During COVID-19, the cannabis industry has experienced less financial turmoil compared to other industries such as the airline and hospitality sectors. In fact, most event organizers quickly adapted to the social distance and lockdown protocols by hosting online cannabis events. Let’s look at future trends for cannabis events, post COVID-19.
1. Event Organizers Will Host More Speakers Online
Zoom and Skype are the most reliable digital platforms currently used to host meetings. Whiskey Library, a Washington D.C-based firm, hosted the first ever whiskey tasting event via Zoom. The event consisted of 15 people from different professional backgrounds.
Event organizers in the cannabis industry will surely stick with both Skype and Zoom for future events. End-users still get the same experience with speakers thanks to real time interactions, while organizers avoid spending large amounts of money flying in guests and booking hotel rooms.
2. Live Concert Streams Will Increase Even After Pandemic Lockdowns
Cannabis events usually attract artists that are eager to perform in front of substantial crowds. Now that most cannabis events have gone online, music performances will shift from the norm. Attendees will gradually embrace livestream concerts as a trend that’s here to stay.
Despite being a new concept, Instagram Verzuz battles have consistently attracted hundreds of thousands of viewers. In April 2020, Facebook announced a live streaming feature that would allow artists to make money on the platform. Organizers planning events for less than 100 attendees will save money by doing live concert streams, compared to booking artists to perform live at the venue.
3. Wider Audience for New Products
Online events tend to attract more attendees because they’re either free or really affordable. Plus, they easily fit into people’s schedules since they usually take place in the evening. This poses a great opportunity for cannabis brands to launch new products.
As more cannabis events transition to online platforms, savvy brands will take advantage of larger audiences. Event organizers will also benefit by making more advertising revenue. In the long-run, increased competition will enable consumers to buy products at low prices.
4. More Opportunities for Brand Sponsorship
Hosting online events requires investing in cameras, computers, microphones and other equipment, which can be an uphill task for budding cannabis influencers and SMEs. This problem could lead to more brand sponsorship as businesses find ways of reaching their audience online.
G Pen is an example of a brand that has consistently sponsored YouTube cannabis influencers since 2013. Their intended audience was the everyday stoner who was spending approximately $100 on weed per week. This strategy has worked so well because the products appeal to everyone, unlike companies that rely on celebrity brand ambassadors.
5. Increased Rental Rates for Exhibitors
Federal governments have made it mandatory for property owners to disinfect their buildings everyday. They also have to provide sanitizers and infrared thermometers in compliance with health protocols. Property owners will have no choice but to share these additional costs with exhibitors.
Global pandemic regulations have encouraged almost all businesses to shift at least some aspects online. To ensure their future success, businesses in the cannabis industry now have to watch and adapt to the five trends we’ve discussed above.