Harvard Case - Cann: High Hopes for Cannabis Infused Beverages
"Cann: High Hopes for Cannabis Infused Beverages" Harvard business case study is written by Ayelet Israeli, Anne V. Wilson. It deals with the challenges in the field of Marketing. The case study is 18 page(s) long and it was first published on : Dec 8, 2022
At Fern Fort University, we recommend Cann adopt a multi-pronged strategy focused on building brand awareness, establishing a strong foothold in the emerging cannabis-infused beverage market, and driving sustainable growth through strategic marketing and distribution. This strategy should leverage Cann's unique brand positioning, capitalize on the growing consumer interest in cannabis-infused products, and address the challenges of navigating a complex and evolving regulatory landscape.
2. Background
This case study focuses on Cann, a company pioneering the cannabis-infused beverage market. Cann offers low-dose, micro-dosed cannabis beverages designed for social settings and relaxation. The company faces the challenge of navigating a rapidly evolving market with complex regulations, establishing a strong brand identity, and competing with established players in the beverage industry.
The main protagonists are:
- Cann's founders: Driven by a vision to create a new category of cannabis products, they are navigating the challenges of a nascent market.
- Investors: Eager to capitalize on the growing cannabis market, they are seeking a strong return on investment.
- Consumers: A diverse group with varying levels of cannabis experience and preferences, they are seeking new and innovative ways to enjoy cannabis.
3. Analysis of the Case Study
To analyze Cann's situation, we employ a combination of frameworks:
1. SWOT Analysis:
- Strengths: Cann's innovative product, strong brand positioning, and focus on low-dose, social consumption provide a unique advantage in the market.
- Weaknesses: Cann faces challenges in navigating regulatory complexities, building brand awareness, and scaling production.
- Opportunities: The cannabis-infused beverage market is growing rapidly, presenting significant potential for expansion.
- Threats: Competition from established beverage companies and potential regulatory changes pose challenges to Cann's growth.
2. PESTEL Analysis:
- Political: Navigating evolving regulations and licensing requirements is crucial for Cann's success.
- Economic: The cannabis industry is experiencing rapid growth, creating opportunities for Cann.
- Social: Consumer interest in cannabis is increasing, particularly among younger demographics.
- Technological: Emerging technologies can be leveraged for product development, marketing, and distribution.
- Environmental: Sustainable practices are becoming increasingly important for consumers and investors.
- Legal: Navigating complex legal frameworks is crucial for Cann's operations and expansion.
3. Marketing Mix (4Ps):
- Product: Cann's low-dose, micro-dosed cannabis beverages offer a unique value proposition for consumers seeking a social and relaxing experience.
- Price: Cann's pricing strategy should be competitive while reflecting the value proposition of its premium products.
- Place: Strategic distribution channels, including online platforms and partnerships with retailers, are crucial for reaching target markets.
- Promotion: Cann's marketing strategy should focus on building brand awareness, educating consumers about its products, and engaging with target audiences through social media and digital marketing.
4. Consumer Behavior Analysis:
- Cann's target market includes cannabis-curious consumers, social drinkers, and health-conscious individuals seeking alternative options to alcohol.
- Understanding consumer preferences, attitudes towards cannabis, and purchase behavior is crucial for developing effective marketing campaigns.
5. Competitive Analysis:
- Cann faces competition from established beverage companies entering the cannabis-infused market and existing players in the cannabis industry.
- Developing a competitive strategy that leverages Cann's unique brand positioning and product differentiation is crucial for success.
4. Recommendations
1. Brand Building and Awareness:
- Develop a compelling brand story: Cann should articulate its brand values and mission clearly, emphasizing its commitment to social consumption, responsible use, and product innovation.
- Invest in targeted marketing campaigns: Cann should utilize a mix of digital marketing, social media, influencer partnerships, and event marketing to reach its target audience.
- Build a strong online presence: Cann should create a user-friendly website and social media channels to engage with consumers and build brand loyalty.
- Partner with key influencers: Cann should collaborate with relevant influencers in the cannabis, wellness, and lifestyle spaces to promote its products.
- Participate in industry events: Cann should actively participate in cannabis industry conferences and trade shows to increase visibility and network with potential partners.
