Market Research to Inform New Product Decisions
Ryan Murray has developed a technology to make the sharing of cannabis germ free. In light of the Covid-19 pandemic and increase in cannabis usage across Canada, the entrepreneur understood there was a disconnect with the germs passed in the sharing of cannabis smoke-ables and the need to reduce germs. While Ryan has sought a patent, in order to begin the product development process, he requires market research to better understand consumer behaviour in this market and better understand if this product should be pursued.
For the market feasibility study, the Business & Commercialization Solutions team conducted research to better understand the market of cannabis along with consumer habits to understand if a product such a product would be viable in the marketplace. Trends were uncovered to help the industry partner drive decisions moving forward, including what the market would potentially want, competitors currently in the market and distribution strategies.
Funding: RBC Future Launch Program