Launching a cannabis product in today’s market can be a challenging adventure. Especially when you’re spending all your energy, and money, on developing a product that might fail. It might sometimes even feel like you’re on a sinking ship! As of late June 2022, only 14% of all products in the US that were launched since January 2020 are still on the market. This varies by category. The median lifespan of a US Flower product is only 100 days, while the median lifespan of a Beverage is 315 days. Strain-focused categories like Flower, Pre-Rolls, Concentrates, and Vapor Pens tend to have significantly shorter product lifespans due to the cyclical nature of harvests and strain popularity.
When we focus our analysis on non-inhalable categories like Edibles, Beverages, Topicals, Capsules, and Tinctures & Sublingual products, we find that 43% of products launched since the beginning of 2020 are still on the market. That means that more than half of these products have failed at some point in the past 2.5 years. A full third of products from these categories never sold for more than 180 days.
Make sure any new product you bring into the market is backed by a strategy driven by data. It could be the lifesaver your product needs to survive the industry. Reach out today to unlock your survival kit to identify strategies to improve your product performance.