High Yield Insights Archives - Green Market Report

Debra BorchardtDebra BorchardtJuly 23, 2018
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A new report from High Yield Insights has determined that women are the biggest fans of cannabis edible products. The Chicago-based research firm studied the cannabis consumers in the legal status and found that when it came to edibles, consumers “more likely to be lighter users (using one time or less per month), newer to using (less than 5 years), female, college educated and high-income
earners.”

The report also learned that while many users often try their first edible in a recreational setting, many medical patients al prefer this category of consumption. The study noted that 41% of the people that responded increased their edible consumption after cannabis became legal.

“To anticipate the cannabis market’s direction, companies need to understand the customer’s mindset and purchase journey. We’re finding many customers are receptive yet ill-informed or hesitant due to unsatisfactory first experiences,” said Mike Luce, co-founder of High Yield Insights. “Customer journeys may be well-worn paths in traditional consumer packaged goods but are relatively new in cannabis. By understanding how consumers make decisions, manufacturers are better able to identify ways to improve the purchase experience and, ideally, enhance their product lines.”

It’s no surprise then that the number one best selling edible product in Colorado is a gummy from a woman-owned company called Wana Brands. According to a March 2018 report from BDS Analytics, Wana recently beat other Colorado cannabis companies to become the state’s No. 1 overall cannabis brand, selling more units and dollars than any other company.

“At Wana Brands, our focus has always been on making top-quality cannabis-infused edibles that meet our customers’ needs. They can trust Wana to deliver the most flavorful and consistently effective products, and this has helped propel us as the leading Colorado cannabis brand,” said Nancy Whiteman, Founder & CEO of Wana Brands. “Every day, consumers are learning more about the benefits of CBD and are seeking out this cannabinoid, and we’ve answered the call with a new take on our popular sour gummies featuring the citrusy Yuzu.”

Edible Bans

Still, edibles have recently come under fire as some states have begun to ban such products. The California Department of Public Health’s Food and Drug Branch changed its FAQs last week and banned the use of CBD products derived from hemp. The department claims that since the Food and Drug Administration (FDA) has not approved hemp derived CBD as a safe ingredient in food, then it should not be allowed.

Just a couple of weeks ago, the Arizona Court of Appeals ruled that medical cannabis extracts called hashish did not fall under the Arizona Medical Marijuana Act and could no longer be sold in dispensaries. The ruling though could be applied to edible products made with cannabis oil which is also an extract.  The ruling is causing a great deal of confusion and it is expected to be asked to be repealed. Many edible makers in Arizona have vowed to continue producing their products.

In the meantime, brands are finding that if women are their biggest customers, then it will make sense to market their products towards them. Hopefully, that doesn’t mean pink packaging and curly script fonts.



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