Marijuana Business Plans Should Incorporate Medicinal Sales
The first step in any successful marijuana business plan is knowing your audience. For marijuana entrepreneurs, that means paying careful attention to the fact that not only are one-third of U.S. adults over 21 interested in trying legal cannabis, but also understanding why.
The answer may surprise some folks: It’s not to get high, but for medicinal reasons.
Studying Cannabis Consumer Motivation
A recent survey conducted by market analysts at Nielsen reveals those interested in trying cannabis wanted to do so for wellness-related reasons, often for treatment of pain. The breakdown for motivation is as follows:
- To ease chronic pain (migraines, arthritis, neck & back pain, menstrual cramps) – 85 percent
- Improve mental health state – 82 percent
- Treatment of minor injuries – 82 percent
- Use as a sleep aid – 77 percent
- Relaxation – 74 percent
Treatment of a non-pain-related medical condition or disease, overall improvement of public health and enjoyment with family and and friends were other reasons noted. Continue reading