Cannabis is in a green rush. The North American marijuana market was worth some $10bn in 2017, and could rise to as much as $22bn in 2020. And there’s a new type of consumer – the emergence of a range of cannabis gear allows for items like low-dose edibles or vaporisers that make the product appealing to even the most fitness-conscious purchasers, according to the High Times report from JWT Intelligence.
And marijuana is a very rare example of where small and medium-sized players are getting a chance to “take a run at a multibillion-dollar market before there are any big dogs,” says Troy Dayton, CEO of cannabis research firm Arcview. He adds that with no big institutional multinational companies onboard, the industry has room to grow in surprising ways.
And it’s possible that cannabis is the new alcohol as consumption of the latter continues to decline. Constellation Brands – think Corona beer and Svedka vodka – has already picked up a stake in Canadian medical marijuana company Canopy Growth. “The alcohol industry seems like a natural partner for those seeking to take cannabis to the mainstream market,” says JWT Intelligence.
“This is like fine wine, fine champagnes, fine cigars,” Cheryl Shuman, founder of high-end marijuana retailer Beverly Hills Cannabis Club, told Business of Fashion. “It’s becoming more chic to talk about it. Like being part of a tribe, if you will.”
Image: JWT Intelligence