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Black Friday: The pros and cons for CBD retailers

Cannabis marketing experts, The C Word explain how Black Friday could benefit retailers and what to watch out

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Black Friday: A collection of CBD and cannabis products laid out on a table

As Black Friday approaches, The C-Word cannabis marketing experts explain how the holiday could affect canna-retailers.

We felt it was a good opportunity to explore the value of this seasonal shopping extravaganza from a retail perspective.

In this article, we will take a look at what Black Friday is, before delving into the pros and cons of this event for businesses, and how to approach it.

What is Black Friday?

The phrase ‘Black Friday’ can be traced back to the early 1960s, originally used by Philadelphia police to refer to very heavy traffic. In later years it then became used to refer to one of the biggest and busiest sale days of the year, occurring on the first Friday that follows Thanksgiving. It has come to be recognised as the beginning of the festive shopping season for Christmas.

Black Friday is known for being a day of bargains, with retailers offering huge discounts on a wide range of products. This has historically bred an environment that sometimes results in hysteria among shoppers. Since 2006, there have been 11 deaths and 108 injuries recorded in the US as a result of out of control Black Friday customer behaviour. Circumventing this is one of the many advantages of online shopping.

What are the pros of Black Friday?

So, why would a CBD retailer offer Black Friday deals? There are a few reasons that businesses might want to opt into this event:

Major sales spike: the increased sales from this day alone can hugely boost the balance sheet.

Stock clearance: using Black Friday to heavily discount items you want to shift to make way for newer products for the Christmas rush.

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Competition: keeping the loyalty of regular customers on this day or acquiring new customers that may hopefully lead to repeat purchases later on in the year.

Traffic boost: offering Black Friday deals can result in a significant boost to traffic to your website

What are the cons of Black Friday?

With some strong benefits of Black Friday participation, why might some CBD retailers decide not to get involved? These could be:

Discount pressure: large businesses are often in a strong enough position to offer huge discounts, whereas smaller companies might not be able to but feel they should as a result of expectations.

Profit margins: offering large discounts might negatively impact a smaller business’ profit margins.

Purchase regrets and returns: in the discount mayhem, customers may purchase items they then later regret and return, potentially outside of the Christmas shopping window.

Eco-awareness: as more customers and businesses strive for sustainability, eco-awareness, and conscious consumerism, Black Friday doesn’t quite align with this trend.

 A Few Approaches to Black Friday

Just miss it out altogether: some smaller businesses have come to the conclusion that it simply isn’t worth it for their businesses, so opt to just close for that day (and Cyber Monday too in some cases). Some companies even give their employees a paid holiday or choose to get involved in community projects.

Don’t go overboard: analyse your products and services and only offer discounts where it really works for your business.

Offer existing customer rewards: you could try a more unconventional approach of just offering rewards, discounts, or points to your existing customers as a treat for their loyalty to your brand.

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New customer bait: offer just a few tactical discounts on highly searched for or popular products to appeal to a new customer base.

 How Can We Help You With Black Friday?

One of the major aspects of choosing how you approach Black Friday is figuring out if it is worth it or not for your business. Our expert team here at The C-Word can use their extensive experience to help you ascertain this.

If you would like to find out more about how our services can help your online business, click here. Alternatively, you can contact us here or send us an email at sayhello@c-word-mktg.co.uk. 

We look forward to hearing from you and helping your cannabis-based business thrive.

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New global platform offers affordable cannabis education

New online courses are set to offer low-cost, reliable, cannabis education.

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Canadian education platform, Edusity, has partnered with the Pharmacology University

A new online education platform is set to tackle stigma around cannabis and open up opportunities for learners across the globe.

Canadian education platform, Edusity, has partnered with the Pharmacology University of Texas-based CHNC, to help learners assess the risks, benefits and business opportunities that come with cannabis legalisation.

Cannabis may be a legal product in Canada, but there are still barriers to learning about the plant, according to Edusity’s founders.

The online education platform enables instructors to post self-directed, video-based courses and to teach live webinars via its virtual classroom. Pharmacology University is another online educational platform which aims to transform the social stigma around medicinal cannabis.

“Education really is the best tool for addressing every area of social change,” said Vishal Shah, co-founder of Edusity. 

“In the past, there have been difficulties communicating about legal cannabis education, but with the use of age gate technology and other safeguards, Edusity is helping to create a culture of cannabis literacy that is essential to building a stable, safe industry.”

There are currently 12 low-cost courses from Pharmacology University’s programme available on Edusity.com ranging from cannabis and obesity to cannabis dispensary operations.

Anne Graham, CEO of Pharmacology University, commented: “Pharmacology University is pleased to partner with Edusity on the delivery of our program. As the legalisation of cannabis spreads around the world, there is a need for clear, honest and expertise-driven education about the herb itself, the medical science, the legislation and the business that moves it. We are pleased to have Edusity work with us to make Cannabis education happen.”

