As consumers become more aware of the emerging cannabis market, brands are responding with more unique positionings. Companies are segmenting the market from a budget, standard, premium and luxury standpoint, matching product types to each segment and its corresponding consumers. One of the largest segments driving innovation is the luxury cannabis sector. Designer paraphernalia, such as high-priced bongs, 3D printed glass pipes, even high-end beauty products, are moving the traditional pricing structure of their respective categories. Luxury brands such as Defonce, Beboe, and Jungle Boys, have garnered the epithet of the “Hermes of Marijuana”, offering high priced flower strains, designer vaporizer pens and edible pastilles.
CBD Takes over the Beauty Industry
The beauty industry has targeted CBD as its next growth segment as they launch infused mascara, lotions, balms, and creams. Research indicates potential health benefits for beauty consumers and the current regulatory landscape is conducive to topicals and other beauty products. High end retailers like Lord & Taylor, Barneys, Neiman Marcus, and Sephora are leading the way and national drug chains like Walgreens and CVS are also stocking products.
While CBD and cannabis are both rapidly emerging players in the luxury space, there are some differences in the purchasing habits of their consumers:
Furthermore, as high end retailers recruit influencers for their marketing efforts, the social landscape is flooding with an increasing amount of posts related to CBD topicals. Below is the monthly Instagram volume for CBD topicals: