The cannabis industry, just like every other industry, has the possibility (and probability) that it will be evolving quickly and rapidly pretty soon. With the introduction of the Metaverse, NFT’s cryptocurrency and soon-to-be decentralized apps and banking, it feels as if the advancement breakthroughs are palpable. I remember attending undergrad when music downloads and streaming were just starting to come onto the scene. As someone who was interning and working for the music industry, I was excited to see the prospects of what the future of music would be. To its detriment, many records labels, record stores and artists were completely thrown for a loop as to how to pivot among pirated downloads and college kids burning CDs. Unfortunately for many, they succumbed to the shifting of how people consume music when it was far too late to save jobs. They were bleeding money and missing out on many opportunities. It was one of the biggest factors behind why I was never able to launch a fully successful career in marketing for the music industry. Many companies were on hiring freezes and beginning layoffs - two full years before the Great Recession. 

I recently read an article about the possible future for the cannabis industry that involved the Metaverse. Whether it takes hold and truly becomes the popular way of future cannabis sales, or just empowers other companies to pivot into other future possibilities, nobody will know. However, future-proofing your cannabis business is not only possible but a great idea to start planning for now. 

How to Future-Proof Your Cannabis Business

Obviously without knowing what will happen in the future it may seem superfluous to consider what you can do. However, there is quite a lot that is within your control. More importantly, one of the first things you can do if you haven’t had one done in a while is performing a brand audit on your cannabis business. A brand audit will help you align your future goals with the current landscape, help you find future opportunities, determine where your strengths and weaknesses lie and how to position yourself better above your competitors. 

This certainty that you are providing for your cannabis business will help you better plan for future pivots in terms of the opportunities you can tap into and truly meet your target audience at the precise moment they need you through your brand strategy. As with any iteration of a brand, having that solid strategy in mind is going to help you jump onboard with the future ahead of the curve. 

Some ways you can plan for the future of cannabis is through thinking outside of the box in terms of advertising, gamification, purchasing virtual land, NFTs by way of merchandise at festivals and in-person events, Avatars, pop-up events and educational experiences (all held in the Metaverse). There is an infinite amount of possibilities for your cannabis business; you just have to be willing to see them. Fortunately, some of these unique ideas don’t rely on state regulations and won’t require you to even sell cannabis! But out of precaution, please refer to your state’s laws before pulling the trigger on anything you do in Web3.

The thought of uncharted territory such as the future of cannabis doesn’t have to be something scary or something your cannabis business has to feel left out of. Intead, you can pivot your cannabis business by beginning the process of coming up with some brand strategy, marketing ideas and exploration of where your target market is going to be spending their time and hard-earned money. Planning for the future of your cannabis business now can help you retain employees, push you ahead of your competition and future-proof the unexpected pivots that are starting to pop up. Don’t let the Metaverse intimidate you; begin the process of exploring the future today. And if you’re seeking someone to help guide you through your future plans, we’re always here to help.