One of the biggest names in cannabis dispensaries has decided to launch its own product line. MedMen, a Los Angeles based chain of cannabis dispensaries is working overtime to become a household name. With stores in California, Nevada, and New York expansion has accelerated with a new flagship store opening this year on Fifth Avenue in Manhattan. MedMen also decided to go public on the Canadian stock exchange with a $1.6 billion valuation, and now is launching its own in-house product line of cannabis flowers, pre-rolled joints, vaporizers, and tinctures to sell alongside the products already offered in its dispensaries.
Known as the Apple, Target, Starbucks, and Supreme of weed, MedMen is poised to make an even bigger name for itself. On a call discussing MedMen’s new private label products, chief communications officer Daniel Yi added Whole Foods and Costco to the list.
“If you go to Whole Foods or any modern supermarket, you’re going to have the brand from that company… like Costco has Kirkland,” he said referring to the retailer’s private-label products. Like Whole Foods or Costco, MedMen has the benefit of consumer data to help drive its product line.
“We know what sells,” said Yi. Adding that joints and flowers make up about half of the business for now, but the 25-35-year olds who shop at MedMen are increasingly gravitating toward vaporizers and edibles.
The private label products for MedMen, called Statemade, have several different formulations. Max, Joy, Zen, Zzz, Ebb, One, and CBD were designed to deliver desired effects whether by a pre-rolled joint, vaporizer, tincture, or flower. One thing you won’t find are stoner-friendly strain names like Bubba Kush or Cannatonic on the packaging. Instead, the richly-colored boxes and copper-topped glass jars mimic pricey cosmetics… a house brand poised as luxury and as wellness.
“Maybe you want to incorporate cannabis into your yoga routine or into your sports recovery routine,” discussed Yi. The formulations differ for the desired effect and there is a fine nuance between them all. For now, products range from $12 single pre-rolled joints to the $72 vaporizer pens, which are only available in Nevada.
The name Statemade refers to MedMen’s intention to produce and sell products without crossing state lines.