Is Marijuana the Next Hottest Luxury Item?
As cannabis becomes more mainstream, some brands and retailers from all industries are looking to see how they can capitalize on its recreational use (which, as of this past November, has been legalized in eight states). Over $7 billion in sales of legal cannabis were made last year, a number which is expected to grow by about 25 percent over the next 10 years. So it’s no surprise that companies are scrambling to provide the best possible experience (and products) for consumers.
As per Adam Bierman, Chief Executive at MedMen, “We have to move beyond Bob Marley posters and security bars. We have to offer patients and customers a shopping experience that caters to their needs. That’s what every other retailer in a mainstream industry does.”
Cannabis-themed wares are nothing new – ‘head shops’ have been around for decades. However, this trend seems to be trickling up, as we’re seeing a boom in the luxury pot industry. More than just your usual marijuana plant printed sweatshirts and glass pipes, we’re beginning to see an influence on the luxury industry, whether it’s on high fashion runways or boutique brands selling chic accessories to match the “designer strains” of marijuana that have been cropping up by the dozens.
One such example is Tetra, an e-commerce brand whose founders hail from the world of fashion and design. “We started this because we realized the market didn’t have anything like it,” says Eviana Hartman, referring to the brand’s contemporary collection of papers, pipes, and other accessories. “While there is a lot of innovation in the area, most of the players aren’t driven by aesthetics.”
Truth be told there’s a huge market for these products already – the vaporizer market alone was valued at $3.5 billion in 2015 by Wells Fargo. It’s just a question of redesigning them to reach an all-new consumer. Sure, 24-karat gold rolling papers and designer clothes featuring head-to-toe cannabis leaves may seem like a fad, but given 53 percent of the billion-dollar legal marijuana market stems from recreational sales, this trend likely isn’t going anywhere anytime soon.