A lot of work has gone into creating HighTide and our launch of the best cannabis-infused beverage in the market, and trust us when we say it has been a long, arduous, incredibly fun journey.
The idea behind our product has been kicking around for years. If you take a peek at our story, you’ll know that a lot of thought has been given to our execution. The cannabis industry has expanded exponentially in the past decade, so at the core of our creation, we started with three questions that needed to be answered:
- Is it the right time to launch a cannabis brand?
- Are beverages the right product to launch in 2023?
- What is the right kind of cannabis beverage to create?
With Cannabis, Timing is Everything
Like any new, emerging market, the cannabis world has had its fits and starts. If you’ve been following the industry closely (we kind of have to), you’ll know that some elements of the cannabis business have gone through some struggles.
Brand cannibalization, shifting legal structures, and consumer hesitation have all played their role in the struggles of cannabis businesses. However, a major role in the initial difficulty fell on the fact that, legislatively, not many states were allowed to sell. As of April 2023, 20 states and the District of Columbia have legalized weed for recreational use, while 27 states allow it for varying medical purposes. Clearly, there is growing support for cannabis adoption, with 59% of Americans now supporting legalizing marijuana for both medical and recreational use. This contributes to the cannabis industry showing no sign of slowing down anytime soon. According to Statista, “Cannabis revenue is expected to show an annual growth rate (CAGR 2023-2027) of 15.77%, resulting in a market volume of US$ 92.1 Billion by 2027.“
So, as we move into a new era of recreational and medical cannabis consumption, things have begun to shift. While the first phase was about early adopters navigating a volatile, shifting market, this new phase requires more complexity, understanding, and maturity. As more and more brand options open up, consumers will begin to be more picky, and brand loyalty will play a more important role. Consumers no longer have to run to the one or two dispensaries around them, choosing them for maybe no particular reason other than getting their hands on legal weed.
Now, brands must tune in to what their customers seek. Whether it’s clever, relatable messaging, unique product presentation, or pricing, cannabis-centered companies can no longer rely on that ‘wild west’ mentality. Instead, we need to be honing in on sophistication and maturity. Just the same, operators need to know what they’re doing to produce the highest quality product without compromising any regulations set in place.
By viewing phase one from an outside lens, we’ve educated ourselves, researched the best implementation strategy, and gathered our resources to plan our execution.
So…why a Cannabis-Infused Beverage?
As the industry began to bloom, we let our idea seed cultivate while the wave of the cannabis industry started to settle. This time allowed us to get a good view of where the opportunities lay within the product categories. From the beginning, we always wanted to produce something that, luckily, the market is also looking for too.
As we alluded to, companies are gaining a foothold and introducing more sophisticated cannabis-infused products, like cannabis-infused beverages. Now, new-and-existing consumers have familiar consumption avenues that may be ideal for their needs or lifestyles. When before, you had to smoke, now, you can sip–and cannabis beverage popularity is beginning to take off. According to Future Market Insight, “The adoption of the cannabis beverages market is expected to increase at a compound annual growth rate of 17% during the forecast period. The cannabis beverages market size is anticipated to rise from US$ 1,227.3 Million in 2023 to US$ 5,899.5 Million by 2033.”
We firmly believe that beverages are the future of cannabis consumption for multiple reasons–especially the social aspect. Taking your cannabis as a beverage gives you that ‘drink in your hand’ feeling at the kickback, including you psychologically with everyone around you, all while allowing you to get a buzz without the alcohol. With beverages being the usual choice at BBQs, tailgates, or any XYZ party you can think of, we figured a cannabis-infused beverage was the easiest way to translate that same energetic, social feeling while changing the type of buzz you’re feeling. Party psych aside, cannabis beverages enable more complex flavor profiles than smoking a joint, meaning you’ll enjoy the drink in your hand for more reasons than just how it will make you feel. To us, this is a win-win.
To rehash: Phase one of the cannabis industry marked a time of discovery. As we watched it unfold, we meticulously planned and calculated the perfect time to unleash HighTide’s glory onto the world.
Margaritas: The Perfect Cannabis-Infused Drink
We knew we’d want to create a cannabis-infused beverage, so… why the margarita?
Margaritas are the most ubiquitous cocktail in the United States. You can find them everywhere, from chain restaurants in the Midwest to reservation-only restaurants in New York. Statistically, most Americans legally allowed to drink (or have a killer fake I.D.) have likely taken a sip of a margarita, so, in our high-powered heads, we figured it casts the widest net. We figured the people who love margaritas by the pool might also like cannabis by the pool–why not put them together? Again, high-powered heads. Aside from familiarity, margaritas bring a high complexity of flavor profiles and unique, refreshing flavors that are satisfying all year. Like our Classic Margarita, Spicy Diablo Margarita, and Diablo Margarita HighTide cannabis-infused beverages that actually taste good and you’ll genuinely enjoy. You can pair them for any occasion, with any food, just like you’d match any alcohol to your dinner–except, with our take on the cannabis-infused mocktail margarita, you wake up just as refreshed as the day before.
Why not give it a try?