As the legalization of cannabis and cannabis-derived products continues – already a $7.2 billion market – the industry is clearly a source of innovation and opportunity. Here at Double Forte, we’ve talked to several interesting CBD (cannabidiol) companies creating nutrition and wellness products.
With any prospect, in any industry, before we move forward, we ask ourselves if there’s a fit. Our rule is that more than one person in the agency has to be interested. Cannabis is no different.
Here’s what we’ll be thinking about as we contemplate this industry – perhaps these questions will help you as you consider this, or any other new frontier:
- Does it fit with your existing portfolio? Any new venture has to make sense with your existing book of business. Otherwise, the learning curve is too steep and your team cannnot recognize any efficiencies.
- Do you have the expertise necessary? Consider the many skills you must bring to new opportunities. In the case of the cannabis industry, for example, you must know how to navigate regulatory issues, build a category and defuse a crisis.
- Do you have stamina? Getting involved with nascent industries is a long-term process – at least it is if you plan to build a sustainable practice. Marijuana, for example, is becoming legal in more and more states, but the stigma is strong and will require a long-game to offset it.
- Can you accept cash? Or bitcoin? And do you want to? This brave new world, brings brave new banking options. But do they make sense for your business?
The great news is this business we’re in, these times we live in, continue to expand our thinking and challenge our brains. And right now at Double Forte as we examine our business, we’re wondering wine, wellness, and…weed?