The legal cannabis industry has grown competitive as time has gone by and more companies have ventured into the lucrative space. This has led companies to go the extra mile to get more consumers, by incorporating more features into their retail operations that allow them to stand out.
Figures show that last year, the average retail size space in marijuana stores grew amid increasing consumer demand, with sizes increasing 35% and 50% for recreational shops and medical dispensaries respectively.
David Fettner, a managing partner at Grow America Builders, reveals that in states where the recreational market is more mature and the competition greater, companies looked for different ways to separate themselves from the others. Grow America Builders is a design-build construction company that specializes in the marijuana industry. The company is based in Illinois. Fettner explained that most of the company’s clients sought ways to make their security subtle and designed their shops with VIP rooms, which catered to the needs of consumers with deep pockets.
Over in Michigan, David and Edgar Ramon and Cory Roberts have plans to develop a marijuana grow operation, consumption lounge and retail store. The partners bought four acres of land for their new venture, called Fields Cannabis.
Ramon says that their objective was to establish a destination spot where consumers could have an immersive experience, eat and be entertained. They plan to use AI and virtual reality to give their consumers and visitors an immersive experience by allowing them to tour the site, all without physically visiting the growing facilities.
Other companies that aren’t focused on distinguishing themselves through their physical locations have focused on other aspects of their businesses. For instance, Deep Roots Harvest, a marijuana retailer based in Nevada, is working on boosting its online experience in regards to consumer feedback.
The company allows consumers to place their orders prior to their arrival and pick them up as soon as they get there or have them delivered, which reduces wait time significantly. Deep Roots Harvest also has merchandising areas in its stores where consumers can purchase T-shirts and other items.
Other companies, including Planet 13 Holdings, have expanded their retail space, enhanced their sound systems and installed video walls, which all boost the consumer’s experience. The Las Vegas-based retailer also has magnetic walls in its premises, which make it seem like its products are rotating at different speeds and floating, which affords its consumers a 360-degree experience.
Other companies such as American Cannabis Partners have perfected the science of moving quickly into legal cannabis markets that have just been opened, and this is an ideal strategy because the companies can dominate the market before many players become active there.
NOTE TO INVESTORS: The latest news and updates relating to American Cannabis Partners are available in the company’s newsroom at https://cnw.fm/ACP
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