For an industry that’s supposed to emphasize relaxation, cannabis has surprisingly zero chill. This year marked another 365 days of high excitement and anxiety, as the push-and-pull of economic opportunities and legal hurdles combined into a dizzying cocktail that left us all feeling, well, a little high. Let’s recap some major themes:
♻️ Regulatory Run-Around This year proved that no assumptions around cannabis were safe – even in weed-loving California. The Golden State has been one of the leaders in legalizing and professionalizing a new marijuana economy, but the arrival of hemp-derived THC products pushed liberal leaders into something of a bind: turn a blind eye to a rapidly growing and unregulated channel, or seek to incorporate intoxicating hemp-based products into the existing state cannabis bureaucracy, which governs regulated licensed sales. The result – an emergency ban on hemp-derived THC products that’s in effect until March – reflects just one side of the issue: in Minnesota, over 3,000 retailers are now selling hemp THC drinks. 💻 Market Moves Online As government officials stroked their chins in search of ways to corral the runaway hemp market, cannabis beverage entrepreneurs (as well as more big players) continued to find plenty of white space online. This year saw both Wana Brands (a subsidiary of Canopy Growth) and Curaleaf introduce their own online hemp-derived THC stores to sell their own respective products, including beverages. Also powered by rising brands like Brez, the direct-to-consumer shift underscores how consumer demand – influenced in part by declining alcohol consumption and lack of retail availability in many states – is strong enough to make an online-centric cannabis drink business economically viable. 🤩 Make Way for the Stars If George Clooney can make a credible tequila, then surely Snoop Dogg can be trusted with weed drinks. As noted in Brightfield Group’s most recent hemp-THC report, celebrities and influencers are becoming more prominent as the category matures, giving space for everyone from Mike Tyson to former Minnesota Gov. Jesse Ventura to new homegrown public figures to have a voice. It’s something of an echo of CBD’s moment from several years back, when names like Martha Stewart and Whoopi Goldberg served as familiar ambassadors to consumers encountering a new category. This past year saw heavyweight cannabis advocates and entertainers – Snoop Dogg and Seth Rogen, with Do It Fluid and Houseplant, respectively – make splashy debuts, but as competition increases, will those names give brands a winning advantage? Insiders can read the full recap of the year in cannabis beverages on BevNET.
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