About 2 months ago HighBridge predicted a surge in “Large Venue Events” that we thought was worth exploring as part of our retail marketing strategy. HighBridge even established an Events & Promotions Division and appointed an Event Coordinator. Turns out we were right on point! In fact, these events are now starting to show up – and with HUGE success.
The following article, from the August 22, 9019 “Cannabis Profits Daily”, chronicles one such event. More importantly, it validates two important items for HighBridge:
- The amount of money spent on Cannabis at these events is HUGE, and
- Successful events as these will accelerate the granting of licenses for participation
The Music Festival that Launched Cannabis Normalization
We’ve said before that cannabis is hitting the mainstream, and that was evident from the massive sales at this music concert…
We’ve talked before about the normalization of cannabis. Part of that is the Church of England looking into medical cannabis investments. Part of that is a company wanting to become the “Starbucks of Cannabis.”
Normalization also includes CBD companies sponsoring extreme sporting events. And most recently, normalization means music fans can buy cannabis at concerts. Outside Lands Music and Arts Festival is a three-day event that featured a diverse set of musical acts. This year, Paul Simon and Lil Wayne performed. Aside from the music, those who attended the event in San Francisco were also able to listen to comedians, watch artists paint live, and drink everything from bubble tea to beers from the Sierra Nevada Brewing Co.
But this year, there was a special guest: Cannabis. Outside Lands was the first major U.S. music festival to sanction cannabis sales, and attendees could purchase up to seven grams of flower and up to two grams of concentrate products.
Massive Sales at Outside Lands
The festival was a hit, with more than $1 million worth of cannabis products sold.
That’s impressive, but we want to talk about the bigger story here. The first is that this will put pressure on California regulators to act faster and is part of what Greg Miller has called “California 2.0.” One of the reasons the black market is thriving in California is that it has been hard for legal operators to get up and running.
For instance, vendors at Outside Lands were able to sell cannabis outside of a licensed dispensary because the event organizers received a special permit from state and local authorities. However, there has only been around a dozen of those permits issued thus far, according to the Los Angeles Times. Outside Lands also broke new ground with cannabis sales because most of the events that have sold cannabis to the public were cannabis-centric events.
Alcohol was also available at the festival. With the success of Outside Lands, expect to see more event organizers push to have cannabis vendors at their gatherings. The more people get accustomed to seeing cannabis at events like these, the quicker normalization will spread.
Outside Lands was also an excellent way for cannabis companies to reach out to the public and get their names out there. Cannabis consumption was allowed at a section of the festival called “Grass Lands” that was sponsored by the cannabis delivery company Eaze.
There was also a curated space designed by Cresco Labs Inc. (CSE: CL, OTC: CRLBF).
Branding is so important because people like to stick with products from the companies that they like. It’s just like going to Starbucks or being a Ford or Chevy person. You stick with a product because you’re expecting reliable results. It’s the same with cannabis. Products need to offer consistency, and those products need to be available in as many stores as possible.
This was a smart move for Cresco to be a part of this event. Based in Chicago, Cresco now has a firsthand look at how to market cannabis at a large music event. With Illinois legalizing recreational use, the company could eventually sell its products at Lollapalooza, a four-day event with attendance that has previously reached upwards of 400,000.
Music Will Help Normalize Cannabis
Overall, events like Outside Lands are going to be good for the industry.
The stigmas around cannabis use will start to disappear when people start to see it sold at large events. Music and other large events will also help companies with branding. Representatives can talk with potential customers directly and educate them. It still might take some time for more events like Outside Lands to launch, but it’s a good start. In just three days, $1 million worth of cannabis products were sold at the Outside Lands Music and Arts Festival. Imagine a world where cannabis is legal across the United States… a world where the industry could hit $100 billion practically overnight. Now is the time for everyday folks to get involved, before the corporations and big banks potentially drive prices up.