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These are wonderful times for economists to fret about recession and for doomsayers to point at slowdowns, consolidation and commoditization in the cannabis industry.
The widening acceptance of cannabis as well as the historical success of health and “sin” products in past recessions suggest minimal impact and potential pluses for the industry during a recession.
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Commoditization is characterized by ease of substitution, consolidation and generic products distinguished primarily by price.
Commoditization might be both a threat and an opportunity to prosper.
While price is a factor, a multifaceted success strategy is the best bet for the long haul.
Whatever your firm’s niche in the industry, tactics to mitigate the impact of commoditization apply equally to recession.
Deep customer knowledge is the most powerful weapon in your arsenal when commoditization
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