420 with CNW — Data Suggests Celeb-Backed Cannab
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Posted On: 07/20/2023 4:56:48 PM
420 with CNW — Data Suggests Celeb-Backed Cannabis Brands Perform Better
Data from the cannabis-focused online publication MJBizDaily has revealed that celebrity-backed cannabis brands are performing better than traditional brands. Cannabis brands with celebrity endorsements take advantage of the hundreds of thousands to millions of fans and massive social media followings of celebrities to create buzz about their products and attract customers.
Unlike other industries, players in the cannabis sector are subject to extremely strict marketing and advertising rules that prevent them from marketing their products in most conventional advertising spaces. One of the tactics such companies have adopted to circumvent advertising restrictions is partnering up with various celebrities to endorse their products.
A comparative analysis of cannabis sales data from celeb-backed brands and traditional brands by MJBizDaily found brands that leverage celebrity endorsements tend to attract more customers. In California, for instance, brands such as Cann, which has more than 40 celebrity shareholders and the endorsement of celebrities such as Rosario Dawson and Gwyneth Paltrow, outsold conventional brands in Q1 2023 by a healthy margin, MJBizDaily says.
Data from Headset, a marijuana industry analytics provider based in Seattle, also shows that cannabis products from celebrity brands tend to be cheaper. Given that America’s state-level cannabis industry has been grappling with high product prices, these brands attract more customers by making their products more affordable.
Headset found that while traditional brands sold an average of $26,591 in the first quarter of 2023, nearly 10 celebrity brands sold significantly more than that in the first three months of the year. For example, Cann sold $751,760 worth of cannabis products, Houseplant (Seth Rogen) saw $377,193 in sales, and Tyson 2.0 (Mike Tyson) sold $290,607 in cannabis products.
Khalifa Kush Enterprises, which is owned by rapper Wiz Khalifa, sold $209,607 worth of cannabis products while Carlos Santana’s Mitaro by Santana saw $134,688 in cannabis sales. Cann Social Tonics, the highest-selling celebrity brand in the country, outsold conventional brands by more than 30 times, indicating just how much traction such brands are gaining in the market.
On top of attracting multitudes of fans to their brands, celebrity brands find it easier to connect with partners, resulting in the creation of exciting promotions and keeping interactions with customers meaningful and satisfying. The brand manager for celebrity-backed cannabis lifestyle brand 22-Red (founded by the bassist of heavy metal band System of a Down and entrepreneur Shavo Odadjian) also notes that celebrity events such as meet and greets at retail cannabis outlets significantly increase engagement and help to drive sales.
Unlike traditional entrepreneurs, celebrities have plenty of equity with their followers and fans, Punjabi said, noting that “influence is king” in 2023.
The celebrity-endorsed companies are probably leading to a greater procurement of cultivation equipment, such as the grow pods offered by companies, including Advanced Container Technologies Inc. (OTC: ACTX), to meet the needs of thriving businesses.
NOTE TO INVESTORS: The latest news and updates relating to Advanced Container Technologies Inc. (OTC: ACTX) are available in the company’s newsroom at https://cnw.fm/ACTX
Please see full terms of use and disclaimers on the CannabisNewsWire website applicable to all content provided by CNW420, wherever published or re-published: http://CNW.fm/Disclaimer
Data from the cannabis-focused online publication MJBizDaily has revealed that celebrity-backed cannabis brands are performing better than traditional brands. Cannabis brands with celebrity endorsements take advantage of the hundreds of thousands to millions of fans and massive social media followings of celebrities to create buzz about their products and attract customers.
Unlike other industries, players in the cannabis sector are subject to extremely strict marketing and advertising rules that prevent them from marketing their products in most conventional advertising spaces. One of the tactics such companies have adopted to circumvent advertising restrictions is partnering up with various celebrities to endorse their products.
A comparative analysis of cannabis sales data from celeb-backed brands and traditional brands by MJBizDaily found brands that leverage celebrity endorsements tend to attract more customers. In California, for instance, brands such as Cann, which has more than 40 celebrity shareholders and the endorsement of celebrities such as Rosario Dawson and Gwyneth Paltrow, outsold conventional brands in Q1 2023 by a healthy margin, MJBizDaily says.
Data from Headset, a marijuana industry analytics provider based in Seattle, also shows that cannabis products from celebrity brands tend to be cheaper. Given that America’s state-level cannabis industry has been grappling with high product prices, these brands attract more customers by making their products more affordable.
Headset found that while traditional brands sold an average of $26,591 in the first quarter of 2023, nearly 10 celebrity brands sold significantly more than that in the first three months of the year. For example, Cann sold $751,760 worth of cannabis products, Houseplant (Seth Rogen) saw $377,193 in sales, and Tyson 2.0 (Mike Tyson) sold $290,607 in cannabis products.
Khalifa Kush Enterprises, which is owned by rapper Wiz Khalifa, sold $209,607 worth of cannabis products while Carlos Santana’s Mitaro by Santana saw $134,688 in cannabis sales. Cann Social Tonics, the highest-selling celebrity brand in the country, outsold conventional brands by more than 30 times, indicating just how much traction such brands are gaining in the market.
On top of attracting multitudes of fans to their brands, celebrity brands find it easier to connect with partners, resulting in the creation of exciting promotions and keeping interactions with customers meaningful and satisfying. The brand manager for celebrity-backed cannabis lifestyle brand 22-Red (founded by the bassist of heavy metal band System of a Down and entrepreneur Shavo Odadjian) also notes that celebrity events such as meet and greets at retail cannabis outlets significantly increase engagement and help to drive sales.
Unlike traditional entrepreneurs, celebrities have plenty of equity with their followers and fans, Punjabi said, noting that “influence is king” in 2023.
The celebrity-endorsed companies are probably leading to a greater procurement of cultivation equipment, such as the grow pods offered by companies, including Advanced Container Technologies Inc. (OTC: ACTX), to meet the needs of thriving businesses.
NOTE TO INVESTORS: The latest news and updates relating to Advanced Container Technologies Inc. (OTC: ACTX) are available in the company’s newsroom at https://cnw.fm/ACTX
Please see full terms of use and disclaimers on the CannabisNewsWire website applicable to all content provided by CNW420, wherever published or re-published: http://CNW.fm/Disclaimer
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