Identifying the target market of a business is an important step for any entrepreneur. Profitability can be enhanced by spending advertising budgets effectively, and expanding into markets which have the best potential for sustained business growth and profitability. Entertainment icon Whoopi Goldberg is now breaking into the cannabis industry with this strategy. She and her business partner, Maya Elisabeth, are marketing their products to the medical needs of women.
The Whoopi & Maya Market
Goldberg and Elisabeth launched their cannabis brand, Whoopi & Maya, with a focus on female users. The Daily Beast reports that this has allowed them to gain traction in California’s expanding market for topical cannabis products. And as their business has expanded its efforts to meet the needs of women, Goldberg herself has become vocal on another issue: the use of medical marijuana to treat menstrual pain. She lives in New Jersey, where Governor Chris Christie has rejected legislative efforts to add menstrual pain to the list of qualifying conditions for accessing medical marijuana in that state. Goldberg claims that Christie has stated “several times” that he doesn’t believe period pain is real pain. This has spurred her efforts to market Whoopi & Maya products to sufferers of menstrual pain, and raise awareness of the issue in her public appearances.
Goldberg’s strategy has the benefits of expanding customers in an increasingly-crowded market, and also addressing a political issue about which she is genuinely passionate. Unfortunately, she may soon face a significant obstacle in her efforts. Medical research has not yet been able to determine that marijuana does, in fact, reduce menstrual pain. According to Vox, the most reliable scientific data available indicates that marijuana may be effective at reducing muscle spasms and chronic pain from conditions such as neuropathy and cancer. But this cannot yet be extrapolated to period pain and other menstrual conditions. Goldberg will, no doubt, continue to face political and scientific opposition as she expands her business efforts.
Finding the Business Strategy That is Right For Your Cannabis Business
There are many important issues to consider when developing an effective business plan for a medical marijuana collective, a nonprofit mutual benefit corporation, and other types of cannabis business entities. Profitable operations can only be maintained with an effective strategy for sustained growth in appropriate markets. Aside from these business considerations, there are many legal matters which must be addressed in order for a cannabis business to operate lawfully. A business licensing attorney can secure the appropriate permits for your business, and identify the regulations which apply in order to continue lawful operations. A cannabis business tax attorney can help create an effective tax strategy which will reduce overall tax liability. The attorney will also help business owners meet their tax obligations without the benefit of federal banking and financial services (which force many cannabis business owners to operate in cash, and pay large tax bills entirely in cash). With appropriate strategic planning and skilled legal advice, cannabis business owners can prepare for profitable operations for years to come.
The Los Angeles Cannabis Law Group represents growers, dispensaries, collectives, patients and those facing marijuana charges. Call us at 949-375-4734.
Additional Resources:
Whoopi Goldberg’s Pot Biz Says Weed is the “New Penicillin” for Period Pain, October 25, 2017, by Ricardo Baca, The Daily Beast
More Blog Entries:
Report: Medical Cannabis Nuns Selling Products on the Internet, May 14, 2017, by Cannabis Law Group