After some big wins for legalization this past election cycle, the business of dispensaries still comes with important precautions. This is an especially prudent reminder for dispensary packaging. In order to avoid potential troubles and even capitalize on new opportunities, here is a new look at where the industry is headed.
A Growing List of States
It is often said that "elections have consequences", but that phrase may need an adjustment after the latest wave of changes to state laws. For those in the marijuana dispensary businesses, it may be truer to say that after this past November, "elections have opportunities."
According to the site massroots.com, the November election marked the biggest-ever year of growth in modern cannabis history. There is quite an impressive story to tell, especially when you look at a few key numbers.
This election included four more states that legalized marijuana for medical use: Arkansas, Montana, Florida, and North Dakota added to the list, this makes medical marijuana legal for approximately 24 million additional Americans. However, some states took it further.
In an even bolder move, there are four more states where marijuana is now fully legalized: California, Maine, Massachusetts and Nevada. As you might guess with the Golden State in the mix, this is a bigger deal than a tally of 'four states' might suggest. Those four states actually represent 25% of the U.S. population!
For those keeping track since our last legalization update, over half of the country's states have now legalized medical Marijuana. Washington, D.C. and 28 states are part of that list. All the while, nine states and Washington, D.C. have legalized recreational marijuana.
This is encouraging news for dispensaries. Revenues and profits from these dispensaries suggest it even more.
With an increasingly favorable legal climate and a growing market, marijuana sales look like they will be bringing expanded revenues and profits. In fact, the 2015 Marijuana Business Factbook predicted the medical cannabis market alone could be worth between $3.3 and $3.8 billion by 2019.
Since cannabis-derived product offerings are quite diverse, there is significant potential to increase appeal to existing consumers with new twists on the product. This can be especially important in competitive markets and particularly effective when utilizing optimized dispensary packaging.
Likewise, there is incredible potential to appeal to new consumers, too. In order to do this effectively, it helps to have a trusted dispensary packaging partner so you can balance the challenges with the opportunities.
Dispensary Packaging Considerations
Emerging and expanding markets demand careful attention. This aspect of business is no different when it comes to marijuana as a newly legal product. Especially since it shows no signs of slowing down, here are several aspects of the cannabis and dispensary packaging industry that we are watching.
Working Through a Patchwork of State Laws
Although some states may have "legalized" medical marijuana or "legalized" recreational marijuana, marijuana is still a highly regulated substance. There are many nuances, state codes, and federal laws complicating its legality. This makes dispensary packaging a fairly complex subject, too.
With the patchwork of state rules, as well as interstate law factoring in, it can be tricky to navigate the system. Cannabis production and sales must occur within state lines, but we can help you realize benefits from simplifying and centralizing how you get the packaging for your product.
Marketing Product Diversity
Cannabis products include buds, oils, extracts, and edibles. Each have different qualities deserving of your attention and dispensary packaging should reflect this.
Be sure to consider how your packaging options contain, give shelf-appeal, dispense, protect, and adhere to regulations. No matter which type of cannabis products you provide, you can have an optimized result.
Ensuring Consumer Safety
Consumer safety is a very important theme in cannabis industry regulations. Each state has its own rules, but child-resistant packaging appears to be a common requirement across all geographies. By utilizing child-safe dispensary packaging, your business can keep consumer households safe from potential harm, adhere to regulations, and limit liability.
In addition to components like child-resistant closures, you will need to understand your state regulations and industry best-practices for tamper-evident closures, product labeling, and varying rules about container opacity / transparency.
Preserving and Providing a Fresh Product
Last, but certainly not least, dispensary packaging is at its best when it keeps the product fresh and the odor contained. To accomplish this, dispensaries must select packaging options that provide an airtight seal. Get the best results by considering elements like packaging material compatibility, closure components, and dispensation features.
Get Ready to Roll with MJS Packaging Consultation
It is not a simple industry, but safety, success, and profitability are all attainable with the right help. Contact us today.
You might also like these posts about cannabis packaging:
Growing Opportunities with Cannabis Packaging
Cannabis Product Packaging Trends: New Nuggets of Expert Advice
Dispense Safely with MJS Packaging Cannabis Containers