Is cannabis branding key to survival in the Colorado market?
As Colorado cannabis companies struggle with a glutted market and the end of the boom times, many marijuana operators who want to stay afloat and succeed are putting a strong focus on branding their businesses and products.
Colorado was the first state in the country to sell licensed recreational marijuana back in 2014, so it stands to reason these businesses have evolved to the point where they have established finely crafted and recognizable brands.
Some are using that branding acumen to gain a competitive edge in the competitive Colorado cannabis market.
Others have used that hard-won expertise to expand into other states where the market conditions might be more favorable and the homegrown companies there don't have a similar head start in developing their core identities.
“As a brand, the idea of going to another state is great, because it provides some level of protection against the swings that could happen inside of a single state,” Jon Spadafora, partner and head of marketing at Denver-based Veritas Fine Cannabis, told MJBizDaily’s Bart Schaneman.
“So I think that you're going to see a lot more of that.”
Check out Bart’s story to learn more about the tactics Colorado marijuana business owners are employing.