Post on 26-Jun-2020
Edibles & Infused Products Part II: Potency, Palate & Price: What Consumers Really Care About
Tripp Keber
Dixie Elixirs & Edibles, LLC
Let’s Get Down to Business!
Cannabis infused products Its more than marijuana, its about creating an experience.
© 2013, National Cannabusiness Conference & Expo . All rights reserved. Twitter: #cannabizcon
Potency, Palate & Price: What’s in an Infused Product?
Dixie
Consumer (Marketing)
Engagement
Education
Web/Social Media
Cultivate
Strain
Volume
Consistency
Science
R&D
Innovation
Lab Testing
Production
Production of Goods
Consumer Safety
Sales
Distribution
Retail Sales
Risk Management
Security
Inventory Control
Legal
© 2013, National Cannabusiness Conference & Expo . All rights reserved. Twitter: #cannabizcon
• Males aged 21-50 • Females aged 30-65 • Household income
range of $50,000 to $150,000 a year.
• Education: Some college or advanced degree.
• Currently medicinal use
Who is an Average Infused Cannabis Consumer?
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Trend Alert: New Markets = Broader Infused Product Awareness & Demand
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What do consumers really care about?
Potency, Palate, Price.
© 2013, National Cannabusiness Conference & Expo . All rights reserved. Twitter: #cannabizcon
• Variety • Efficacy • Quality • Discretion • Empowerment
What Does an Average Cannabis Consumer Want?
© 2013, National Cannabusiness Conference & Expo . All rights reserved. Twitter: #cannabizcon
Consumers Want Variety of Delivery Systems
- Drinks - Edibles - Tinctures - Capsules - Topicals - Vaporization - Soft gel caps - Edible film strips
© 2013, National Cannabusiness Conference & Expo . All rights reserved. Twitter: #cannabizcon
Consumers Want Products That Offer Efficacy and Quality
• Lab testing to substantiate dosing claims
• Products that encourage wellness, not intoxication
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Consumers Want Discretion
• Products that are easily transportable
• Products that don’t have a cannabis odor
© 2013, National Cannabusiness Conference & Expo . All rights reserved. Twitter: #cannabizcon
Consumers Want Education and Empowerment
• Cannabinoid uptake information and benefits
• Direct accessibility Web/Phone/Social Media/Educational resources
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Trend Alert: Women Are the Untapped Market
• Women are a growing demographic for medicinal and adult markets
• Make majority of healthcare, entertainment decisions
© 2013, National Cannabusiness Conference & Expo . All rights reserved. Twitter: #cannabizcon
PALATE Creating the experience.
© 2013, National Cannabusiness Conference & Expo . All rights reserved. Twitter: #cannabizcon
Palate is More Than Just Taste Market research indicates that consumers care about more than just getting high. They want infused beverages and edibles that: • Are visually appealing
both in packaging and product
• Are delicious
© 2013, National Cannabusiness Conference & Expo . All rights reserved. Twitter: #cannabizcon
Trend Alert: Most Consumers Think Marijuana Tastes Awful
Consumers are savvy – They want edibles in a variety of both delivery systems and grown-up flavors
Chocolate is a favorite to effectively cover up the flavor of marijuana, rendering it more palatable
Marijuana flavor – appreciate it or hide it? © 2013, National Cannabusiness Conference & Expo . All rights reserved. Twitter: #cannabizcon
Palate Trend Alert: Terpenoids
High-end consumers pairing cannabis terpenoids with food flavors. Pairings include:
• Alpaha-phellandrene: Mint with chocolate • Limonene: Lemon meringue torte • Myrcene: Mango and lemongrass Thai chicken • Sabinene: Green tea beverage
© 2013, National Cannabusiness Conference & Expo . All rights reserved. Twitter: #cannabizcon
POTENCY Consistency is key
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Potency: Cultivation Equals Growth
• Inspect what you expect
