Harvard Case - Mīhī Cannabis: Planting the Seeds for a New Retail Cannabis Business in Canada
"Mīhī Cannabis: Planting the Seeds for a New Retail Cannabis Business in Canada" Harvard business case study is written by Peter Kerr. It deals with the challenges in the field of Strategy. The case study is 14 page(s) long and it was first published on : Mar 29, 2022
At Fern Fort University, we recommend M'h' Cannabis adopt a multi-pronged strategy that leverages its unique strengths and addresses the evolving Canadian cannabis market. This strategy focuses on:
- Building a strong brand identity through a differentiated value proposition centered on quality, sustainability, and education.
- Expanding its retail footprint through strategic partnerships and selective acquisitions, while simultaneously developing a robust online presence.
- Investing in technology and analytics to optimize operations, personalize customer experiences, and gain valuable insights into market trends.
- Prioritizing corporate social responsibility by promoting responsible cannabis consumption and supporting local communities.
2. Background
M'h' Cannabis is a new cannabis retailer entering the burgeoning Canadian market. The company is founded by experienced entrepreneurs with a passion for quality cannabis and a commitment to sustainable practices. M'h' faces a competitive landscape with established players and a growing number of new entrants. The company must navigate evolving regulations, consumer preferences, and market dynamics to establish a successful foothold.
3. Analysis of the Case Study
A. Industry Analysis:
Porter's Five Forces:
- Threat of New Entrants: High due to relaxed regulations and increasing investor interest.
- Bargaining Power of Buyers: Moderate, as consumers have access to a wide selection of products and information.
- Bargaining Power of Suppliers: Moderate, as cannabis producers have some leverage but are subject to market forces.
- Threat of Substitutes: Low, as cannabis is a unique product with limited substitutes.
- Competitive Rivalry: High, with established players and numerous new entrants vying for market share.
PESTEL Analysis:
- Political: Evolving regulations, potential for federal legalization, and varying provincial policies.
- Economic: Growing consumer demand, potential for economic growth, and fluctuating market prices.
- Social: Increasing acceptance of cannabis, evolving consumer perceptions, and growing interest in responsible consumption.
- Technological: Advancements in cultivation, processing, and retail technologies.
- Environmental: Focus on sustainable practices, concerns about environmental impact, and potential for innovation in eco-friendly production.
- Legal: Ongoing regulatory changes, licensing requirements, and compliance challenges.
B. SWOT Analysis:
Strengths:
- Experienced entrepreneurs with a strong understanding of the cannabis industry.
- Commitment to quality, sustainability, and education.
- Strong brand identity and potential for differentiation.
- Access to capital and potential for expansion.
Weaknesses:
- New entrant with limited market share and brand recognition.
- Dependence on evolving regulations and market dynamics.
- Potential for competition from established players with greater resources.
Opportunities:
- Growing consumer demand for cannabis products.
- Potential for expansion into new markets and product categories.
- Development of innovative products and services.
- Opportunities for strategic partnerships and acquisitions.
Threats:
- Intense competition from established players and new entrants.
- Potential for regulatory changes that could impact operations.
- Consumer preferences and market trends are constantly evolving.
- Potential for negative publicity and reputational damage.
C. Value Chain Analysis:
M'h''s value chain includes:
- Inbound Logistics: Sourcing high-quality cannabis from reputable producers.
- Operations: Processing, packaging, and storing cannabis products.
- Outbound Logistics: Distributing products to retail locations and online platforms.
- Marketing and Sales: Building brand awareness, promoting products, and engaging with customers.
- Customer Service: Providing exceptional customer experiences and resolving issues.
D. Business Model Innovation:
M'h' can differentiate itself through:
- Product Differentiation: Offering unique product lines, focusing on quality, and emphasizing sustainability.
- Value Proposition: Combining high-quality products with educational resources and a commitment to responsible consumption.
- Customer Experience: Creating a welcoming and informative retail environment with personalized services.
- Technology Integration: Utilizing technology to enhance operations, personalize customer experiences, and gain valuable insights.
4. Recommendations
A. Building a Strong Brand Identity:
- Develop a clear and compelling value proposition: Focus on quality, sustainability, and education.
