Business models and growth are now more attractive to cannabis advertising platform operators.
It means they are able to spend money to promote their products more aggressively and reach more potential customers.
A survey from the Cannabis Industry Association (CIA) found more than 40% of businesses said they have experienced an increase in their sales from cannabis advertising.
The CIA said the growth is largely due to the growing number of cannabis businesses available to advertise on the platforms.
“Cannabis advertising is now a growing industry,” said Matt Wilshere, the CIA’s chief executive officer.
“As more businesses become accessible, more people are seeking out the opportunity to advertise for cannabis products.”
We believe it is only a matter of time before cannabis advertising becomes a mainstream business model in Australia.
“Cannabidiol (CBD) is the psychoactive compound in cannabis that has been shown to help alleviate some of the symptoms of chronic pain, including nausea, vomiting, and anxiety.”
It has shown to be effective in some areas of chronic disease, including in people with fibromyalgia,” said Wilsheres.”
Many other cannabis-based products are being developed, and we are seeing companies coming forward to advertise, so it’s important to know that there are products out there that will deliver great results for people with chronic pain.”
The survey also found the average business spending $1,000 on cannabis advertising was up from $865 in 2015, and that 80% of cannabis business owners reported having to spend more than $1 million to advertise their business.”
There are lots of businesses that are investing heavily in advertising,” said Mr Wilshers.”
You don’t have to be an advertising expert to recognise that it’s possible to grow your business and get more revenue for your business.”‘
Cannabeast’ cannabis businesses to get priority on cannabis ad spotsA new industry is developing in Australia, and businesses that have the most to gain from it are now targeting the advertising market.
Our growth plan is about getting to the point where we can get more people advertising on our platform.”””
We’ve been able to invest in our growth plan,” said Ciaisa Cai, the company’s CEO.
“Our growth plan is about getting to the point where we can get more people advertising on our platform.”
“We’re going to try and get advertising on cannabis ads on a daily basis for as long as we can.”‘
We have to have a bit of a break from the big pharma guys’The industry is still in its infancy, and it’s difficult to tell how much the industry will benefit from increased exposure.
But Ciaises hopes it will help grow the industry.
“CannaMed has really put cannabis in the spotlight,” she said.
“They have really taken it on and it really does help in the wider cannabis market.”
The big pharmas aren’t really doing it as much as they should.””
But we’re going in the right direction.
“In terms of cannabis advertising we are looking at getting cannabis ads onto the Australian and New Zealand market, and hopefully we can start to get more visibility and more money for the industry.”‘
If it works for us, it will work for everyone’CannaNet is currently seeking investment from an anonymous investor to fund its growth.
“If it helps us grow, then that’s fantastic,” Ms Cai said.
If it doesn’t, the industry may need to move away from advertising.
CannaBroad, a Melbourne-based company, has already received funding from a major pharmaceutical company.
“This industry is growing rapidly, and with the right investments we can potentially become one of the top 10 most active businesses in the world in a matter [of] two years,” said CEO John Taylor.
“For us it is about going through the next phase of growth and doing what we do best: making money.”