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71% of CBD consumers see improvement in wellbeing

3,000 people took part in the ‘first of its kind’ study

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Report: A CBD oil bottle and products

Results from what is thought to be the largest study to date, show over 70 per cent of CBD consumers saw improvements to their wellbeing.

The study, carried out by Radicle Science, involved over 3,000 participants who were given CBD products to try at home.

The organisation’s Advancing CBD Education and Science (ACES) report, aimed to determine the effectiveness of botanical CBD products.

The randomised controlled trial involved 13 US brands and examined different reasons for taking CBD. This included wellbeing, quality of life, pain, anxiety and sleep quality.

Report: A banner advert for Always Pure Organics CBD business support

The results revealed that 71 per cent of participants saw an improvement in well-being, with 63 per cent seeing a ‘clinically meaningful improvement in anxiety. A further 61 per cent reported an improvement in sleep quality while 47 per cent said their pain levels were decreased.

Sixty one per cent of participants reported feeling the effects of the CBD within one to four hours of consuming their chosen products.

CBD report

Speaking with Cannabis Health,  Jeff Chen, CEO and co-founder said: “There are studies of American consumers showing that millions are using CBD yet despite that, we still don’t know a lot about it. One of the key reasons is that it was lumped together with cannabis for the longest time so if you wanted to study these products then it was near impossible. What little understanding we have comes mainly from cell and animal studies which shows some amazing things.”

He added: “When we talk about human studies of CBD then there is so little data. The main reasons people are using it is for pain, sleep, stress and anxiety. So our job, as Radicle Science was to generate a body of knowledge and understanding to help consumers.”

The result was a ‘first of its kind’ study providing real-world data on CBD use.

It examined how people used CBD in their own homes rather than a medical setting, how much they use and also what side effects they experienced. To do this, the researchers gathered a diverse pool of participants and paired them with different brands. As the products were mailed to consumers, the study wasn’t limited to those who live near a laboratory and as a result, 3,000 people took part.

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Jeff said: “We wanted to involve a variety of different brands with a variety of formulations but we also wanted a diverse pool of participants. This included people from different geographies, ethnicities and demographics to make this as ‘real world’ as possible. We mailed the products to people to take in their own home.”

Report: ACES study into CBD use

The success of the CBD was measured with different scientific scales. These findings were assessed through five indices: the World Health Organization (WHO)-5 Well Being Index, the Kemp QOL scale, the Generalised Anxiety Disorder (GAD)-7 scale, the Patient-Reported Outcomes Measurement Information System (PROMIS™) Sleep Disturbance SF 8B scale, and the PEG-3 Scale for pain.

Jeff said: “When we were assessing the outcomes, we used measures that were developed by the World Health Organisation or the US National Institue of Health for sleep or pain. We collected all of these validated survey instruments along with tonnes of information on demographics, behaviour and health conditions. we want to understand if there are any variables, whether ethnicity or caffeine consumption may affect usage.”

He added: “As we were working with the brands, we knew exactly what products they were taking and what was in them. Our study made calculating the dosage really easy too, which can be really difficult for consumers. We had participants report how many servings they were using whether that is a gummy or a capsule. The bottle is very clear about what each serving is. We have the chemical analytic results, we can back-calculate the dosage to give us a normalised dosage data.”

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Radicle Science report results

The study reported significant improvements in the three main areas people reported using CBD for, such as pain, sleep and anxiety.

Jeff said: “We found that depending on what health outcome you are looking at, 47 to 63 per cent of people experienced not just an improvement but a clinically meaningful one. This means that they are experiencing changes to sleep quality or anxiety that is large enough to make a healthcare provider say it is meaningful. It’s strong enough that it deserves to be further utilised.

Another interesting result was that a majority of people reported the impact within several hours of taking the product. We are still trying to figure out the mechanism of action for CBD. It appears that one of the mechanisms seems to be affecting the serotonin system. If you look at things like SSRIs that are prescribed for anxiety, then they can take several weeks to kick in. What we saw was the onset of effects from CBD happening within several hours.”

Jeff highlighted that the study also examined the participant’s quality of life and wellbeing, which may have seen an improvement due to decreased anxiety and sleep problems. The next phase will examine more of the data points from the study.

He said: “We will be doing a lot more sophisticated biostatistics. The next stage will examine the role that demographic or behavioural characteristics may have played or if they had predictive effects on the outcomes. For example, is the use of caffeine or alcohol made you more or less likely to experience an effect. Did ethnicity mean you were more likely to experience a positive outcome?

“We will look at the different product attributes for the 13 brands to see if a gummy had an advantage over a tincture for example. There is still a lot to be determined that will come in the next wave of analysis.”

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report: A row of three bottles of oil sitting on a shelf with a cannabis plant in the background

Prospect Farms entered some of its products into the ACES study.

