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We attended an event attended last week, the "Leading Women of Cannabis," which was so powerful we wanted to keep the conversation going. The first in our series of the "Women of Cannabis" was a conversation with Heather Cabot. Heather is the author of The New Chardonnay: The Unlikely Story of How Marijuana Went Mainstream.
If you look at most investor decks in the cannabis space, likely the first chart you see is one showing that two-thirds of Americans say the use of marijuana should be legal, reflecting a steady increase over the past decade. Part of the bull case for Cannabis companies is the increasing numbers of countries and US states legalizing Cannabis use for either medical use, recreational, or both. Despite this, Cannabis remains illegal at the federal level, and many cannabis users still deal with stigmatization from society.
As a child growing up in the 1980s, I was brainwashed by Nancy Reagan in the War on Drugs with the infamous tagline, "Just Say No," and the propaganda, mainly against Cannabis, was relentless. I remember the anti-drug PSA involved an egg and a hot frying pan. "This is your brain on drugs." There is a new pro-cannabis PSA titled "This Is Your Brain on Cannabis." The spot begins with an egg being tossed into a frying pan, but then a chef adds fresh vegetables and plates the dish, resulting in a colorful, appealing appetizer. Heather's book details some of the early influencers in the cannabis space and how they help bring the product out of the dark ages!
Part of the bull case for US operators will be increased consumption by bringing in new consumers via different form factors like beverages and edibles. Heather's book is a highly entertaining series of stories about the early pioneers in the cannabis industry that have helped to begin to re-shape the stigma around Cannabis. After reading Heather's book and talking to her about what she has learned about new cannabis consumers, you will believe that increased consumption has only just begun.
