Did you know? According to Leafly.com, legal cannabis now supports 243,700 full-time jobs in the U.S., a 15% increase year-over-year. According to some estimates, legal sales of cannabis are projected to grow at a compound annual growth rate (CAGR) of 14% over the next six years, reaching nearly $30 billion by 2025. Additionally, in a recent Gallup poll 68% of Americans believe cannabis should be legal — a new high and an increase of 30 percentage points since 2005 — and in a Harris poll 53% felt that fewer people would die from opioid overdoses if legal cannabis was an option. The profound shift toward acceptance continues to accelerate: in March 2019 the Board of Directors of AARP approved a policy supporting medical use of cannabis for older adults in states that have legalized it. The fastest growing demographic is ages 55 and over. As of the 2020 national election, medical cannabis is now legal in 36 states.
However, in order for cannabis companies to accelerate the transition from the “Wild West” to Main Street, they need to relentlessly build credibility and confidence with three major constituencies: State Regulators, Investors/Owners, and Consumers. For consumers in particular, they need to create a consistently positive customer experience (CX) and foster long-term brand reputation and loyalty — the same as with well-known Fortune 500 firms.
Small, nimble, fast-growing cannabis companies can greatly benefit by applying Best Practices such as:
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- Americans for Safe Access (ASA)
- American Society for Quality (ASQ)
- ASTM International D37 Committee
- National Assn of Cannabis Businesses (NACB)
- National Cannabis Industry Association (NCIA)
- National Organization for the Reform of
Marijuana Laws (NORML)