By Jordan Isenstadt
With the recent ballot measure victories on Election Day, a total of 36 states (along with Washington, D.C. and three territories) have some form of legal cannabis on the books. With dollar signs in mind, many are turning their attention to legal cannabis markets, especially states that have recently expanded their cannabis programs from the more restrictive medical markets to the more appealing adult-use markets. This includes states like New Jersey and Arizona, as well as prospective markets such as New York and Pennsylvania.
These states will be a major focus for the industry in 2021 and beyond – from large multi-state retail operators and smaller grower-processors to cannabis construction companies and other ancillary services. However, due to federal prohibition, cannabis laws are a patchwork of regulations that differ wildly from state to state. As a result, it’s not possible to have a simple one-size-fits-all kind of approach when it comes to marketing or business development strategies. Every market is incredibly different with distinct politics, influencers, and regulations. Cannabis companies also cannot engage in many traditional advertising tactics, such as paid digital advertising campaigns on social media, as a result of the federal prohibition of the plant.
For those who are willing to invest the time, effort, and money into growing and developing the market the unique state-by-state marketplaces are a massive advantage. Those who spend the time laying the groundwork will ultimately be better positioned to break through the noise of an increasingly crowded market, especially those in newly legalized states. So, where does one start?
It’s tempting for some CEOs and entrepreneurs to hold off on tackling messaging and public relations until a later point in the company lifecycle, especially in a highly-regulated and complicated industry, but this is a dangerous and possibly perilous decision. Engaging in proactive storytelling and brand building from the outset can make the difference between a robust, well-executed launch (resulting in sales or partnerships) and a failure to launch.
Jordan Isenstadt is a Senior Vice President at New York City based public relations agency, Marino. Jordan leads a team focused on a burgeoning portfolio of cannabis-focused brands and founded the Cannabis Media Lab, an accelerator for emerging cannabis startups. Prior to his current role, Jordan worked for the New York State Legislature, as well as two New York State Governors. To reach out directly to Jordan, email him at [email protected].
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