Cannabis going high end with Barneys Department Store
February 20th 2019
Barneys to Open Legal Luxury Cannabis Shop
While we see a tailwind of laws and regulations regarding cannabis globally, forefront wellness store Barneys New York Inc. takes a pivotal leap in launching its own legal luxury cannabis shop in March. In a Facebook post on 12th February, Barneys gives a sneak peek of a competitively landscaped and inviting mini shop to be named, none other than, “The High End”. It will be in Barneys Beverly Hills and will feature Cannabidiol beauty products, Beboe limited edition silver vape pens, gold rolling papers, jewellery, and other exclusives.
The Demand for High-End CBD products
"CBD products are the next big thing in beauty, "says Neiman Marcus' beauty buyer Kim D'Angelo. This brand has just also recently been cashing in on the demand for products with cannabidiol while hoping that there will be changes in law and regulations that could soon benefit retailers. Putting aside the beauty industry, there is also a high demand for health and wellness.
The development of the medicinal cannabis market includes increasing acknowledgement of health and therapeutic benefits, increasing plea for cannabis in the treatment of several illnesses such as cancer and other auto-immune diseases, and the rising number of research and development activities.
Marijuana and hemp have so far 85 recognized cannabinoids and CBD is one of them. Different from tetrahydrocannabinol (THC), CBD is not psychotropic. In other words, it won’t cause a high and won’t alter the brain functions. To support this claim, worldwide studies have confirmed that CBD evidently possesses a powerful array of healing benefits, including antioxidant and neuroprotective properties.
How ‘The High-End' Sells
An excellent initiative, Barneys is partnering with Beboe, an upscale cannabis company based in California that produces luxury products. Dubbed as The Hermes of marijuana, they are the famous makers of Instagram-worthy cannabis vaporizer pens and edible pastilles. This partnership has literally placed cannabis in the limelight. Since cannabis is still a scheduled drug that’s under regulations, the store will not sell marijuana openly. Barneys will have samples of Beboe’s products on display and representative from the said cannabis company will be in sight to educate people about what they sell. There will also be a delivery service so people who want their products can order immediately. The concept is for consumers to feel, touch and have the product delivered to them shortly. Furthermore, this allows non-consumers to get familiar with cannabis in a valued and controlled setting, with high hopes that their minds are renewed, and the stigma is removed.
The Next Gold Rush
If you look at any plant-based industry, the scalable value is so huge. The worldwide medical cannabis market is expected to develop significantly from USD 8.28 billion in 2017 to USD 28.07 billion in 2024 and at a CAGR of 19.1% from 2018 to 2024, according to data published by Energias Market Research. The widespread global legalization and regulation of cannabis are believed to be the number one driver for this rapid growth rate. The world is clamouring for well-defined commercial products and this will, in addition, mark the creation of revolutionary brands.
Cannabis Use, Social Norms, and Legal Status
Over the past decades, many countries have started looking at permitting and regulating the medical use of cannabis. The researches and experiments are intended to provide a solution for patients who suffer from unbearable medical conditions. The European Monitoring Centre for Drugs and Drug Addiction (EMCDDA) is strengthening cannabis control by targeting drug supply and trafficking, rather than personal use and minor possession. Portugal and the Netherlands have also permitted cannabis use. The legalization of cannabis in Uruguay, Colorado, and Washington, where recreational cannabis use has been legalized with control, have been accompanied by increasing support for decriminalization and legalization of cannabis across the United States, Mexico, Central and South America and many European countries. The states of Colorado and Washington have established 21 as the minimum legal age for buying cannabis. Additionally, cannabidiol itself is not listed in the Controlled Substances Act like THC and marijuana. With the latest influx in the market and the need for strongly defined regulations, consumers are advised to educate themselves to ensure they are purchasing high-quality CBD.
Handbook of Cannabis and Related Pathologies, Victor R. Preedy
State of Washington, 2011