As the cannabis industry has moved to shed the “stoner” stereotype many have held of its consumers, several marijuana businesses are rebranding themselves via name changes and other steps to try to reflect the companies they’ve become.
Whether the decision revolves around an initial public offering (IPO), including Akerna’s, or the acquisition of multiple dispensaries such as Cresco Labs, many companies are working toward creating a unified, professional brand.
Bill Winchester, president and chief creative officer of marketing firm Lindsay, Stone & Briggs, which has offices in Madison, Wisconsin, and Minneapolis, said the following are other potential reasons a marijuana firm might rebrand:
- “The industry is changing and sort of going from possibly something that’s sort of way recreational and goofy to something that’s a little more serious and medicinal,” Winchester said.It has launched new and different services.
- The competitive landscape in the industry has shifted, and it wants its brand to reflect those changes.
- It wants to stress the growing professionalism surrounding the marijuana industry.
Rebranding and going public
An IPO was the impetus behind the renaming of Denver cannabis technology company MJ Freeway to Akerna, which trades on the Nasdaq as KERN.
The name change occurred when MJ Freeway merged with MTech, a special purpose acquisition firm, according to MJ Freeway’s vice president of global marketing and communications, Jeanette Ward Horton.
Published: December 02, 2019