Speaking with Cannabis Health, CEO Brad Tipper explained how beneficial the study has been for the brand.

“Our focus has been creating terpene-forward products,” said Brad.

“It makes Prospect Farms products unique in the market compared to a lot of our peers. Our balance products which were included in the ACES study are great for mood and cognition. This was a great opportunity for us to be able to differentiate our view of the market right now. We wanted to be able to show the difference in using quality carriers or terpene blends for health outcomes.”

He added: “One of the biggest areas we hoped Radicle Science would shine a light on is consumer behaviour around dosing. Tinctures are still a very unique concept for the broader audience. We are used to taking a supplement or an over the counter product but we are not used to holding something on our tongues for 30 seconds. Thinking about pipettes and graduated marks can be an intimidating concept.”

CBD report and product changes

Brad highlighted that the insights into dosing have been incredibly valuable for the brand. They have been able to take this into consideration when it comes to their products.

He said: “It has informed a lot of our product development considerations. We are restricted in terms of what we can do under current regulations and we can’t make explicit dosage recommendations. We can allow you to understand how much is in each one of your doses and have direct consultations with the consumer. It has also highlighted a need for potentially higher strength products. This has informed some of our product development.”

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British Cannabis products receive breakthrough from the FSA

British Cannabis is dedicated to ensuring the long-term continuity of cannabis-based food supplements in the UK

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British cannabis CEO in a field of cannabis

British Cannabis is the first company to receive confirmation that its cannabis-derived CBD oils and supplements will remain on the UK market, following the implementation of Novel Foods laws.

British Cannabis™, registered as CBD Health Foods Ltd, is delighted to become the first company to receive confirmation from the Food Standards Agency UK (FSA). that its cannabis-derived products will remain on the market.

On Thursday 13th January 2022, the FSA confirmed via emails to British Cannabis CEO, Thomas Whettem, that the evidence submitted in support of 15 dossiers, spanning over 3,000 products “has been checked and is sufficient” and that “the public list will be amended to reflect these changes”.

British Cannabis’ own-brand products – CBD by British Cannabis (FKA Canabidol™), Access CBD™ and CBD Health™ plus over 150 other brands that they manufacture for, look set to remain on the UK market.

Meanwhile, it is widely speculated that an as-yet-undetermined number of other products, made by other manufacturers, will be removed from shelves by Trading Standards. This process looks set to begin once the FSA public lists are updated later in 2022.

British Cannabis products

Robert Jappie, the partner at legal firm Ince and preeminent cannabis industry lawyer, remarked at the news: “I’m delighted that British Cannabis has received a positive response from the FSA to their Novel Food submission. Admission of British Cannabis’ products to the compliance registers confirms the company’s position at the forefront of the U.K. CBD industry. Novel Food compliance should now provide a platform for the sector to build on its fantastic success to date.”

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Over the course of 18 months and a multi-million-pound investment, British Cannabis, whose brands are stocked across many pharmacies and retailers internationally, have dedicated themselves to ensuring the long-term continuity of all-natural, cannabis-based food supplements in the UK. This is for the reassurance of their own consumers and of all the customers whose brands are powered by British Cannabis.

BRITISH CANNABIS

Cannabis market

Making this achievement of particular note is the fact that British Cannabis products are among the few remaining on the market to use ‘100 per cent Cannabis sativa L.”, naturally derived formulas, thus they contain the hundreds of clinically proven plant phytochemicals found in cannabis, whilst also being 0 per cent THC, meaning that they will not cause a “high”. Their food supplements (CBD oils, capsules etc.) are also free from other controlled cannabinoids.

British Cannabis’ CEO, Thomas Whettem, reacted shortly after hearing the news, he said: “Confirmation directly from the Food Standards Agency, that British Cannabis will be the first manufacturer In the world to have cannabis-derived consumer products ratified by the UK government, is yet another monumental breakthrough in our history. For years we have not just pioneered change in this industry but strived to set the bar when it comes to compliance, safety and the simple dedication to excellence we have had since day one.”

British Cannabis’ Managing Director, David Ralson, commented: “This is a huge milestone for our business and the Cannabis industry as a whole. I would firstly like to pay testimony to our staff, who over the past 6 years have endeavoured to make British Cannabis the leading legal-cannabis experts in our sector and this exemplifies our phrase ‘We Know More Because We Do More’.

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“We have always believed in wholly cannabis-derived, natural products and obtaining the highest quality standards. This is underpinned by our own retail brands, which to date have received over 4,200 Trustpilot reviews with a 5-Star rating.

“This also paves the way for our trusted white label partners brands, who continue to work with us, to also remain on the UK market. This allows our business and its compliant partners to continue to grow in what is going to be a very exciting year indeed.”

At the time of going to press, the Novel Foods public list has yet to be updated.

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