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Ranking and Market Share |
#10 - 3.3% of overall market. 2019 sales: $80 million; 2018 sales: $64 million |
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Product Portfolio |
Tinctures (oil), capsules, isolates, edibles and drinks, vape cartridges, topicals, skincare and beauty, concentrates, spray, and pet |
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Distribution Channels |
Direct sales, online, medical and alternative care offices, natural food stores |
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Positioning |
Leader in CBD direct sales (commission-based), with a diverse menu of products well-suited for use by unfamiliar first-time users. Massive, well-established direct sales network has helped company establish great brand recognition and customer loyalty via word-of-mouth marketing |
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Competitive Advantages |
Leveraging the community base of multilevel marketing networks to win trust and consumer loyalty, and break down the stigma many mainstream consumers hold towards cannabis products. Diverse portfolio of brands and affiliate sales model makes company lithe, can easily ramp up and push different product lines to move in direction of the market |
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Core Competencies |
Top CBD direct sales company (commission-based) in U.S., solid and growing international presence |
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Making the most money on |
Oils, topicals |
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Doing well |
Kannaway direct sales model has been company's largest stream of revenue, model continues to see success in market where formal advertising and marketing are limited and in international markets like Japan and Latin American countries |
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Beneficial trends |
Pre-legalization, direct selling was highly advantageous business model because word-of-mouth marketing was key to drumming up interest given highly restricted formal advertising/sales channels available. Allowed MMI to consolidate brand loyalty and establish a wide name recognition, which it continues to build on today |
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Niches competitors are missing |
Direct sales of pet products can expand network of direct sellers and buyers seeking further uses for CBD, bring hesitant new users - pet owners - into the fold. Product innovation and wider offerings are still creating interest from new users - vape products and CBD beverages growing quickly. |
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New needs of customers |
Offering sample packs to draw in new customers via direct sales model, has been very effective and will help continue to bring in new users. Continuing to refine and develop products, such as working with pharmaceutical partners on medical grade topicals |
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Additional growth opportunities |
With volume and diversity of product that supply chains are already moving, company has capacity to ramp up or pivot quickly if and when the opportunity arises, especially in international markets (primarily Europe, Latin America); Potentional to supply from countries with lower labor costs and economies of scale should lower operating costs |
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Who do they want to be? |
Medical Marijuana Inc. aims to be a top cannabis and CBD company around the globe, offering a wide array of innovative products on several continents, supported by a massive global network of direct sellers |
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Desire to be known for |
First movers and category creators in the space, successfully innovating with the market as it changes to meet needs of affiliates and customers |
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Priorities |
Effective and fruitful domestic and international expansion - especially in Europe, Canada, and Latin America - and acquisition efforts; MMI's growth strategy has been focused on acquisitions since its inception, but brands acquired have contributed minimally to its product portfolio and produced negligible revenue. The company has also been looking to Latin America as a key source of growth given the region's long history of successful direct selling models |
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Results/milestones aiming to achieve |
Medical Marijuana Inc.'s portfolio of products is currently offered in U.S., EU, and Latin America, and company is looking to grow within present markets and expand Kannaway and HempMeds success abroad |
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Chief competitors |
CV Sciences, MyDailyChoice (HempWorx), Elixinol |