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- Barneys New York is entering the cannabis industry with the opening of a head shop called The High End in its Beverly Hills store, according to The New York Times.
- The High End will offer luxe cannabis products, marijuana-inspired jewelry, CBD infused beauty products, and paraphernalia, including a $1,475 pot grinder.
- The move caters to Barneys’ customers who have made cannabis part of their lifestyle, a Barneys executive said in a press release.
Barneys New York is taking its product offerings one step higher.
The luxury department store is making headway in the cannabis world with the upcoming March debut of its head shop, The High End, in its Beverly Hills location, reported Alex Williams of The New York Times.
"Barneys New York has always been at the forefront of shifts in culture and lifestyle, and cannabis is no exception," said Daniella Vitale, Chief Executive Officer & President of Barneys New York, said in a press release. "Many of our customers have made cannabis a part of their lifestyle, and The High End caters to their needs with extraordinary products and service they experience in every facet of Barneys New York."
That includes a sterling silver $1,475 pot grinder, both organic and gold rolling papers, leather ashtrays and lighters by high-end Italian designer GioBagnara, and a $950 bong, according to Williams and the press release. The Head Shop will also sell jewelry, like grinder necklaces, and CBD-infused beauty and wellness products.
It will also offer luxe cannabis products such as silver vape pens as part of an exclusive collaboration with Beboe, an upscale cannabis company dubbed the "Hermés of marijuana," according to Williams.
Barneys plans to roll out head shops in its other California locations and possibly in New York if recreational cannabis is legalized there, Williams reported. But if you don’t live in either state, you can also buy The Head Shop’s offerings at Barneys.com, according to the press release.
The Head Shop’s aesthetics are supposed to be as elevated as its offerings, more "Malibu home than gritty Venice Beach dispensary, with plenty of glass, patinated brass, and raw marble," as part of its "move to court chillaxed influencers," Williams wrote.
The move comes at a time when the cannabis industry is growing — legal marijuana is set to hit $75 billion in sales by 2030, according to a note from analysts at investment bank Cowen, and could eventually become a bigger market than soda, Business Insider’s Jeremey Berke previously reported.
And it’s not just retailers like Barney’s getting involved — executives are stepping down from big retail brands and consumer-packaged-goods companies to tap into the industry, which could become worth $194 billion globally if more countries legalize the drug, Berke reported.
According to Chris Burggraeve, a former executive who founded upscale marijuana brand Toast, strategically crafting a weed store can be a multi-billion dollar opportunity.
Read the full New York Times article here »
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Source: Business Insider