Patients have purchased 30,648 pounds of medical cannabis since the first dispensary opened in May 2019.
The Arkansas Department of Finance and Administration has reported that medical cannabis sales in the state have surpassed $200 million, according to a KATV report.
Patients have purchased 30,648 pounds of medical cannabis since the first dispensary opened in May 2019, the news outlet reported.
Green Springs Medical in Hot Springs has sold the most cannabis in the state to date at 3,414 pounds, according to KATV.
The legal cannabis industry is about to be bombarded with new customers—members of a distinct generation with new tastes and emerging cultural touchstones.
This year, the oldest members of Gen Z turned 23. That means the legal cannabis industry is about to be bombarded with new customers—members of a distinct generation with new tastes and emerging cultural touchstones.
The HQ Cannabis Brand Affinity report was issued in December 2020 by Headquarters, a strategic advisory studio focused on driving growth for businesses and brands entering the California cannabis market, in conjunction with The Statement Group. The report lays out the lifestyle trends and spending power found among Gen Z (and millennial) customers.
Gen Z is defined as anyone born between 1997 and 2012-2015 (depending who you ask). As of January 2020, according to the report, Gen Z spending power clocked in at $143 billion.
So, what does the younger set gravitate toward? The big topics include: hip-hop and R&B, fashion, social influencers and gaming.
READ MORE: Gen Z and Millennials: A New Age of Cannabis Consumers
“Gen Z and millennial lifestyle cannabis consumers—an often tough-to-reach consumer group—make up a significant share of the cannabis market today,” said Headquarters CEO Daniel Abrahami. “As we head into the holiday season and New Year, these consumers are only expected to take a greater share of the market. … Our hope is that cannabis brands leverage this proprietary data to gain the competitive advantage they’re looking for in this highly competitive space.”
Read the full report here or scroll down for an embedded version.
With the rise of online ordering and cannabis delivery, it becomes incumbent upon dispensary owners to navigate their marketing messages toward the consumer. Often in 2020 and going forward, this can mean getting out of the traditional retail environment and providing a more immersive message.
“From a psychographic standpoint, it's always great to know which cannabis icons like Wiz Khalifa, Seth Rogen or Snoop Dogg resonate with Gen Z and millennial consumers, but those huge names are often not actionable for most budgets,” said The Statement Group Founder Cory Jones. “We dig deeper into the data to uncover everyone that your consumers love—from brands, artists and influencers, who range from 1,000 to 100 million followers. When you know exactly who your audience is interested in, you have a detailed roadmap to develop revenue-driving partnerships, paid media campaigns and social media and native content strategies. It takes the guesswork out of marketing and cuts wasted spends. When you align your brand with your audience's interests, your engagement skyrockets and you build a deeper emotional connection and loyalty with your consumers that lasts years.”
Alignment is key. It’s not like dispensary owners need to partner with Wiz Khalifa to hone their messaging. Rather, these lifestyle trends might allow for more inventive strategies. Advertising + gaming. Music + customer loyalty programs.
As Gen Z grows up, these interests will only grow more important as a broad suite of intersections with the ever-expanding cannabis industry.
“They’re living their life the way they want to live it,” Jennifer McLaughlin, vice president of merchandising for cannabis operator Calyx Peak Companies, told us earlier in the year. “It’s all about the social interaction for them now—socially interacting with cannabis. Market to the fact they have these rich lifestyles. Market to what they’re doing in their lives.”
HQ Brand Affinity Report: Millennials GenZ Cannabis Consumers by sandydocs on Scribd
This acquisition solidifies Pipp’s position as the preeminent Mobile Vertical Grow Rack provider for indoor vertical farming and horticulture industries.
December 10, 2020 – Walker, Michigan – December 10, 2020 – PRESS RELEASE – Pipp Horticulture (a division of Pipp Mobile Storage Systems, Inc., backed by Novacap), a provider of space-saving, multi-level mobile cultivation systems, has announced that it has acquired Vertical Air Solutions LLC. Based in Santa Cruz, Calif., VAS is a leader in providing air circulation systems and related products to the global indoor vertical farming industry.
"We are excited to welcome the entire VAS team, led by innovative entrepreneurs and powered by a dedicated group of employees, to the Pipp family of companies," said Craig Umans, president and CEO, Pipp. "We have gotten to know the VAS team well in recent years, as they have been an integral part of our horticulture business, and their products are the ideal addition to our Mobile Vertical Grow Rack Systems. We look forward to integrating their leading technology into our continually expanding product offering to better serve the fast-growing vertical indoor farming industry."
“In 2017, when our ‘first of its kind’ airflow technology couldn’t fit into standard mobile racking configurations, Pipp Horticulture was prepared and willing to customize their system in order to accept ours. Our companies have since built a strong relationship and we’re excited to make the partnership official.” said James Cunningham, founder of VAS. “We look forward to continuing our focus on innovation, while providing top tier solutions for the vertical farming industry. Pipp’s 40 years of experience in equipment sales and manufacturing is exactly the support VAS needs in order to facilitate our growth into new markets.”
“The acquisition of VAS continues our mission of expanding our product offering to better serve the vertical farming industry. Pipp Horticulture brings a combination of the most knowledgeable and experienced Team along with the best products, competitive pricing and best in class customer service” said Umans.
