The Hustle - The cannabis industry is smokin’ 💨

Happy Trends Tuesday!

Today we’ve got:

1 trend alert
1 piece of operator wisdom
1 startup you should know about

Let's get to it.

🚨 TREND ALERT

Cannabis is good for more than teenage jokes and Elon Musk memes.

The hemp-derived cannabidiol (CBD) market is forecast to reach $6.5B by 2025; a 32.5% annual growth rate from 2019:

Just to be clear, we’re not talking about getting high. Hemp is a non-psychoactive form of the cannabis plant that contains CBD.

Here are some opportunities in this market:

Smokeables: One of the fastest growing (and most lucrative) segments, the US market for smokable hemp is forecast to reach $300m - $400m in 2025. One Trendster recently shared that his pre-roll biz did $17m+ in 2021.
Oils and Edibles: Interest in edible CBD products is soaring. But one study found that nearly 70% of online products are mislabeled. There are opportunities to focus on high-quality products, or to concentrate on specific niches (i.e. sleep or gut health).
The Pet Niche: Pet-friendly cannabinoids are also on the rise, for everything from arthritis to aging issues. This niche is particularly appealing because the pet industry is notoriously recession-proof.

😬 FOR THE GRAM

Fact: Posting on socials is much simpler with some planning.

Take this Instagram for business kit for a tidy pack of brand-building essentials. It has 22 templates for Posts and Stories, a robust strategy guide for Reels, and tips on taking advantage of that gross algorithm.

🧠 OPERATOR WISDOM

Building any company is hard, but it’s especially challenging for those in the so-called vice industries like cannabis.

We spoke with Trendster Codie Sanchez about her experience investing in CANN, a THC-infused cannabis drink, and got two lessons on how cannabis brands bring their products to market:

Alternative Marketing: Though legal, CANN is barred from using ad platforms like Facebook, Google, and Amazon. To overcome this, they got the attention of celebrities and influencers like Rebel Wilson, Casey Neistat, and Gwyneth Paltrow who promoted the brand to their audiences.
Show Don’t Tell: As a low-cost product, retailers were hesitant to stock CANN. So the team mastered the art of the pop-up event to prove to dispensaries that their product is a customer magnet.

🔥 STARTUP YOU SHOULD KNOW ABOUT

If your furry friend felt left out on 4/20, fret not.

Catnip, a type of plant that’s part of the mint family, gets cats high through a chemical called nepetalactone.

And petcare brand Meowijuana is looking to help take the edge off with a line of catnip products packaged like weed.

The company sells everything a cat owner needs, from treats and toys to accessories, and even has a line for dogs — you guessed it, Doggijuana — too.

Read the full story on the brand at The Hustle blog.

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Elon Musk memes robust strategy guide daily newsletter counterpart Trendster Codie Sanchez THCinfused cannabis drink The Pet Niche The Hustle Blog edible CBD products

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