By Advertising Week
Financial data suggests the North American cannabis industry exceeds the original dot-com boom, but the cannabis industry differs in that it's already established, and the data more precisely reflects the transition of a colossal black-market product into the general market, albeit with legal caveats. Should federal legislation remove those caveats in states that legalized cannabis, as many expect will happen, the industry could experience a boom within a boom as more major players come onboard. Collaborations with mainstream partners—e.g., Lord Jones and Sigur Rós on infused gumdrops, Cresco Labs and James Beard Award-winning chef Mindy Segal on an edibles line—help normalize responsible cannabis use, but the most significant public impact could come from media collaborations.
Consider a recently announced exclusive partnership between Advertising Week and PRØHBTD Media. The two companies, leaders in their respective fields, will collaborate on an eight-episode docu-series that showcases four cannabis companies taking a mainstream marketing and advertising approach to their consumer brands. These top companies will provide a transparent look at the inner workings and challenges of building a brand in a confusing and semi-legal industry.
The new cannabis industry is about more than retail business opportunities. Like hip-hop and punk rock music in the ʼ90s, the cannabis industry offers outreach opportunities to forward-thinking millennials who never accepted the government's D.A.R.E.-brand propaganda. However, the cannabis industry is in a state of rapid transformation, and companies must navigate a minefield that includes ever-changing regulations, unclear legal status and interstate retail challenges.
Likewise, the PRØHBTD-Advertising Week series will document the pioneering ways in which the four companies adapt mainstream marketing approaches to an industry that spent the last century trying to stay discreetly underground. This process includes a major rebranding effort. In advertising campaigns, alcohol companies use very specific language and visuals to define their brands in a positive, lifestyle-driven light, which is easier to do with Prohibition deep in the rearview mirror. Cannabis prohibition, on the other hand, is technically still waiting on repeal.
“[The series] will be a wild deep dive into the unique world of cannabis brand building and what it takes to win in this challenging industry," said PRØHBTD co-founder Drake Sutton-Shearer in the press release.
PRØHBTD co-founder Joshua Otten added, “We will document and explore these obstacles on the road to success leaving no stone unturned.”
Advertising Week is a global leader in events for marketing, branding, advertising and technology professionals, while PRØHBTD is the recognized leader in video and content marketing for the cannabis industry. By combining their media expertise for the docu-series, the companies highlight the challenges and showcase innovative solutions for an industry in the midst of a massive rebranding effort.
The docuseries will premiere in September at Advertising Week in New York, which will also feature a panel on cannabis media and marketing and an invite-only private event for leading executives in the mainstream advertising and marketing arena.
“The cannabis industry is poised to become one of the fastest growing media and advertising markets in the U.S.,” said Douglas Rowell, Advertising Week Global Head of Development Original Content.
Market researchers believe the cannabis industry will exceed $50 billion annually in that time, so absent a major government crackdown or similar roadblock, Rowell is almost definitely correct.