3 Ways to Stay Profitable in a Price-Sensitive Cannabis Market
The cannabis space is bubbling hot, and the newest regulatory news indicates furious growth. In 2024, adult-use cannabis licenses will total at 730 around New York with the issuance of another 109 new approvals. The boom of a highly competitive cannabis market. This boom signals a highly competitive and price-sensitive cannabis market.
The price compression is real. Between Q3 2021 and Q2 2023, the price of cannabis dropped by an average of 32%. Survival of the fittest is tougher than ever and margins are negligible at best.
So how do you stay afloat? In this everchanging space – we bring to you 3 ideas cannabis brands can have up their sleeve in order to stay profitable.
# 1 Embrace the Price-Sensitive Cannabis Market
As the profit margins are squeezed with price compression, consumers become more and more gas conscious. This is where an affordable AIO can excel. That makes it a pretty great choice for just an average user, even if on the budget side and also maybe some students as well.
Best Choice for Cannabis Brands: Wavvy by Artrix – Stylish & Effective Solution for Price Compression . Wavvy is a New Postless AIO That Seems Like the Best Bang for Your Buck in Terms of Quality and Cost Efficient Vaping. With its distinctive sawtooth pattern, it performs without costing you an arm and a leg.
Our partners can sell Wavvy vapes at competitive prices, capturing larger market shares and maintaining high profits.
# 2 Diversify Product Offerings
Diversifying product lines to cater to varied consumer preferences is vital. By understanding and anticipating consumer needs, brands can introduce a range of products, from high-potency options for experienced users to more accessible, lower-dose products for newcomers.
At Artrix, we’ve taken this approach to heart, offering a trio of products that cater to the price-sensitive cannabis market without compromising on quality or performance.
Astick: The Ultimate Postless Disposable
The Astick is our answer to those seeking simplicity and convenience. This postless disposable vape is perfect for on-the-go users who want a hassle-free experience. It’s compact, affordable, and delivers consistent, satisfying hits.
Topop: The Cost-Effective Pod System
If you want to add a bit more flexibility, the Topop pod system offers the excellence of a pod system at the cost of a disposable one. This sleek and portable device offers the convenience of pre-filled pods with the flexibility to change flavors. Beginners love Topop because its easy to use and cheap pods, while experienced vapers try it out for affordable but still satisfactory puffs of vapor.
Drillor: The Reliable 510 Cartridge
From innovations to restructured design – Drillor 510 cartridge goes beyond standard carts. It is different from regular carts in that it has a 510-thread attachment that matches most batteries. Drillor also has an ultra-premium mouthpiece that consists of medical-grade silicone rubber. Furthermore, the Drillor is durable and resistant to leaks, ensuring optimal use of every cart. Thus, it even becomes cheaper for regular vapers.
3. Attention-Getting Designs for Gen-Z’s Love
And there are a lot of Gen-Zs, they are powerful. It is Gen-Z that dictates trends through social networks. Gen-Zs like everything alive: they look for authenticity, green products, low cost and exceptional quality. All of these factors contribute to real word-of-mouth marketing among the cannabis audience, a mechanism that young people trust.
Join Us at the Champs Trade Show Las Vegas Summer 2024!
We are thrilled to invite you to our booth at the Champs Trade Show in Las Vegas, taking place from July 23rd to July 26th, 2024. Visit us at the Las Vegas Convention Center, South Hall, booth #2217.