The cannabis industry is growing rapidly and the market for cannabis products is expanding. Cannabis manufacturers are important to this process and the economy as a whole because they produce a valuable product in high demand.
That’s because cannabis manufacturers are innovating and developing new products, investing in new technologies, marketing campaigns, and manufacturing processes to stay ahead of the competition. They create jobs and generate tax revenue. In other words, cannabis manufacturers are important to the economy.
When the economy begins to experience a recession, companies need to have tools in place to ensure that their business endures. A slump like this can be caused by many factors, including a global recession, financial crisis, or technological change. Cannabis manufacturers need to be ready for this change by implementing policies and procedures that will help them weather the storm.
Some say marijuana markets are inelastic, though, that most cannabis customers will continue their consumption even in tough economic times and that many cannabis consumers are as determined as toilet paper users. That might sound too good to be true.
The cannabis industry has thrived through tough times largely due to increased legalization and steady demand. But is it recession-proof?
Only time will tell, but let’s not wait around to find out. Here is a recap of our recent posts that will help cannabis manufacturers through any tough times ahead.
Modern technology and streamlined cannabis supply chain processes are vital because they expose the hidden costs of a chaotic cannabis supply chain. Global supply chain hurdles due to transportation and distribution setbacks are bad enough. When labor shortages and rising fuel prices are added to the supply problem, cannabis manufacturers are in crisis.
A cost-centric supply model no longer allows cannabis manufacturers to compete in today’s market, despite turbulent times ahead. In an ever-competitive and digitally-driven industry, growing manufacturers must choose suppliers based on factors beyond price.
Agile and connected cannabis companies can have a supply chain model that thrives despite the changing consumer demand and fluctuating market trends.
With the legal cannabis industry growing and expanding, operators across the U.S. have remarkable opportunities to become leaders. In a market that provides 321,000 full-time jobs across 37 states, one of the biggest challenges is an ever-changing legal landscape lacking standardization surrounding growth and distribution between U.S. states and global countries.
Rapid changes, stigma, and legal restrictions– it’s the life of a cannabis operator. That’s because the only thing keeping pace with the ongoing demand for cannabis products are the continuous updates to cultivation guidelines. These strict protocols intensify the need for accounting and compliance among cannabis manufacturers.
High demand for cannabis and cannabis products might make it seem like cannabis operators have it made. But cannabis is flooded with compliance requirements made worse by varying cannabis regulations across states. When neighboring municipalities and states can have different rules and compliance demands, navigation through the seed-to-sale process becomes trickier. See how you can avoid cannabis manufacturing compliance issues with this quick guide.
The software selection process for cannabis operators takes significant time and resources. This process can be challenging because many options exist on the market, but the same can’t be said for software reviews (or long-term satisfied customers). Because the legal cannabis landscape is so new, so are most solution providers and their platforms.
Selecting the right cannabis software among the many available options depends heavily on your business needs– and cannabis manufacturers can’t afford to take chances on software solutions or solution providers.