2. Distribution and Sales:
- Expand distribution channels: Cann should explore partnerships with retailers, dispensaries, and online platforms to reach a wider audience.
- Develop strategic partnerships: Cann should collaborate with complementary brands and businesses to leverage cross-promotion and reach new customers.
- Optimize online sales: Cann should invest in e-commerce capabilities to streamline online ordering and delivery.
- Explore international markets: Cann should consider expanding into new markets with favorable regulatory environments and high consumer demand.
3. Product Development and Innovation:
- Develop new product variations: Cann should explore new flavors, formats, and dosage options to cater to diverse consumer preferences.
- Invest in research and development: Cann should continue to innovate and develop new products that meet evolving consumer needs and preferences.
- Focus on product quality and consistency: Cann should maintain strict quality control standards to ensure consistent product quality and consumer satisfaction.
4. Regulatory Compliance and Risk Management:
- Stay informed about evolving regulations: Cann should actively monitor changes in cannabis laws and regulations to ensure compliance.
- Build strong relationships with regulators: Cann should actively engage with regulatory bodies to advocate for favorable policies and ensure compliance.
- Implement robust risk management practices: Cann should develop and implement comprehensive risk management strategies to mitigate potential legal and operational risks.
5. Basis of Recommendations
These recommendations align with Cann's core competencies and mission to create a new category of cannabis products for social consumption. They are tailored to meet the needs of external customers and internal clients, including investors and consumers. They also consider the competitive landscape and the need for sustainable growth. The recommendations are based on the following assumptions:
- Continued growth of the cannabis-infused beverage market: The market is expected to continue growing, creating opportunities for Cann.
- Evolving regulatory landscape: Cann will need to adapt to changing regulations and licensing requirements.
- Consumer demand for innovative and high-quality products: Cann's success hinges on its ability to meet consumer demand for innovative and high-quality products.
6. Conclusion
Cann has the potential to become a leading player in the emerging cannabis-infused beverage market. By focusing on brand building, strategic marketing, and responsible growth, Cann can capitalize on the growing consumer demand for cannabis-infused products and achieve sustainable success.
7. Discussion
Alternative strategies include focusing solely on online sales, partnering with established beverage companies, or pursuing a more aggressive expansion strategy. However, these strategies carry higher risks and may not be as effective in building a strong brand and achieving sustainable growth.
Key assumptions include the continued growth of the cannabis-infused beverage market, the evolving regulatory landscape, and consumer demand for innovative and high-quality products. These assumptions carry inherent risks, but they are supported by current market trends and consumer behavior.
8. Next Steps
Cann should implement the following key milestones:
- Within 6 months: Develop a comprehensive marketing plan, including a brand story, target audience segmentation, and marketing channels.
- Within 12 months: Launch targeted marketing campaigns and expand distribution channels.
- Within 18 months: Introduce new product variations and explore international expansion opportunities.
- Continuously: Monitor regulatory changes, adapt strategies as needed, and invest in research and development.
By taking these steps, Cann can position itself for success in the dynamic and exciting cannabis-infused beverage market.
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Case Description
Founded in 2018 by Jake Bullock and Luke Anderson, Cann sold "social tonics," or cannabis-infused beverages. By 2022, the company had several notable celebrity investors and talent partners, had sold over 10 million beverages to consumers, was distributing in six states and two Canadian provinces, and had closed on a $27 million Series A funding round. Moreover, Anderson and Bullock had their eyes set on expanding into New York and New Jersey, both of which legalized recreational sale and use of cannabis in 2021 and appeared to be a promising new market for Cann. However, Cann faced significant challenges to growing the business. First, cannabis was illegal at the federal level in the U.S., and the laws varied across states regarding the manufacturing, packaging, sale, distribution, and use of recreational cannabis. Second, distribution of recreational cannabis was still limited primarily to licensed dispensaries. There were also severe limitations on advertising cannabis, even in states where consumption was legal, and individual media properties and platforms commonly rejected or prohibited advertisements for cannabis products. Finally, Anderson and Bullock were trying to create an entirely new category for cannabis consumption and position themselves as an alternative to alcohol. Could they convince mainstream consumers to integrate cannabis drinks into their social imbibing? How should they allocate their marketing spend to give themselves the best chance of success? Which markets should they focus on serving and how should they position the product?
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