META WEED.
Cannabis companies are starting to use the metaverse to promote products and brands, sell merchandise, and set up shops. Established brands in established markets like Wendy’s and Miller Light have also been experimenting with the metaverse but it currently seems more beneficial to cannabis marketers due to the fact that cannabis companies can talk more freely and openly about their industry on Web3 compared to being censored by the large social media giants. wsj.com
DISCOUNTS ARE on the rise.
As we continue to show in our research, slowing industry sales trends are leading to increased discounting, among other issues.
North American cannabis retailers have been and are accelerating discounting their products. This is something we highlighted earlier in the week when we showcased how transactions in Maryland have continuously increased, but the price per product had dramatically decreased. “But the increase in discounting, according to Krista Raymer, the founder of Toronto-based retail cannabis consulting firm Vetrina Group, likely reflects the rapidly growing number of adult-use brands and products available to retailers.” The average discount on recreational cannabis sales over the last 5 years has over doubled. States like Washington saw flower discounting rates of 23% in April. mjbizdaily.com
GROWiNG PATternS Will change will climate change.
With the threat of climate change and the impact, it will have to agricultural-based businesses, cannabis growers have started to rethink how they cultivate their plants. “For example, a recent study in the journal Earth and Space Science showed how parts of Colorado are becoming more arid because of climate-driven changes in stream flows and, over the coming decades, will look more like Arizona. That could impact how both marijuana and hemp are grown in the future.” Some considerations that growers are contemplating are having shorter growing cycles to avoid the odds of disastrous weather as well as discovering new locations that were previously not suited for growing. mjbizdaily.com
