Australia – In celebration of International Cannabis Culture Day, or more commonly known as ‘4-20’, Mediabrands’ culturally-driven media agency Initiative in Australia has launched a deep-dive study called ‘Cannabusiness’, which aims to analyze the emergence of a massive industry in legal cannabis across the country and its opportunities for marketers.
‘Cannabusiness’ is part of the media agency’s ‘Culture Shock’ series of investigative research into how developments in culture impact marketing and media investment decisions. In line with this, Initiative has launched a ‘Cannabusiness’ website and will be holding a public, live-panel discussion in May, to be hosted by Sam Geer, the managing director of Initiative Australia. The panel will examine the rising cultural re-acceptance of cannabis and what marketers can learn from this shift and apply it to their own brands to help power business growth.
According to Initiative, about 42% of Australians support the legalization of recreational cannabis, and between 20 to 40 companies are already listed on the Australian Securities Exchange (ASX) to help manage investment in the industry.
Geer shared that they are approaching a rare phenomenon in Australian marketing – the birth of a new category. As Australia is one of the fastest-growing medical cannabis markets in the world and the 5th largest in size, he believes that it’s time to start paying attention.
“Positive interest in legislation to legalize cannabis demands a massive shift in culture in this country after decades of negative personal and political connotations. But the industry is an approaching powerhouse, with global estimates that Cannabis will be a $104 billion market by 2024,” said Geer.