R&D, innovation are key for marijuana companies seeking to stay relevant with consumers

As products and markets evolve, marijuana extraction companies can stay ahead of the curve by focusing on innovation. (Photo courtesy of Exclusive Brands)

(This is an abridged version of a story that appears in the September issue of Marijuana Business Magazine.)

Marijuana extraction companies are among the industry leaders in innovation because the sector is continuously evolving.

To keep pace with the competition, extraction businesses should always be looking for new innovations as well as researching and developing new product types and processing methods.

“R&D keeps you relevant in the market,” Mark Micallef, head of operations at Exclusive Brands, a Michigan-based vertically integrated cannabis company, told Marijuana Business Magazine.

Micallef speaks from experience since his company makes concentrates such as shatter, wax and budder and fills its cartridges and vape pens in-house.

Industry stakeholders such as Micallef shared some innovation best practices with Marijuana Business Magazine, including:

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