Food & Beverage Trends Arising from the Legalization of Cannabis
January 31, 2018
Today, Tri-Mach Group attended a Food & Beverage Ontario (FBO) event in Mississauga Ontario, to discuss the food and beverage trends arising from the legalization of cannabis.
Kenneth Wong, Associate Professor & Distinguished Professor of Marketing at the Smith School of Business at Queen’s University, was the featured keynote speaker at the event to discuss the topic, “When Marketing Goes to POT“. Wong shared his views on the food and beverage trends arising from the legalization of cannabis, the impact of cannabis on alcohol sales, and what cannabis-supplemented products that the food and beverage categories are most likely to offer . Wong had shared a few examples such as: cannabis teas, oils, creams and various eatable foods. Wong advised that the cannabis market will continue to rise because this is an industry that is already very prominent in today’s society, whether it is legalized or not.
The panel discussion brought forward many interesting insights and knowledge on the cannabis industry from multiple leading thinkers in the food processing and alcoholic beverage sectors. Wong shared that the cannabis market is already a “mature market“, which will appeal to a very widely diverse demographic. This is because the cannabis industry will not only be used for medicinal use, but for recreational use as well.
The main challenge that Wong brought forward is the stigma that surrounds the cannabis industry. In spite of the stigma, Wong has determined that the cannabis industry is already moving and maturing rapidly. So once July 1st 2018 hits, all businesses need to plan and be prepared for the future of this evolving industry.
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