Cannabis Goes HIGH End
If you look closely at the runways of today’s luxury designers, you’ll notice a certain leafed plant beautifully gracing pieces worn by the models. Cannabis motifs are slowly beginning to emerge in the luxury market as marijuana begins to become legalized in several states throughout the country. Medical marijuana is legal in 28 states (including Washington D.C.) and is fully legal in 8 states (including Washington D.C.). Overall support of legalization of marijuana has risen with Americans over the years, with 60% in support in 2016 as opposed to 36% in 2005. The legal marijuana industry is already at $5.7 billion as of 2015, and is expected to surpass $22 billion in 2020. Entrepreneurs are taking notice and have started to capitalize on the growing industry. Tetra, is an e-commerce site that sells marijuana instruments such as rolling papers, pipes, and fog pins. Among their products are a $1,250 lighter and ashtray set and a $550 seed bowl. Beboe is an upscale marijuana brand based in California co-founded by former Yoox president, Clement Kwan. Launching in early 2017, they will sell low-dose marijuana products which include $25 pastilles with 5mg of THC/CBD and $60 pre-filled vaporizers with low doses of THC/CBD oil. Luxury wine and spirit companies should start think about investing into branded marijuana in the future being that global consumption of alcohol saw a 0.7% decrease in 2015, the first drop since 2001. Major luxury conglomerates like LVMH and Kering entering the marijuana industry can further change the perception of marijuana and further catapult it into upscale market.
(Source: Business of Fashion)














