Cannabis Brands Must Leverage Key Holidays to Stand Out in Stiffly Competitive Market
NEW YORK CITY/BANGKOK – Cannabis companies in the US are gearing up for potentially record-breaking sales on April 20, also known as “4/20” in weed culture. This day typically sees cannabis firms amp up promotions and offer exclusive deals and discounts to lure customers. Despite increased scrutiny from lawmakers in the US, industry insiders expect the highest single-day sales ever for the cannabis sector on Thursday. The recreational use of marijuana is legal in only 21 US states, along with Washington DC and Guam. Four of those states approved legalization only last year. According to wholesale cannabis platform Leaflink, sales of infused flowers and pre-rolled joints are expected to jump 500%-1,000% compared to 2022.
Curaleaf CEO Matt Darin noted that “4/20 continues to gain recognition with state-by-state legalization”. The day falls on a Thursday this year and is likely to give sales a further boost, according to seasonality data from cannabis data firm BDSA. Cannabis retailers see more sales on Thursdays than on Wednesdays and Tuesdays. The article also mentions that cannabis brands must leverage key holidays like 4/20 to reinforce their message and stand out in a market with stiff competition and the illicit market threatening the growth of legal adult-use cannabis markets.
Malaysia Continues to Debate Legalization of Cannabis for Medical Purposes
Meanwhile, in Malaysia, the government is still considering legalizing the use of cannabis for medical purposes in the country. Prime Minister Anwar Ibrahim stated in February 2023 that the government has not yet made a decision and is waiting for recommendations from the health ministry. The prime minister mentioned that there are issues affecting security in relation to the topic. The health minister made a working visit to Thailand last year to assess the potential use of cannabis for medical purposes and study the legal framework for its medical use to make a decision on its possible adaptation to the Malaysian context.
Thailand is the first Southeast Asian country to legalize the use of cannabis for medical purposes. The legalization of medical cannabis is a growing trend worldwide, with many countries legalizing it for the treatment of various medical conditions such as chronic pain, multiple sclerosis, and cancer. However, it remains a controversial issue in many parts of the world, with concerns over its potential abuse as a recreational drug and the lack of standardization in terms of its dosage and safety.
On the other hand, Thailand’s Public Health Minister, Anutin Charnvirakul, has warned organizers of World Cannabis Day not to consume cannabis in public places, or face legal consequences. The event, which is also known as “Weed Day” or 420, is planned for today, and a cannabis smoking parade is scheduled to take place along Bangkok’s Khao San Road at 4.20 pm. Cannabis and hemp are legal for medical purposes only in Thailand, and the minister has warned participants that they may face fines and imprisonment if they consume cannabis in public places. He also stated that this could undermine attempts to legalize cannabis for medicinal purposes.
Anutin Charnvirakul is the leader of the Bhumjaithai Party, whose flagship policy is the legalization of cannabis. Despite this, the Health Department’s deputy director-general, Dr Attapol Kaewsamrit, has urged the parade’s organizers to exercise caution and ensure that all participants comply with public health regulations on the consumption of cannabis. The minister’s warning comes as other countries are beginning to legalize cannabis for both medicinal and recreational purposes and as public opinion on the drug shifts towards a more liberal approach.
In conclusion, while cannabis companies in the US gear up for potentially record-breaking sales on April 20, the government in Malaysia is still considering legalizing the use of cannabis for medical purposes. The trend of legalizing medical cannabis is growing worldwide, although it remains a controversial issue in many parts of the world. The warnings from Thailand’s Public Health Minister regarding the consumption of cannabis in public places also highlight the challenges faced by countries attempting to legalize cannabis for medicinal purposes while ensuring public safety. As attitudes towards cannabis continue to shift, it will be interesting to see how governments and the industry respond to this changing landscape. – Reuters/Thai PBS World