Unifor will work with its local unions to recommend and propose insurance coverage in collective bargaining agreements for the reimbursement of medical cannabis.
TORONTO, Dec. 18, 2020 (GLOBE NEWSWIRE) -- PRESS RELEASE -- Unifor, Canada's largest private-sector union, and Aleafia Health Inc., have entered a long term partnership that through collective bargaining will seek to provide access for its members to medical cannabis coverage as part of their benefit and insurance coverage.
"This is a landmark agreement, with a union and a medical cannabis company coming together to provide dedicated support through medical marijuana clinics across the country while challenging the stigmas associated with cannabis," said Jerry Dias, Unifor National President. "Partnering with Aleafia Health allows us to fight against Canada's opiate crisis, and improve the lives of patients suffering from chronic pain."
Unifor will work with its local unions to recommend and propose insurance coverage in collective bargaining agreements for the reimbursement of medical cannabis. In turn, Aleafia Health and its affiliates will provide Unifor members with access to its health and wellness ecosystem, including education and training, physician-led consultations, scripting, treatment and, where appropriate, medical cannabis products.
"This is a significant moment for the cannabis industry, and an important breakthrough for medical cannabis accessibility in Canada. Every day, our team of medical professionals see the benefits of cannabis in the lives of our patients," said Aleafia Health CEO Geoffrey Benic. "Due to the progressive leadership of Unifor, and Aleafia Health's well-earned reputation for providing excellence in cannabinoid therapy, we will be able to expand these benefits to union members across Canada."
Increased access to medical cannabis coverage may also provide further cost savings and health benefits to both members and employers, including a reduction in reliance on traditional pharmaceutical prescriptions.
The two parties have signed a binding letter of intent which outlines the terms of one or more definitive agreements. Details of the proposed transaction are to be settled following comprehensive due diligence between Aleafia Health and Unifor, and the closing of the transaction is subject to customary closing conditions, including approval by each party's respective board of directors.
Caldini brings an ideal mix of capabilities and experience to Acreage, having served in several senior leadership positions at major healthcare and consumer packaged goods companies in the U.S. and globally.
NEW YORK, Dec. 18, 2020 (GLOBE NEWSWIRE) -- PRESS RELEASE -- Acreage Holdings, Inc. has announced that Peter Caldini has been appointed as the company’s chief executive officer. He officially joins Acreage on Monday, Dec. 21.
Caldini brings an ideal mix of capabilities and experience to Acreage, having served in several senior leadership positions at major healthcare and consumer packaged goods companies in the U.S. and globally. Earning a reputation as a strong and seasoned leader, Caldini has a proven track record of improving operational efficiencies, strengthening brand equity and creating shareholder value.
Caldini served as President Pfizer North America Consumer Healthcare as well as Regional President Consumer Healthcare of EMEA (Europe, Middle East and Africa) during his time with the company. Prior to Pfizer, Caldini held similar senior leadership positions in other global markets, including China and Europe, while at Bayer Consumer Health and Wyeth Pharmaceuticals. Caldini started his career in brand management at Unilever, where he held various roles with increasing responsibility.
Caldini also brings extensive cannabis capital markets expertise to Acreage, having served for the past 18 months as the chief executive officer of Bespoke Capital Acquisition Corp., a Special Purpose Acquisition Corporation. As the CEO of Bespoke, he helped raise $360 million on the Toronto Stock Exchange with the focus to acquire high growth cannabis companies in the US and around the globe. Additionally, Caldini has served for the past year as a Senior Advisor to Tuatara Capital, L.P., a cannabis-focused private equity fund.
“Acreage is a leader in perhaps the most exciting emerging market opportunity of our lifetime, and I am beyond excited to join the company and help position it for long-term growth and profitability,” said Caldini. “I look forward to guiding Acreage to a clear leadership position in the largest cannabis market in the world, utilizing the company’s proven award-winning brands combined with Canopy Growth’s brands and intellectual property.”
“I am pleased that Peter Caldini is taking the leadership reins at Acreage,” said Kevin Murphy, Acreage founder and Chairman of the Board. “Cannabis is in the early innings of development, and the winning organizations will be those led by executives with a strong track record of success in highly regulated industries, particularly in CPG and healthcare. As Acreage’s largest shareholder, I could not be more confident that the future of Acreage is indeed in great hands with Peter.”
Acreage Board member and Interim CEO William Van Faasen said, “Delivering on our refocused strategy, which we embarked on this summer, has put us on a clear path to profitability. Peter is uniquely qualified to lead Acreage to that important milestone and well beyond. The Board and I have every confidence that the combination of Peter’s deep expertise, the support of our incredible team, and the portfolio of Canopy Growth’s IP puts us in a great position to deliver long-term shareholder value.”
The appointment of Caldini follows a thorough recruitment process overseen by a special Hiring Committee of the Board that was chaired by Board member Douglas Maine. The Committee used the global recruitment company Heidrick & Struggles.
“We met with and vetted many viable candidates for what we believe is among the most attractive positions in cannabis, but it was clear from the moment we met Peter that he was the right executive for the job. We are thrilled to welcome him to Acreage,” said Maine.
Cannabis Business Times’ interactive legislative map is another tool to help cultivators quickly navigate state cannabis laws and find news relevant to their markets. View More
Melissa Schiller
Eric Sandy