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We all know how unique the cannabis industry is, and that uniqueness applies to product development and innovation too. Across the United States and the world, cannabis markets are operating at very different stages of the market lifecycle – from new to mature, but all businesses operating in and with this industry can benefit from product innovation.
A year ago, I write an article about cannabis product innovation in 2022, and now, it’s time to take a look at cannabis product innovation in 2023.
Last year, I wrote about how cannabis product innovation would provide consumer control, allow for customized experiences, expand product form options, and bring product consistency. A year later, we’ve definitely made progress in all four of those innovation areas, but there is a lot more innovating to be done.
In 2023, all four of those innovation areas are still important, and we can add four more to the list – expanding consumer choice, extending market reach, improving business processes, and embracing artificial intelligence. Let’s take a closer look at each one.
Innovation Will Expand Consumer Choice
One of the most interesting areas of product innovation in 2023 that will expand consumer choice is genetic profiling. Thanks to a variety of innovative products – including grow media, lighting, and more – cannabis cultivators are finding new ways to steer crops and achieve specific outcomes consistently.
For example, growers can use a variety of innovative products and technological advancements to enhance chemotype expression, isolate cannabinoids and terpenes, and create specific genetic profiles that manufacturers can then leverage to create new cannabis products. The result will be expanded consumer choice at the retail or dispensary level.
Innovation Will Extend Market Reach
With more product choices at the retail or dispensary counter, the cannabis market will extend to new consumer audiences. For example, micro-dosing has long been a hot topic, and genetic profiling and crop steering will be the catalysts to developing innovations that appeal to a wider audience of consumers than ever before.
In my article about cannabis business resolutions for 2023, the first resolution listed is to study Generation Z because they are the future of the cannabis industry. To extend market reach to this very large and unique audience, innovation will be essential. Developing innovative products tailored to meet the needs of future consumers should be a top strategy for every cannabis brand in 2023.
Innovation Will Improve Business Processes
In 2023, more companies operating in and with the cannabis industry will invest in innovative products to improve business processes. With many cannabis markets declining, it’s more important than ever to streamline tasks, improve decision-making, and increase business results. Innovative products can help with all three:
1. Streamline Tasks
Innovation can improve business processes by removing steps and making it easier to complete tasks and reach business goals. For example, Cannabiz Media’s Cannabiz Intelligence™ platform streamlines processes related to tracking and analyzing cannabis license holder financial data by bringing multiple dashboards together in one place. Custom watch lists, news alerts, and a merger and acquisition simulator make it easy to automate many of the processes involved in business research and evaluation.
2. Improve Decision-Making
Decision-making is improved when companies invest in innovative products that provide the information they need at their fingertips. Across the value chain, there are innovative products that help cannabis businesses make better decisions – from tensiometers that help growers know when their plants actually need to be watered to the Cannabiz Media License Database, which provides access to all of the cannabis license holder information companies need to make many sales and marketing decisions.
3. Increase Results
Innovative products can help cannabis and cannabis-related businesses achieve better results and outcomes. For example, features like send time optimization in the Cannabiz Media License Database improve email marketing return on investment (ROI) by telling email marketers the best day and time to send each campaign to cannabis license holders to get the best results. At the retail and dispensary level, loyalty software can identify the best times to deliver loyalty offers, discounts, and more to drive the best results.
Innovation Will Embrace Artificial Intelligence
Every day, articles about innovations with artificial intelligence are in the news, and we’re likely to see even more of them in the future. Artificial intelligence will play a role in so many aspects of business in the future, and this includes business in the cannabis industry. Already, the Cannabiz Media License Database and Cannabiz Intelligence use artificial intelligence in multiple ways, and artificial intelligence is expanding across the value chain – from cultivation and manufacturing to distribution, delivery, and retail/dispensary sales.
Key Takeaways about Cannabis Product Innovation in 2023
Cannabis product innovation in 2023 will be all about expanding consumer choice, extending market reach, and improving business processes. At the same time, more businesses will integrate artificial intelligence into their product innovation roadmaps.
Winning companies will look for opportunities to introduce innovations that keep their businesses and brands relevant as well as opportunities to disrupt the marketplace by bringing something new to the market. The result will be a better, stronger, and bigger cannabis industry positioned for long-term success despite the micro- and macro-environmental factors that bring consistent change.
You can keep up with all of the cannabis and hemp license holder data by subscribing to the Cannabiz Media License Database. Schedule a demo to see how you can use it to reach your business goals in 2023 and beyond.