Introduction

Welcome to our final session of this course, where we talk about how to reach your target market in the cannabis industry.  Today, we are going to conduct a series of exercises, based on the stories we have written over the last two weeks, to determine how we are going to grow our business in Green economy.  Luckily, there are some great examples and organizations out there to guide the way for marketing, design, and networking.  As we heard last week, some companies have achieved enormous success building their companies and their brand within the existing marijuana and hemp markets.  Others have shut their doors and gone down another path.  Some stay in it because of their belief in cannabis as a medicine, and others because they are capturing market share and investor money to keep the organizations growing.  Current projections anticipate that the marijuana market will grow from $38.4B  in 2024 to $56.9B in 2029, and the hemp market at $5.49 billion in 2023 is expected to grow at a compound annual growth rate (CAGR) of 17.5% from 2024 to 2030. The growth is driven by the rising product demand from application industries, such as food & beverage, personal care, and animal care, across the globe.  Keep in mind these markets are still artificial, and still in a transition phase as the move from schedule 1 to schedule 3 takes place.  Let’s take a look at some nifty charts and graphs, just so we can get some better visuals.

Source: https://mjbizdaily.com/us-cannabis-sales-estimates/

https://olis.oregonlegislature.gov/liz/2022R1/Downloads/CommitteeMeetingDocument/252324

https://www.grandviewresearch.com/industry-analysis/industrial-hemp-market