Think the market for cannabis is big? Wait’ll you hear about the coming boom in cannabis accessories
Legal pot sales in Canada will reach $6.5 billion by 2020, predict CIBC analysts: encouraging news for those of us in the industry. But wait. That estimate, exciting as it is, doesn’t include sales of accessories — another soon to-be profitable segment of the cannabis market.
Make that, soon-to-be hugely profitable. According to the Marijuana Retail Report, there’s already a rapid growth in related merchandise, with hand-held vaporizers leading the demand. Watch for other related merchandise to catch on, as items that used to be makeshift cheapies go the sophisticated designer route. As well as fancier vaporizers, expect artsy ashtrays, lighters, pipes, rolling papers, keychains, incense burners, candles and diffusers. Oh, and of course gift cards.
CBC News points out that cannabis fashion accessories are also gaining popularity. CBC describes these as “an array of pricey clothing and jewellery that show off the cannabis leaf.”
The advantage of selling accessories, as Skubana reports, is that they don’t come under the same restrictions as cannabis itself. Skubana quotes Mitch Freed, Executive Vice-President, Sales and Strategy for the promotional merchandise company Genumark, as saying cannabis producers are eagerly ordering accessories as a way of “marketing like crazy.”
Skubana concludes, “[The] wide variety of products, the success of marijuana accessories (which currently generate millions per year for retailers), and the unprecedented success of legal cannabis retail show that the cannabis market is not only in demand, but growing rapidly. This is partially tied to the growing acceptance of cannabis around the United States.”
Staying in step with the industry trends: Liberty Leaf’s Signature Cannabis Retail
So how, you ask, does Liberty Leaf carve out its own position in the accessories market? Good question — and good news. Liberty Leaf anticipated this market and in January 2019 we launched our retail company Signature Cannabis.
Liberty Leaf is working on its Signature e-commerce website. The site will offer a quality array of vaporizers, grinders, storage solutions and other accessories. Signature already has agreements certified with major brands. Stay tuned for more details, coming soon.
- BNN Bloomberg on CIBC analysts’ projections for the cannabis market
- The Marijuana Retail Report on the big market for cannabis accessories
- CBC News on how legalization opened the door to this new market
- Skubana report on the intense interest in accessories
- Liberty Leaf’s July 24, 2018 press release “Liberty Leaf Enters Canadian Retail Space with Launch of ‘Signature Cannabis’ ”
Whether you are an investor seeking to include the cannabis industry in your portfolio, or an entrepreneur with a start-up or a strong business idea for the legal cannabis space, Liberty Leaf has the expertise and financial resources to build your portfolio or take your enterprise to the next level.