Luxury cannabis is about much more than just buying a $1,500 weed grinder…
I’ve talked before about cannabis being associated with back-alley deals happening at dusk, but I’ve also emphasized in previous reports how that is changing with the normalization of cannabis.
In fact, high-end cannabis accessories are even becoming a status symbol…
Barneys – the well-known seller of expensive and fashionable products – is entering the cannabis business with its own line called High End. It will be a store-within-a-store, located within Barneys.
At High End, enthusiasts can purchase rolling papers from organically grown French hemp, hand-blown water pipes, joint holders, and stash boxes. Of course, you might need to sign up for a new credit card if you want to buy some of those products.
A silver pot grinder to grind the flower down so it can be more easily smoked or used for baking, for example, will set you back $1,475.
But that’s not what I want you to focus on.
The point is that just a few years ago Barneys and the like would have run like rabbits from any association with cannabis.
Now look at where we are.
The Truth About Expensive Cannabis Accessories
Sharing pictures of high-end cannabis products will be just as common as people sharing pictures of their new cars, fancy shoes, or anything else that people want the world to see. Cannabis is losing its taboo, and marijuana enthusiasts want to connect with each other, just like how Corvette owners wave to one another.
It’s an acknowledgement that they share similar interests or values.
It’s also exciting to buy something new, and Barneys is creating a backdrop for the purchase of high-end marijuana accessories.
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In fact, Daniella Vitale, the CEO of Barneys, talked about how people are seeking an experience to share.
“Social media happens in an environment, it happens in a restaurant, in a fitting room,” Vitale said in a statement. “It’s not happening by watching someone at their desktop shopping online. We need to make sure we’re creating a backdrop for that.”
Ultimately, this means we are going to see other high-end department stores follow suit with luxury cannabis accessories, much as we have seen retail chains rush to sell CBD products.
In fact, Canopy Growth Corp. (NYSE: CGC), a company I have called the Microsoft of cannabis, bought the vaporizer company Storz & Bickel, which sells $599 vaporizers. There will be cannabis consumers who want cheap vapes and cheap cannabis, but there will also be those who prefer higher-quality products, even if it is just to show off the price tag.
Again, this all just points to the normalization of cannabis, which means if you own cannabis stocks now, you are still an early adopter and right where you need to be.
Executive Director, National Institute for Cannabis Investors
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2 responses to “This Is the Real Story Behind Luxury Cannabis”
May 30 2019