High Hopes
Cannabis’s transition from taboo to mainstream
Encouraged by the growing number of states rolling back cannabis laws, entrepreneurs have gotten creative. Business Insider reported $9.7 billion in retail marijuana sales in 2017 alone, and projects $24.5 billion by 2021. With those numbers, retailers have begun using their lucrative gains to invest in themselves to represent their product in a sophisticated presence.
MedMen is a retailer aiming to normalize marijuana and target a broader consumer demographic through user experience. Inside their newly opened Fifth Avenue location dressed up to the likes of an “Apple Store”, customers explore inventory on iPads and consult with polished pharmacists while sipping champagne. Native Roots Dispensary is another leading dispensary chain in CO through their community outreach, local partnerships, education, local brand recognition, and social media presence – “we put the HASH in hashtag.” With dozens of license holdings and major financiers, Native Roots is emerging as a major established retailer.
By focusing on in a customer-based retail experience and alternative health benefits, these dispensaries are using innovation to dispel the stigma of retail cannabis. Major hurdles still lie ahead for owners, though, as lease agreements for these unique tenants will challenge landlords with lease structure, waivers, and legality, as stated by Canna Law Blog.
This story is brought to you by guest writer Brandon Graska.
Sources: Business Insider (December 8, 2017) | Canna Law Blog: Marijuana Lease Checklist | Image: Bryan Steffy/Getty