3 In 10 Marijuana Shoppers Stick To Favorite Strains & Why Some Never Change Their Weed Retail Choices
Brendan Mitchel-Chesebro, a seasoned analyst at BDSA, a global firm in cannabis market research, explores 2024’s cannabis consumption trends and how brands are tackling economic challenges through innovation, premiumization, and consumer-centric product development for continued growth and profitability in a competitive market.
The Rise Of Premium Cannabis Products
The cannabis industry faces price compression, severely affecting brand profitability. Brands are adapting strategies to counter these challenges, with some opting for premium offerings to stand out in the market.
Mitchel-Chesebro highlights the success of proprietary strains and high-quality inputs like rosin and live resin in attracting experienced consumers willing to pay a premium for superior taste and effects.
Furthermore, products designed to deliver specific mood-oriented effects are gaining traction, as they meet consumer demand for personalized cannabis experiences.
“Consumers are more drawn to those types of products.. willing to pay more for products that consistently deliver on that,” he adds.
Adapting To Economic Pressures: Strategies For Survival
Mitchel-Chesebro points out that automation and technological …