• Volume
• Strain specific • THC • CBD • CBN • CBG
© 2013, National Cannabusiness Conference & Expo . All rights reserved. Twitter: #cannabizcon
Potency: Extraction Methodology is Important
• CO2 extraction is “cold”: • Botanical oil extractions
can be done at temps native to botanical material, minimizing thermal degradation of plant material, extracted oil
© 2013, National Cannabusiness Conference & Expo . All rights reserved. Twitter: #cannabizcon
Potency for Two Markets
• Medical use consumers want understandable, manageable levels to manage health concerns
• Adult use consumers want scalable potency to enjoy psychotropic effects of the plant
© 2013, National Cannabusiness Conference & Expo . All rights reserved. Twitter: #cannabizcon
Potency for Different Markets
• Medical patients use cannabis to treat chronic pain, insomnia, wasting syndrome, nausea, seizures and PTSD
• Higher doses of cannabinoids are often used for patients dealing with serious health issues
© 2013, National Cannabusiness Conference & Expo . All rights reserved. Twitter: #cannabizcon
Potency: Lab Testing Insures Quality Science
• Guarantee consumers have potency they deserve
• Establish appropriate testing protocols & partnerships with MMJ testing facilities, ISO 17 025 chemical analysis facilities
• Batch and random testing for “Raw Plant Materials”, Cannabinoid “oils & extracts” and finished product
• Testing to validate dosages
© 2013, National Cannabusiness Conference & Expo . All rights reserved. Twitter: #cannabizcon
Trend Alert: Cannabidiol (CBD) as a Celebrity Cannabinoid
• Antioxidant • Anti-inflammatory • Anti-spasmodic • Reduces neurotoxicity • Assists with neuropathic
conditions • Addresses chronic pain
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PRICE Where it all adds up.
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Price: Cultivate or Outsource?
• Quality is key • Plant material
grow your own or outsource?
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Trend alert: Lab Testing to Save Money
• 3-stage process testing protocol: Raw plant material
Extractions Final products
• Testing of waste product to confirm
efficacy and no loss of cannabinoids
© 2013, National Cannabusiness Conference & Expo . All rights reserved. Twitter: #cannabizcon
Price: Product Safety
• Develop comprehensive GMP procedures based on FDA guidelines
• Establish HACCP protocols • Invest in training and continuing education
for production staff
© 2013, National Cannabusiness Conference & Expo . All rights reserved. Twitter: #cannabizcon
Price: Compliance is Worth It
• Understand the laws including state, county and local municipality laws
• Stay ahead of regulatory changes • Develop internal risk management policies and
controls to respond to regulatory requirements
© 2013, National Cannabusiness Conference & Expo . All rights reserved. Twitter: #cannabizcon
• Invest & implement both the required & appropriate security measures controls
• Develop internal inventory controls
• Understand regulatory compliance & engage legal counsel
Price: Manage and Secure Your Investment
© 2013, National Cannabusiness Conference & Expo . All rights reserved. Twitter: #cannabizcon
Potency, Palate & Price: What’s in an Infused Product?
Dixie
Consumer (Marketing)
Engagement
Education
Web/Social Media
Cultivate
Strain
Volume
Consistency
Science
R&D
Innovation
Lab Testing
Production
Production of Goods
Consumer Safety
Sales
Distribution
Retail Sales
Risk Management
Security
Inventory Control
Legal
© 2013, National Cannabusiness Conference & Expo . All rights reserved. Twitter: #cannabizcon
Consumers Want and Deserve the Best
• Variety • Efficacy • Quality • Discretion • Empowerment
© 2013, National Cannabusiness Conference & Expo . All rights reserved. Twitter: #cannabizcon
Thank You! My Contact Info:
Tripp Keber
Managing Director
Dixie Elixirs & Edibles
tkeber@leftbankllc.com
www.dixieelixirs.com (202) 413-7088
Let’s Get Down to Business!