From joints to a lifestyle movement: the rise of the cannabis economy
Cannabis is undergoing a massive rebrand, shedding its stoner image to become part of a chic, wellness-forward lifestyle.
High Times, the newest report from the Innovation Group reveals the growth and change in the cannabis industry. Today, one in five American adults has access to legal marijuana. Cannabis has proved an economic boon, with Colorado processing $1 billion in sales in just the first eight months of 2017. The industry is poised to create a quarter of a million jobs by 2020, according to a New Frontier Data report—more than manufacturing, utilities, or the federal government.
Download the report here.
The rapid rise in spending and large compound annual growth in the cannabis industry has been compared to the rapid penetration of cable TV in the 1990s and broadband internet in the 2000s. Will cannabis have the same far-reaching effect on society as these two game-changers? Though it remains to be seen, the ramifications of the legalization movement are starting to be felt.
With the exploding cannabis economy come startup brands, innovative products, new marketing, crossovers, more regulations—and fresh controversies. What are the latest developments? Who are today’s cannabis consumers? And why should marketers care? All these questions and more are explored in this report.
There are six sectors covered in the report. Highlights include:
Lifestyle: Cannabis is everywhere today—even for those not in a legal market. Beauty brands are infusing their products with cannabis extracts, while TV characters are learning to light up.
Retail: Despite regulatory hurdles, cannabis retail is maturing today at an accelerated rate. And, like traditional retail, it’s creating innovative environments to draw in consumers, often looking beyond the physical store.
Health & Wellness: As cannabis sheds its stigma, it also sheds its stereotypes. Today’s consumers are increasingly incorporating cannabis into a healthy lifestyle.
Beauty: Is cannabis the next beauty super ingredient? By infusing beauty products with CBD and hemp extracts, retailers are helping to shift the plant’s image from contraband to a health-forward beauty essential.
Food & Drink: As more sophisticated players enter the scene, edibles have gone upscale, with a focus on design and on premium ingredients. New players also offer a more controlled experience, with lower doses and rigorous testing that prioritizes consistency and health benefits over a “high.”
Experience Culture: With experience culture on the rise among consumers, can brands to tap into cannabis as a creative way to enhance the experience?
Download the report here.
Main image: CANNDESCENT. Ashley Parker, Creative Director. Jacqueline Rubasky, VP Brand Marketing