Cannabis finds a new luxury home

“This is basically the store version of a conference,” said Affirm CBD CEO Chris Finelli, looking at the abundance of tiny, pastel-colored THC products on display at the Society. 5th annual Luxury Meets Cannabis Conference (LMCC).

Finelli did not disparage the event taking place on the 7th floor of a nondescript building, stoned by Hudson Yards; it’s just that he’s been to cannabis-focused events in Las Vegas, where vendors and retailers have to traverse the crypt of vast casinos to connect with potential business partners.

LMCC is an event exclusively for peddlers of CBD (Cannabidiol) and THC (tetrahydrocannabinol); you won’t see any clients roaming around. In fact, the wall signs prohibit both sampling and smoking. The layout is professional and clerical, very reminiscent of an art fair. Each stall has its place, and the flow of the crowds reveals a subtle hierarchy: brands with harder, less tested looks sit on the sidelines, while lovers VC tried and re-realized front and center. It doesn’t smell like weed at all. If anything, it smells like cucumber juice and Chanel Chance Eau Fraîche.

Finelli is right: LMCC has a distinctly Glossier-like feel, as if stellar entrepreneurs from all walks of life share the same subconscious that drives them to make every rose gold vape pen look like a luxury product. point. There’s nothing wrong with that!

Luxury covers the services displayed here, such as Sex, Plz. Fleur Maché wellness patches containing 20mg of hemp per dose, or MIND Naturals CBD Rich Moisturizing Line, is a new line of skin care products that is now completely ubiquitous across the product sector. famous products. I don’t even need to paint a picture, I can just say things like Millennial pink, sustainable packaging or post-twee and you get the gist.

Today, attendees have flocked to Manhattan to discuss the retail business of cannabis products, and where things are headed next. An ongoing challenge is the fact that as it stands, the use, sale, or possession of marijuana over 0.3% THC remains illegal in the United States under federal law. In April, the House of Representatives passed the MORE Act, their second attempt to pass a bill that would remove marijuana from the list of prohibited controlled substances.

But retailers and suppliers at LMCC express certainty that there is a long way to go in the pursuit of popular legitimacy. After the panel discussion, one attendee asked whether health insurers such as Aetna or BlueCross would look forward to considering covering the cost of medical marijuana; One panelist replied that such changes are likely to take place in 15 years or more.

Nico DeLuque, a sales and marketing associate at The Bureau, said: “Right now, everyone is in a position to take advantage of federal legislation and new entertainment markets like New York and New Jersey. come into full operation”. “People are getting deeper into the science of cannabinoids when it comes to creating new products. People are increasingly focusing on cannabis as part of their overall wellness and wellness routine rather than eating a pot of macaroons and being couch-locked, especially on the East Coast. All in all, a lot of expansion, excitement and speculation. ”

Catherine Grimes co-founded the CBD subscription box Allay with her son, who used to work in the pharmaceutical industry. “CBD will be more expensive than Vicodin,” says Grimes. “You can use your prescription card for Vicodin, and it will probably cost you two dollars. CBD will cost you $50 for a tincture, so in my opinion the price alone makes it a luxury product. ”

Plus, in-person shopping and e-commerce for THC products is exploding. Marijuana has grown into a $61 billion industry, and it’s recreationally legal in 17 states.

James Choe is Chief Strategy Officer at Flora Growth (manufacturer of MIND Naturals) and founder of Vessel, a brand of vape pens with “top-of-the-line batteries built to power any oil.” For Choe’s venture, one of the next steps is to tap into well-established spaces; in particular, sweet talk to LMCC roaming retail and department store buyers, waiting to be flirted. “Some of our brands are carried by a variety of drugstores. MIND Naturals is on Walmart.com,” Cho said. “We will push harder into more traditional beauty stores.”

Was his wildest dream to get MIND Naturals into Sephora? “Absolutely right where the customer is. But we are also well versed in the direct-to-consumer sector. “Plug mentality never fails.

Thomas Winstanley, VP of Marketing at Theory Wellness, an East Coast-based cannabis brand, revealed an anecdote about the 15,000-square-foot location the company is working to open in Medford, MA. “There are no static designs in cannabis retail,” says Winstanley, encouraging business owners to invest in large spaces: some operations may need a freezer while others may need a freezer. cellars for beverages, depending on the product they’re selling.

It helps that famously liberal Massachusetts has just begun licensing cannabis distribution, a move that will make things significantly easier for up-and-coming THC entrepreneurs looking to succeed big in the Boston area.

The elephant in the all-white boardroom: the number of constant arrests and detentions related to marijuana in the US.

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According to the American Civil Liberties Union, marijuana arrests now account for more than half of drug seizures in the United States. Federally, possession of marijuana carries a penalty of up to a year in prison and a minimum first-time fine of $1,000. And even though the rates of use were essentially the same, blacks were 3.73 times more likely to be arrested for marijuana than whites.

Sarah Michel, founder of Canna Culture Connect, said: “One thing I would like to see here next year is a little more diversity. “Cannabis is an industry built on the backs of blacks and browns. Now we have MRTA [Marihuana Regulation and Taxation Act] Laws make marijuana legal [in New York]With other states looking to us as role models, I think it’s more important than ever that initiatives and programs for equality and social inclusion get in place from the start. “

The current centerpiece of Brianna Horton’s business, POSHHEAD, is an Alfajores cookie, a dulce de leche shortbread she makes with cannabis-infused butter.

Horton came to the conference looking to be inspired, but “that’s what I not yet I find that tricked my imagination,” she said. “I expect to see a lot more hair products when you start thinking about what cannabis can do and how helpful it can be for inflammation. I also don’t see much Black hair care. I came here to confirm that I was on the right track, and now I’m really just trying to find something I’m passionate about.”

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https://www.thedailybeast.com/cannabis-finds-a-new-luxury-home?source=articles&via=rss Cannabis finds a new luxury home

Hung

Hung is a Interreviewed U.S. News Reporter based in London. His focus is on U.S. politics and the environment. He has covered climate change extensively, as well as healthcare and crime. Hung joined Interreviewed in 2023 from the Daily Express and previously worked for Chemist and Druggist and the Jewish Chronicle. He is a graduate of Cambridge University. Languages: English. You can get in touch with me by emailing: hung@interreviewed.com.

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