The use of medicinal marijuana is growing among seniors. A recent study shows that many seniors who use medical marijuana do so to alleviate pain. In fact, 61% of older users surveyed began using marijuana after age 60.
If you’re looking for an opportunity in the medicinal marijuana industry, targeting seniors could be a great strategy. There are many benefits to cornering this market due to increased acceptance and legalization of marijuana use and growing scientific support for its medicinal benefits.
Benefits of Targeting Seniors
There are many reasons why targeting seniors could benefit your medicinal marijuana business:
- Underserved market potential. Seniors are an underserved market when it comes to medical marijuana. There are very few products and businesses that cater specifically to this demographic. There is a lot of potential for companies that can fill this need.
- Chronic health concerns. Seniors are more likely to have chronic health conditions that could be alleviated by medical marijuana. As the baby boomer generation ages, the number of seniors with chronic health conditions will only increase.
- Receptive to alternative medicines. Seniors are generally receptive to trying alternative treatments to improve their health. This makes them more likely to be open to using marijuana for medicinal purposes.
- Increased wealth. Seniors are generally more affluent than other demographics. They have more disposable income and are more likely to be able to afford higher-priced products.
Getting Started in the Senior Market
If you’re interested in targeting seniors with your medicinal marijuana business, there are a few things you need to keep in mind:
Conduct Audience Research
It’s essential to understand your target market and what they want. Try conducting surveys or focus groups with seniors to understand their needs and how your products can meet them.
Provide Customized Solutions
Once you know what seniors are looking for, you can create customized solutions that address their specific needs. This could include developing products that are easy to use or packaging products in a way that is senior-friendly.
Educate Your Target Market
Many seniors are not familiar with medical marijuana and how they can use it to treat various conditions. Therefore, educating your target market about the potential benefits of medical marijuana is crucial. Try hosting educational seminars or creating marketing materials that explain the use of medical marijuana for seniors.
Lock Down the Senior Marijuana Market Today
The senior market provides a large potential customer base for businesses that can provide them with products and services that can help improve their quality of life. By following these tips, you can position your business to succeed in the senior market for medicinal marijuana.
With an aging population and changing attitudes toward marijuana, the future of medicinal marijuana products and weed for seniors is promising. Bespoke Financial understands the demands of this market and can help your business secure the funding it needs to succeed.
Contact us today to learn more about our financing options for your medicinal marijuana businesses.