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The tobacco industry has often been linked with a move into legal cannabis (largely without much substance in reality). However, in the context of a declining market for its core product and increasing acceptability of cannabis as a mainstream consumer product could such a move provide the industry with a continued stream of revenue into the medium and longer term?
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There are currently four times as many smokers as cannabis users in the world. However - particularly in developed markets - use of cannabis is soaring while tobacco use plummets. The tobacco industry must secure future revenue streams and legal cannabis offers a legitimate opportunity.
While cannabis decriminalisation and legalisation initiatives are currently primarily focused on the US and Canada, their relevance will be international through setting up regulatory frameworks, providing branding, positioning and distribution benchmarks, and spearheading innovation. North American companies are already in the vanguard of developing the global market.
The lack of federal regulation in the US means that tobacco companies will be looking in the meantime at international markets. Canada offers a clear opportunity, while in the mid-term Europe will become the world’s largest market through the legalisation of medical marijuana.
The flower format, combusted has been the traditionally dominant delivery mechanism for cannabis both in the US and internationally. However, in a scenario analogous to the shift to vapourised nicotine, more and more cannabis consumers are looking to alternatives – such as edibles, beverages and yes, cannabis vapourisation.
Entry into legal cannabis would not be without legal, reputational or competitive challenges for a tobacco company but in this context there is - so to speak - more than one way to skin up a joint. Companies can increasingly engage substantively with the market without full plant-touching involvement.
Gain competitive intelligence about market leaders. Track key industry trends, opportunities and threats. Inform your marketing, brand, strategy and market development, sales and supply functions.