Brutal truth for some, but the math doesn’t lie.
The fastest path to profitability does not start with an industry that reaches 16% of the population on a good day.
If you want the fastest way to profitability, you’re not looking for a segment representing less than a fifth of the population.
16% of the population are regular cannabis consumers (monthly or more frequent). (Gallup 2022)
If you want the fastest path to profitability, look at categories with the potential to capture 40, 50, 60% of the population (4x+ room for immediate growth).
Categories that have matured past the growing pains of a new industry have a much larger potential reach and don’t deal with the financial hurdles like rapidly-changing laws and undue tax burdens.
Top Industries with a Fast Path to Profitability:
- Banking & Finance
- Healthcare & Biomedical/BioTech
- Manufacturing
- Tech & AI
- Data Science & Category Science
- Tourism & Hospitality
And yet, within each of these segments lies opportunity for an intersection with cannabis.
If you want the most opportunity to create a category, find the non-obvious intersection where a large, established industry (like banking) and a small, maturing industry (like cannabis) meet.
Read this post and more on my Typeshare Social Blog
