This year is poised to be a transformative one for the cannabis industry, marked by a convergence of legislative shifts, burgeoning product categories and the ever-growing influence of marketing strategies. We checked in with industry experts to explore the trajectory they expect to see this year, from the regulations guiding their marcomms strategies to the ways adjacent industries are embracing the growing buzz.
Durée Ross | President, Founder & CEO, Durée & Company
“As cannabis continues to become more mainstream, we are keeping a watchful eye on local and federal legislation in 2024. Since Ohio legalized recreational marijuana in November 2023, nearly half of the United States has legalized recreational cannabis, and we anticipate continuing to see legalization for either medical or adult-use recreational uses. This legalization can help cannabis marketing and public relations grow immensely since mainstream media and social media channels would be more open to covering the topic or allowing advertising on their channels.
“We are also closely watching for The Drug Enforcement Administration’s (DEA) decision to move cannabis from a Schedule I Controlled Substance to a Schedule III Controlled Substance under the federal Controlled Substances Act. This move would eliminate the strict taxation of cannabis products under 280E. Without the obstacle of 280E, cannabis businesses would be subject to normal taxation of their actual realized income, allowing them to become more profitable. This would not only benefit cannabis retailers, but it could also trickle down to benefit ancillary services including marketing and public relations companies, allowing for increased budgets for cannabis marketing.”
Melissa Skoog | Founder, Skoog
"2024 is going to be an interesting year for cannabis, as I think we're going to see the burgeoning hemp-derived THC beverage category take off thanks to traditional distribution in places like liquor stores and convenience stores, as well as via e-commerce. This gives brands a different avenue for marketing, and could help smaller brands really thrive thanks to easier access and more awareness versus getting lost on a dispensary menu, which is particularly compelling for the canna-curious.
Speaking of dispensaries, I think we will see a bit of the THC beverage boom on menus, but also see formats like infused baked goods, whether pre-made or in mixes, start to take off a bit, too. With federal legalization looking hazy as we enter an election year, I think brands will continue to have more opportunities to reach consumers via experiential events and partnerships to drive PR coverage, which can be challenging as the media hasn't quite figured out how to cover cannabis beyond more business-forward stories, especially nationally."
Sonia Hendrix | Founder, GALLERY PR
"We're excited about the positioning of cannabis in 2024, because brands will have an opportunity to further define what "luxury" means to shoppers. For example, being able to control your experience as you consume is the ultimate luxury, as opposed to high-potency cannabis, which doesn't speak to east coast consumers the way it does to those on the west coast. Craft cannabis and hard to find strains will also enter the luxury cannabis fold.
While there is a plethora of stoner boy tropes coming out of California and found in New York's illicit shops, the segment of creatives and executives who want to feel minor effects from a cannabis edible, beverage, vape or joint has been ignored in recent years. We're confident that as more dispensaries in New York open, that segment's needs will be met, and it will be met by a cohort of brands whose founders and team epitomize the very people seeking low-dose solutions.
While we had high hopes for cannabis tourism in New York, those dreams won't realistically be met in 2024, due to the pace the Office of Cannabis Management is moving."
Private event at Chateau Marmont's luxury bungalows for GALLERY PR client Burb, a Vancouver-based cannabis retailer and brand with deep ties in music and the arts.VIP attendees included 070 Shake, Kaytranada, Aminé, Shaun Ross and others.
Dara Busch | Co-CEO, 5WPR
"The cannabis industry continues to experience significant growth, with experts estimating the sector is worth around $60 billion this year. Of course, the industry still faces constant legal and regulatory challenges and other obstacles like overproduction, insurance issues, and competition from the illicit market. Still, there is no denying that the cannabis industry is booming worldwide. With this growth comes new questions about cannabis marketing: how can cannabis be marketed more responsibly? What channels should cannabis marketers be focused on, and what trends will be the most significant moving forward? Here, we examine the state of cannabis marketing in 2024
The world of cannabis marketing requires much more care than many other industries because cannabis sales remain federally illegal. Also, the constantly evolving regulations also impede cannabis marketing campaigns and initiatives. Here are some major cannabis marketing themes and trends to consider:
af&co & Carbonate | 2024 Hospitality Report
"Forbes estimated the global cannabis tourism market to be around $17 billion; Kayak found that nearly 33 percent of American travelers 21+ are interested in visiting a cannabis dispensary and 25 percent of people aged 21 to 34 have already traveled to a destination for legal cannabis. As countries and states continue to relax cannabis laws, expect hotels and destinations to craft destinations, experiences, and itineraries that cater to them (and we’re not talking about CBD spa treatments). Case in point: Elevations Hotels and Resorts brand DNA and entire brand portfolio is built around cannabis experiences.