- Craft a strong brand narrative: Communicate M'h''s values, mission, and commitment to responsible cannabis consumption.
- Implement a comprehensive marketing strategy: Utilize social media, digital advertising, and public relations to reach target audiences.
- Partner with influencers and advocates: Build relationships with individuals and organizations who share M'h''s values.
B. Expanding Retail Footprint:
- Explore strategic partnerships: Collaborate with existing retailers, dispensaries, and other businesses to expand reach.
- Consider selective acquisitions: Acquire established businesses or brands that align with M'h''s vision.
- Develop a robust online presence: Offer a user-friendly website and mobile app for online ordering and delivery.
C. Investing in Technology and Analytics:
- Implement an advanced point-of-sale system: Streamline operations, track inventory, and analyze customer data.
- Utilize data analytics to gain insights: Understand customer preferences, market trends, and competitive landscape.
- Invest in AI and machine learning: Personalize customer experiences, optimize inventory management, and improve operational efficiency.
D. Prioritizing Corporate Social Responsibility:
- Promote responsible cannabis consumption: Educate customers about safe usage, potential risks, and legal guidelines.
- Support local communities: Partner with charities, non-profits, and community organizations.
- Implement sustainable practices: Minimize environmental impact by adopting eco-friendly cultivation and packaging methods.
5. Basis of Recommendations
These recommendations are based on a thorough analysis of the Canadian cannabis market, M'h''s unique strengths, and the evolving consumer landscape. They consider:
- Core competencies: Leveraging M'h''s expertise in quality cannabis, sustainability, and education.
- External customers: Meeting the needs of diverse cannabis consumers through a differentiated value proposition.
- Internal clients: Empowering employees with the tools and resources to deliver exceptional customer experiences.
- Competitors: Differentiating M'h' from established players and new entrants through innovation and strategic partnerships.
- Attractiveness: Assessing the potential for profitability, market share growth, and long-term sustainability.
6. Conclusion
By implementing these recommendations, M'h' Cannabis can establish a strong foothold in the Canadian cannabis market, build a loyal customer base, and achieve sustainable growth. The company's focus on quality, sustainability, and education, combined with its strategic approach to expansion, technology, and corporate social responsibility, will position it for success in this dynamic and evolving industry.
7. Discussion
Alternatives not selected:
- Focusing solely on online sales: While online sales offer potential, it may limit customer engagement and brand building.
- Aggressive price competition: Lowering prices may attract customers but could erode profitability and damage brand perception.
- Ignoring regulatory changes: Staying abreast of evolving regulations is crucial for compliance and long-term sustainability.
Risks and key assumptions:
- Regulatory uncertainty: Changes in regulations could impact operations and profitability.
- Consumer preferences: Evolving consumer preferences could necessitate adjustments to product offerings and marketing strategies.
- Competition: Intense competition could limit market share growth and profitability.
- Technology adoption: Investing in technology requires careful planning and execution to ensure effectiveness and return on investment.
8. Next Steps
Timeline with key milestones:
- Year 1: Develop a comprehensive marketing strategy, launch online platform, establish strategic partnerships, and open first retail location.
- Year 2: Expand retail footprint, invest in technology and analytics, build brand awareness through public relations and influencer marketing.
- Year 3: Continue expansion, refine operations, prioritize corporate social responsibility initiatives, and explore new product categories.
By implementing these recommendations and adapting to the dynamic cannabis market, M'h' Cannabis can become a leading brand in Canada, known for its commitment to quality, sustainability, and responsible consumption.
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Case Description
In June 2018, the government of Canada passed the Cannabis Act, paving the way for the legalization of recreational cannabis cultivation, acquisition, possession, and consumption on October 17 of that same year. This move set off a flurry of activity as existing companies, investment firms, and entrepreneurs sought to establish an initial position within the burgeoning industry. Mīhī Cannabis and its chief executive officer needed to navigate the complex patchwork of government regulations and other market factors to establish a launch strategy for the company that would differentiate it from the anticipated competition and support the normalization of the industry in the eyes of the communities in which it operated.
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