There is absolutely no doubt on anyone’s mind that women are the backbone of today’s retail industry. According to most consumer reports, women account for as much as 80% of all retail sales. On top of that, Bloomberg has predicted that by year-end, women will have earned an astounding $18 trillion globally. Here is where the cannabis industry needs to stand up and take notice. With cannabis now legalized in some form in 33 of 50 states plus the District of Columbia, there is a huge market and women figure significantly in that audience. Let’s take a look at how women are shaping the future of the cannabis industry.
Health Issues A Significant Factor
Upon the legalization of cannabis, women have begun investigating the benefits of marijuana for such things as menstrual cramps, stress, and even menopause. Strains with high concentrations of CBD are popular, but that doesn’t discount women who find relief from strains heavier in THC. Many women report that they don’t mind the ‘buzz’ as long as they also get the relief they are seeking. In fact, with the stresses of everyday life in the working world, they actually prefer a few hits of weed as opposed to that nightly glass of wine they once enjoyed.
Sales Of Cannabis Infused Cosmetics On The Rise
Cannabis infused cosmetics are becoming so popular that a recent edition of Allure Magazine featured 19 Beauty Products that are made using cannabis in some form. There are mascaras formulated with CBD oil and plant fibers to thicken and lengthen lashes, along with skin creams infused with CBD to repair damaged skin. When it comes to retail sales of health and beauty products, the industry as a whole should cater more to women if they want to reach that 150% growth projected for the next few years. GGB, for instance, is headed by a former exec from Victoria’s Secret and Bath & Body Works, Peter Horvath. This company understands just how important women are to the industry and is taking steps to reach a market that has long been neglected – women.
Proactive Women Take Up the Reins
The bottom line is that more and more women are becoming proactive in their lives from healthcare to their professional careers. In this country alone, there has been a rapid growth of women holding key positions in government as well as in the private sector. Consider for a moment that in 1965, women accounted for only 2% of senators, but in 2018, that figure rose to an amazing 23%. The numbers are expected to expand from there in the coming years. Although only 25 women were listed as CEOs of Fortune 500 companies this year, that number continues to rise over time as women become more proactive in taking charge of their lives.
If the cannabis industry is to truly reach the $50 billion mark by 2026 as forecast by Bloomberg, women need to step up to fill the void. No one knows women better than they do themselves, and this is why so many companies in the cannabis industry are seeking women to fill those key roles. Whether you are a consumer looking for natural remedies or a female business professional, there is huge potential in the cannabis industry and, that’s the bottom line.