Multistate cannabis operator Cresco Labs has launched a new value brand, High Supply, with the goal of offering quality products to consumers who want to spend less on cannabis and more on life experiences.
“We’re always looking for areas where the industry and our company can better serve consumer needs,” Cory Rothschild, Cresco Labs’ SVP of Brand Marketing, told Cannabis Dispensary. “From our standpoint, High Supply is just that. It’s a new brand in our growing portfolio … focused on the savviest consumers in the cannabis category. It’s offering quality product at affordable prices, and we know, particularly right now, it’s what consumers need the most. Hopefully by saving on cannabis, they can put that money toward other priorities in their life.”
The product portfolio includes vape pens, popcorn, shake and pre-rolls sold in bulk, single-serve packages. The products are produced from Cresco Labs-grown cannabis and are available at a lower price point than many of the company’s other offerings.
The High Supply brand initially launched in Illinois in January and expanded to California earlier this month. Cresco Labs plans to expand the product line to every state in which it operates over time.
“We’re hoping that, just like the rest of our portfolio, this becomes one of the first national brands in cannabis,” Rothschild said.
In launching its High Supply product line, Cresco Labs identified an opportunity in the market to provide better-priced products, Rothschild said. As more cannabis brands invest more in packaging, celebrity endorsements and marketing, it becomes more difficult for consumers to identify a no-frills brand that offers quality cannabis at a good price.
And since the dawn of the COVID-19 pandemic, value has become even more critical to consumers, Rothschild added.
“We definitely see the need for that brand in general, and I think what’s been obviously apparent in the recent weeks is that we need that brand really soon,” he said. “We’ve accelerated our launch in California to make sure that we’re delivering that need to consumers as quickly as we can. We’re really excited to offer High Supply … so that everyone can continue to buy larger bulk product that can be consumed at home and at a fair price when everyone is budget-conscious.”
So far, the brand seems to be delivering on its promise.
“From a retail/wholesale partner standpoint, it seems to meet the needs that they’ve been asking for,” Rothschild said. “It brings them the right product to their shelf that offers the choice that consumers have been desiring.”
The brand has already attracted 125,000 followers on Instagram, which shows Rothschild that it has quickly resonated with consumers.
A Brand is Born
Cresco Labs has set out to build a portfolio of brands that meet a wide range consumer needs, Rothschild said, from medical to adult-use, from high price points to low price points and from existing consumers to those using cannabis for the first time. When launching the High Supply brand, the first step was identifying the new target market: those looking for added value.
Next, the Cresco team entered the product development phase, where they sought to create products that
met the company’s high quality standards, as well as the standards of its customers. As with all of its product lines, Cresco Labs developed and manufactured products for the High Supply brand with the approach of a consumer packaged goods company.
“[Now], we’re in the process of actually producing and scaling that production so we can meet the full market demand,” Rothschild said.
From a marketing standpoint, Cresco Labs worked to not only develop the name and identity of the brand, but also brought it to life across its social media and other digital channels, as well as in stores with displays and merchandising strategies.
The company is currently exploring new advertising platforms for the High Supply Brand, with new campaigns slated to launch as the brand increases distribution across the country.
“From a short-term standpoint, our hope is to build distribution and awareness,” Rothchild said. “For us, High Supply represents everything that you need and nothing that you don’t, so you have money left to spend on essentials like groceries or hopefully, in the future, more of the fun in life that we all look to have on a day-to-day basis.”
Longer-term, Cresco wants High Supply to be the brand that discerning consumers and even budtenders go to when they want a product to meet their needs at the right price point.
“We’re just really excited to be able to bring this to market, especially at this moment in time when we know that consumers need it the most,” Rothschild said. “As much as we are excited to be building such a loyal following on our social channels and everywhere else, I think we’re most thankful that we can offer the right solution at a time when everyone needs more bulk purchases and also needs it at a more affordable price. »