In a pioneering move, Massachusetts-based Theory Wellness is set to open the first-ever (infused) beverage dispensary in Medford, MA, signaling a significant shift in the cannabis industry.
This unique dispensary will not only feature the largest assortment of cannabis drinks produced in the state but also offer them at the most competitive prices for adults aged 21 and over.
A Novel Approach to Cannabis Consumption
The beverage dispensary concept, as outlined by Theory Chief Marketing Officer Thomas Winstanley, represents a new wave in cannabis use, extending from personal enjoyment at home to social gatherings and consumption lounges.
This model marks a departure from traditional dispensaries where beverages have typically been a secondary offering. Theory Wellness's innovative approach mirrors the evolution seen in the liquor store model but pivots to focus exclusively on cannabis-infused beverages.
The Rise of Cannabis Beverages
Theory Wellness, since its inception in 2015, has been at the forefront of the cannabis beverage market. Its Hi5 cannabis-infused beverage, launched in February 2021, exemplifies the growing popularity of this segment, boasting over a million units sold in just six months. The appeal of Hi5 lies in its fast onset time, zero-calorie content, and gluten-free composition.
Strategic Location and Expansion Plans
The Hi5 Beverage Dispensary will be conveniently located in Medford, Massachusetts, just five miles north of Boston and near a major freeway. This strategic positioning is poised to attract a significant customer base. The dispensary will initially feature select products from leading beverage manufacturers like CANN, Levia, and Good Feels, with exclusive pricing and marketing emphasis.
Further, Theory Wellness plans to expand its reach by offering delivery services to the Boston area and establishing consumption lounges, anticipated to further drive the growth of the beverage category.
The Growing Market for Cannabis Beverages
Despite initial skepticism in the industry, Massachusetts has witnessed a significant uptick in beverage sales, contributing to over $5 billion in total sales since the inception of adult-use cannabis. Theory Wellness has observed a steady increase in beverage sales, growing year-over-year. The state alone has seen a 53% increase in beverage sales from 2021 to 2022, underscoring the rising demand.
Why Cannabis Beverages are Gaining Popularity
The surging popularity of cannabis beverages can be attributed to several factors. Advancements in technology have resulted in faster-acting products, aligning more closely with the onset time of alcoholic drinks. The taste profiles have also improved dramatically, moving away from the overpowering cannabis flavor of early iterations to more subtle and enjoyable taste experiences.
Moreover, cannabis beverages meet the social aspect of drinking, allowing consumers to partake in social settings without the adverse effects associated with alcohol.
The Expanding Hi5 Line
Capitalizing on this growing trend, Theory Wellness has diversified its Hi5 product line to include seltzers, sodas, and energy drinks, available across Massachusetts, Maine, and New York according to Green Market Report.
The launch of the Hi5 Beverage Dispensary by Theory Wellness is more than just the opening of a new store; it's a bold statement about the future of cannabis consumption. Mirroring the evolution of the liquor store model for alcohol, this venture into cannabis beverages reflects a significant paradigm shift, catering to an audience that seeks a social, enjoyable, and health-conscious alternative to traditional alcoholic beverages. As this industry continues to evolve, Theory Wellness stands at the forefront, heralding a new era of cannabis retail.