Hartford Business Journal

13 HARTFORDBUSINESS.COM | SEPTEMBER 6, 2021 We're here for business, family and family business. Here to help you plan for the future. And still here when that future comes. We've been building lifetime relationships for more than 150 years. Visit IonBank.com to see how we can be there for your life. Here for life. Member FDIC TM and California — that have already legalized recreational use of the drug. For example, in Illinois, 11 months after cannabis sales were legalized in Jan. 2020, the Chicago Sun Times reported that marijuana tax revenues were only about $3 million less than the $25.74 million in taxes collected from alcohol sales. Trade publication MJBizDaily in February predicted Connecticut's recreational marijuana market would generate $250 million in adult-use sales in year one, and $750 million by year seven. The state Office of Fiscal Analysis projects the Connecticut cannabis industry will generate $55 million in annual tax revenue by fiscal 2026. With an industry that is expected to blossom, Mason said he suspects there will be a surge of advertising agencies competing for business. That will last for a few years before an industry "shake out" leaves only a handful of dominant players. "There will be quite a bit of activity because people want a share of the market," Mason said. "This is a giant revenue source for the state. It's going to be fascinating to see where all this goes." With money comes responsibility Tony Cashman, CEO of Glastonbury-based advertising agency CashmanKatz, said his firm is currently working with a national client that caters to the cannabis industry, which he described as a "new frontier." Cashman said that in addition to the regulations placed on advertising, there needs to be viable means of education and awareness to the public and stakeholders affiliated with the industry. "It's a huge responsibility," he said. "You're dealing with people's lives." While the agency hasn't made a conscious effort to go after cannabis marketing, it's not ruling out potential business opportunities. "We are not going to aggressively pursue dispensaries unless we see a good fit with its goals, mission and philosophy," Cashman said. "If we were to represent someone, we want to make sure they share the same values we do. It's a big responsibility and it needs to be done right." Cashman said the best way to develop a successful marketing plan is to partner with a company from the beginning to help them develop a brand and position. "We would want to develop their story and their value proposition," he said. "What is their objective and what makes them unique? Their mission and approach should be unique in a crowded field." According to Cashman, putting a human face behind the cannabis product would be an effective way to market it. "Tell the story of the people behind the product and how they come up with the best solutions for their customers," he said. Crane, from Mintz & Hoke, said his agency has been advertising cannabis in other states on two primary channels: social media and in-store. Benjamin Pomerantz SPECIAL REPORT: CT'S EMERGING CANNABIS INDUSTRY "The good news is that social is more often than not the single best channel to tell a highly-targeted story on a daily basis on a local level," Crane said. "That discipline has actually made us better advertisers on other, less restrictive brands and has aided, rather than hindered the creative process." "It sounds counter-intuitive, but it forces us to shift the way we think and aligns with the way most people, not just younger audiences, are consuming media these days," Crane added. Fine Fettle's Newington store sells bongs and other marijuana-related merchandise. HBJ FILE PHOTO

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