3 Unlikely Industries Cashing In On Cannabis

Millennial research, Millennial insight, Millennial marketing, Gen Z research, Gen Z marketing, Gen Z insight, youth research, youth marketing

As weed goes mainstream, brands and products across the spectrum are tapping into the trend to reach young consumers. We’ve highlighted how three industries are getting unexpected weed makeovers...

Since we first wrote about the the burgeoning “marijuanaconomy” a few years ago, the cannabis industry has exploded--and brands are taking the opportunity to ride the weed wave. Recreational marijuana is legal in nine states and Washington D.C., and medical marijuana is legal in 29 states. This year, more states are set to legalize adult-use as public support of the drug soars to record heights—over six in ten Americans now say the use of marijuana should be legalized, according to a Pew Research Center survey, a figure that increases to 70% among Millennials. Young consumers have been leading the charge in the mainstreaming of weed: 52% of the country's 55 million pot users are Millennials.

But we’re not just talking about the illegal stuff. CBD (the non-psychoactive compound in cannabis) and hemp have exploded as trendy ingredients that surprising industries are adding to their products to appeal to young consumers. While it may still be awhile before we see the political overhaul required for national legalization, that’s not stopping brands and products across the spectrum from jumping in on the hype—and targeting young consumers.

Beauty, food and beverage, and wellness are all getting a cannabis infusion with surprising new products and services. Find out which companies are innovating in their respective industries below, and get a glimpse of what’s next:

Millennial research, Millennial insight, Millennial marketing, Gen Z research, Gen Z marketing, Gen Z insight, youth research, youth marketing1. Beauty

Young consumers love a good miracle ingredient when it comes to beauty trends, which set the industry up perfectly for the next wellness phenomenon—cannabis. CBD oil is making its way into makeup, skincare, and even…

 
 

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Quote of the Day: “My biggest mistake was that in my financial beginnings I did not seek help from an advisor and I did very badly with my investments, but later I was able to recover.”—Male, 33, NY

The Museum of Ice Cream and Sephora are coming together for a sweet collab. Popsicle-shaped lip glosses, sprinkle-filled brushes, and more Instagrammable products are available for a limited time. Collaborations seem to be the MOIC’s latest move to rake in revenue (they also teamed up with Target), and this one makes sense: young consumers are indulging their “treat yo self” moments with makeup, and similar products like Too Faced’s peach and chocolate-themed collections are flying off shelves. (Cosmopolitan)

Sony is debuting their own ode to retro gaming: the PlayStation Classic. Millennial geeks everywhere, rejoice. The tiny console (with mini controllers to match) will include 20 fan favorite games like Final Fantasy VII and Tekken 3. The question isn’t why Sony is doing this, it’s why more companies aren’t doing this after seeing Nintendo’s runaway success with the SNES and NES Classic. Consoles will come to shelves in early December, right in time for the holidays. (TechCrunch)

The next Netflix movie could premiere on IMAX. And It’s not just Netflix: IMAX’s CEO said “all of the streaming” giants are “in active discussions” to bring their movies to the big screen. Streaming services have shaken up Hollywood by premiering big-budget movies with A-list actors on small screens, betting that young viewers prefer their couches to theaters. But while staying in is the new going out for many Millennials, their love of experiences is also bringing back the box office. (THRThe Verge)

Some wealthy Millennials are becoming social justice warriors to make an impact with their extra resources. Members of Resource Generation give 16 times more than they did before joining up, and together they’ve raised $120,000 for an affordable housing organization, donated $135,000 to the Social Justice Fund Northwest, and much more. In our Topline on the topic, 88% of 13-35-year-olds said they think they can make a difference by getting involved. (Business Insider)

Chinese Millennials and Gen Z are turning their attention from livestreaming to short video clips. Douyin, a short video app known as TikTok in the U.S., has over 500 million monthly active users globally. It was even the world’s most-downloaded app for the first half of 2018, according to Sensor Tower, and its rival Kuaishou is racking up users too. Meanwhile, users and stock are dropping for livestreaming platforms—with the exception of esports. (CNBC)

Quote of the Day: “I once spent $30,000 in one year solely on fun things (entertainment, traveling, dining out, etc.).”—Female, 21, PA

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