This is how cannabis companies are winning over the #1 consumer in the country…
It was a beautiful early summer day…
The sun’s rays were glistening over the river and through the store windows. The breeze was crisp. And the tourists were starting to make their way over to the coast.
As I watched folks come in, I noticed something a little different: more women were walking into my dispensary.
Throughout the day, women accounted for about 45% of my traffic count. That’s a 50% jump from what I normally see. The next few days were the same: women were undoubtedly coming in more often.
I can’t say this was totally unexpected.
According to BDS Analytics, 45% of cannabis users are women.
And Harvard Business Review found that women make up 70% to 80% of all consumer spending decisions. After all, by 2018, the global income of women made up a staggering $18 trillion.
This is much more than just a trend.
Here’s how the top players in cannabis are capitalizing on the incredible buying power of women…
Women Are Buying More Cannabis
The idea that men were more likely to walk into a dispensary was a fluke – a trend that wouldn’t stand the test of time – and one that was more reflective of the past than the future.
You see, back in the black-market days, dealers tended to be sketchy.
But as the medical cannabis market opened up, the business of selling weed started to mature. At first, most shops looked like holes in the wall. But every year, we see more beautiful stores hitting the market, with the goal of looking like any other retail establishment.
This made consumers – especially women – more comfortable with going into a dispensary. And traffic kept moving higher.
It was only a matter of time before women became more relaxed with cannabis and began driving a larger percentage of the spending decisions.
And that’s exactly what I’m seeing.
A year ago, more men walked into my dispensary telling me what they were going to buy their spouse. Now, I’m seeing an increasing number of women walking in, telling me what they’re going to buy their significant other.
This is an important development. Because to this day, most cannabis products – with strain names like Hater Tears, Motorbreath, and Hazmat OG – are targeted toward men.
And women aren’t usually looking for the same thing as the average person walking into the store is.
Women’s Unique Interest in Cannabis
A 2019 report from Headset found that women were more likely than men to try capsules, topicals, and sprays. And while the women who responded said they were interested in THC – the psychoactive ingredient in cannabis – they were more interested in how CBD could help with issues like menstrual cramps, sensitive skin, or aches and pains.
I’ve seen this first-hand. Women who walk into my store are far more likely to buy topicals or products that have an even amount of THC and CBD.
Mary Pryor, the CEO of Cannaclusive, explained, “women want to know what gets the job done without having to do too much work to know what we’re going to get.”
I can tell you that my conversations with female customers last much longer than with men. Ladies tend to have a lot of questions, and with all the misinformation out there, they want someone they can trust to lead them to the experience they’re looking for.
They’re buying different products, and the companies that are paying attention to the needs of this powerful buying group are reaping the benefits.
Capturing the #1 Consumer in This Country
Some companies, like the California brand, Beboe, are attempting to capture the female market with luxury cannabis products. Clement Kwan, an executive who founded Beboe, said, “all our products are for a dinner party or cocktail party-and then how you recover from it.”
What Beboe has found is that when you locate dispensaries next to high-end stores, people will come in from a place like Barney‘s to explore new cannabis products. They may tell you that they haven’t smoked in a long time – but they’re definitely interested in the high-end products Beboe is distributing.
Over time, Beboe has grown a customer base primarily made up of women. And I have no doubt they’ll continue outperforming the industry after being bought out by Green Thumb Industries (OTC: GTBIF).
With the ability to spread out through more stores and states, thanks to Green Thumb, Beboe’s sales will grow rapidly as women in newly recreational states start walking into dispensaries to see what might appeal to them.
And as Beboe keeps capturing the number one consumer in this country, Green Thumb Industries stands to benefit in a huge way.
All the best,
Advisory Board Member, National Institute for Cannabis Investors
6 responses to “Winning Over Women With Luxury Cannabis Products Is the New Way to the Top”
July 06 2020