Innovation ain’t easy

If innovation were easy, everyone would do it. 

Yet, it remains a road less traveled in many industries, including cannabis.

Most companies opt for the easiest path to market.

The cheapest packaging. The most affordable product.

They do what everyone else is doing, because that’s the sure bet. Anything new is risky.

Why is this a problem? When everything’s the same, customer needs aren’t fully met.

Innovation is a key driver of market expansion, attracting new consumers and stimulating demand.

In the absence of product differentiation, the price war rears its ugly head. This leads to lower profit margins and potentially compromising the quality of products. Everyone loses.

Harvard Business Review highlights the pitfalls of playing it safe: “firms that prioritize cost over innovation tend to underperform in the long run”* .

“Firms that prioritize cost over innovation tend to underperform in the long run.”

The cannabis industry is a hub of innovation, but it's crucial to maintain and fuel this spirit.

We need to continue investing in developing new products, education, and crafting unique experiences.

A report by Arcview Market Research and BDS Analytics predicts that innovative product development is key to the projected growth of the cannabis industry, which is expected to reach $47.3 billion by 2027

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*Source: Harvard Business Review, "The Short Life of a B2B: Why Some Innovate So Hard and Others Don't”

**Source: Source: Arcview Market Research and BDS Analytics