2019 New West Summit
Thank you to everyone who was able to join us at the New West Summit on October 11th and 12th!
The New West Summit is where Cannabis, Technology, Science, Media & Investment converge by creating an atmosphere of global collaboration to collectively create the future of Cannabis.
If you were unable to be there in person, here’s a brief recap from our CRO, Casey Ly, who was Guest Speaker.
Today, the fastest-growing segment in cannabis is by far, Vapes, but the high-tech 21st-century technology vastly differs from those humble hot rocks — and it’s been driving new markets for cannabis for the last several years.
What have these shifts meant for Bloom, and how has it shaped how your company does business?
Casey: So, what we're good at is formulating extracts that truly represent cannabis strains. These formulations would be useless unless we have the right delivery mechanism. It's our job, to stay on top of these technologies because we want to find the system that delivers the best experience for our customers. And the challenge, as a brand, is to find technologies that can be effectively scaled. Not all good technologies are scalable. So we're responsible for figuring this out.
As more brands are naming their product in accordance with the effects they produce, like “chill” or “relax”, are there discussion at Bloom about the importance of this layer of predictability between the product and the customer, and is this something Bloom is trying to solve for?
Casey: Effect based marketing has a purpose. It cuts the fat and allows consumers to easily understand what a product will do for them. This is crucial in markets that have new consumers. It simplifies the buying process. However, there are still nuances, and we have to recognize the nuances. Not everyone will react the same way to the same strains. A blue dream might have a completely different effect for me as it will for you. So our challenge as a brand is to get people to understand their effect for the strains. They need to try it to know what it will do to them.
We need to give the personality of the strain without dictating the effect. That's the only way a consumer will learn what works for them.
What can we do as in industry to minimize these negative environmental impacts?
Casey: This is a great question and it's an important one. How can we minimize our impact to the environment? There's not a lot of companies that can recycle vapes but there are some. For example, we are partnering with a great company called Gaiaca to put recycling vessels in the shops that we work with. Also, we understand that we can't offset all of the waste. So to make for it, we are joining an organization called 1% for the Planet. Members of this organization donate 1% of their profits towards an environmental cause. Even though we are still creating waste, we're doing our best to offset that waste. The best thing that consumers can do is take their used product and bring it back to the shops that recycle. The best thing that regulators can do is make it mandatory to send vape waste to
Are there technological hurdles between us and the next generation vape devices, what are they, and how do you think we’ll overcome them?
Casey: Right now the the hurdle is the perception of vape. Realistically it is hard to predict the next step in vape. The technology that we move towards has to continue to solve a fundamental problem. I'm just not sure what problem will be solved next. If I did, I wouldn't be here, I'd be focused on developing this technology and getting it to market.
Are there gaps in knowledge or data you, as a manufacturer, would like to see elucidated that would help in Bloom’s product development cycle?
Casey: One of our top challenges is understanding consumer behavior. The industry is young and there are so many different POS systems that it's very difficult to consolidate user data. When everyone is using a different system, we can't really plug into and learn every system. So the data we get is very fragmented. I think that's the biggest gap in knowledge as a brand.