As more states and countries around the world legalize marijuana, a new trend is emerging where some consumers are ditching the “cheap, generic” cannabis for specialty “craft” products. Millennials are the largest fraction of this connoisseur group of consumers.
It is true that marijuana prices have been dropping like a rock ever since cannabis was legalized in different states. Such price drops target making marijuana affordable to the mass market that is simply interested in getting hold of some cannabis for recreational (adult-use) or medical purposes.
Like all products, however, a segment of the consumers is more discerning and is willing to pay more for an artisan product which is superior to the mass market variety.
These high-end consumers pay more attention to the specific characteristics of the different strains and where those strains were grown (and, of course, how they were grown).
The tastes of these high-end consumers would not widely differ from what is seen in the wine industry where certain consumers look down on those who imbibe the cheap stuff. Call it some form of snobbery if you like, but it is a differentiation in the market that can make some entrepreneurs very rich once they address the needs of those niche markets.
It isn’t far-fetched to think of an “appellation system” for the cannabis industry where some strains are legally connected to certain geographical locations. Once again, lessons abound in the wine industry where champagne is from a particular region of France for quality reasons. The same can easily exist for the marijuana industry.
More attention is likely to be paid to the quality of marijuana as the industry matures. Don’t imagine that quality is entirely dependent on how much THC or CBD is in a given product. After all, alcohol quality doesn’t depend on the alcohol content of a given alcohol brand.
Other attributes, such as flavor, mood enhancement and medicinal value, will take on increasing importance for both cultivators and consumers.
All these benefits will start taking shape when cannabis is legalized more widely, such as at the federal level in the US. As things stand, companies are barely able to make a profit from the mass market, so it can be hard for them to invest for niche markets that aren’t sizeable enough as yet.
For now, one can only look forward to a future where there will be cannabis on the shelves for every kind of consumer, including those who demand and can afford artisan marijuana products. Green Hygienics Holdings Inc. (OTC: GRYN), GreenBox POS, LLC (OTC: GRBX) and other cannabis companies feel that future isn’t as far off as one may think.
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