From Hippies to High Yield Insights: The Evolution of an Industry

Mike Luce is not the first person to lament how increasingly banal marijuana becomes once the industry goes mainstream. Keith Stroup, who founded the nation’s oldest legalization lobbying firm, the National Organization for the Reform of Marijuana Laws (NORML), in 1970, told Rolling Stone in 1977 that the decade’s booming paraphernalia industry was developing just like anything else. “It’s a growth industry,” Stroup said, “that’s gonna be treated like tennis shoes must have been. I don’t say this out of any particular glee—I just think it’s a result of ‘the great free-enterprise system.’”

Screenshot 2018-11-28 14.47.09Luce, who founded High Yield Insights, one of the nation’s first cannabis marketing research firms, this past May, feels similarly as recreational legalization expands. “From a great distance,” Luce said, the “classic marketing research” High Yield does for its clients—which includes everything from crafting tailored patient and consumer insight reports, to consulting medical and recreational businesses on strategy, growth, planning and innovation—is “very similar” to work he did previously, when he spent over 15 years researching audiences for a packaged food company. The only difference now, however, is that while these practices are commonplace for companies that sell soda, soap or tires, they simply haven’t existed in the cannabis industry before.

That’s changing, Luce said, as legalization spreads and more companies are entering the cannabis space. For groups that want to produce everything from high-end edibles to designer labels, High Yield offers “a way to introduce basic business information to a new and expanding field,” Luce said. In short, programs like Luce’s are helping cannabis become a legitimate business again.

Continue reading →

Advertisements