re browsing the internet, from sites like YouTube to news pages and other blogs. Display ads can be used to attract new leads or remarket to previous purchasers, so you know that you’re getting your money’s worth. In addition to display ads’ high ROI, you can also market to customers based on things like geography and interests, ensuring that you reach an even more specific audience with your advertising money.
Protect your business
One of the other big things you can do to help your marijuana business grow is to ensure it can keep growing. That means protecting it from potential conflicts of interest, opposition groups, and other potential legal charges. If you’ve already found some success in the marijuana industry, it may be time to invest in a legal team in order to keep your business on the straight and narrow. Retaining counsel from a law firm that specializes in these kinds of cases, such as McAllister Garfield, is always a good idea, as it will keep you from having to shut down or pause your business while an investigation is launched into your company’s operations. Finding a firm like McAllister Garfield, who bring a wealth of information about medical and recreational marijuana and have worked in prominent states like California and Colorado, can be the difference between your company’s continued growth and getting shut down over a technicality. Even if you don’t think you are breaking any laws, it’s vital that you understand the importance of having a team of experienced lawyers audit your business, as the government is still particularly strict in its evaluation of the marijuana industry.
If you’ve made it through the hoops and hurdles necessary to even start a company focused on selling marijuana, chances are you have the business chops required to make it in the industry. Now, it’s just important that you continue to make the right moves to keep building your business. By ensuring that your marketing budget is appropriately allocated and is targeting the right kinds of customers, you can have a hand in helping your company continue on its upwards trajectory. Similarly, retaining a legal team with specialization in the marijuana industry is another way to future-proof your company and protect it from any changes in local or national legislation. With the right strategy, you’ll be able to reap the benefits and profits that business owners across the country are finding in the cannabis industry.