The worldwide cannabis sector is projected to reach US$90.4 billion by 2026 according to the “Global Cannabis Market 2021 Report”. Can your cannabis company’s communications strategy help you compete in this market?
The Latin American cannabis market’s value was estimated to beUS$20 million in 2020, by Prohibition Partners in their Latin America and Caribbean Cannabis Report. It should surpass $500 million by 2024, with cannabis cultivation and production set to increase further. The region benefits from low production costs – up to 80% lower than in North America, according to the report.
Certain forms of medical cannabis are currently legal in Argentina, Brazil, Chile, Colombia, Paraguay, Peru, and Uruguay. Regulations have been changing recently in Brazil and Peru, making it easier for companies to operate in these countries. Stigma around cannabis, constantly changing public policies and fierce competition mean that companies need to know how to create brand awareness, position themselves in specific markets, understand local cultures and deal with media crises that may arise in this relatively new sector. That’s why PR strategies are so important for leveraging your company’s cannabis communications.
Strong relationships with journalists, reporters and influencers are key to presenting clients as industry experts. This is especially important in a new sector like cannabis, and in countries where the industry is not yet fully developed, making cannabis companies important sources for the media. Media Relations is a must for your company’s cannabis communications.
Many companies have interesting stories to tell, and public relations help to tell them to the right audiences. The cannabis sector has to contend with stigma, ever-changing legislation and significant governmental involvement in most countries. PR’s role is to carefully send the right message to the right audiences, and gauge when to refrain from going public at all. This will allow you to communicate to the right people at the right time, while monitoring public policy surrounding cannabis use.
PR professionals follow market trends and monitor key expos and leadership conferences which provide opportunities for cannabis companies spokespeople to speak in their role as an industry expert. Getting your ideas heard by different audiences – clients, partners and investors – is as important as displaying your knowledge and the quality of your product to the media. Your company’s cannabis communications strategy needs to target multiple platforms, including traditional ones such as events.
Miscommunication in the Media is always a possibility. Confidential information can get leaked to the press, including data on specific projects, partnerships or even ongoing legal issues. Whatever the reason, PR’s role is to manage any crisis that may arise. During a period like this, your cannabis company communication strategy will rely on other tactics discussed above. Strong media relations and brand awareness will make the situation smoother and more manageable.
Having a good public relations plan based around these four pillars is an important part of your cannabis company’s communications, and building trust among your target audiences. But remember: it’s a marathon, not a sprint, so be sure to keep a regular pace and change up your strategies along the way.
