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The booming market for legal marijuana is creating big opportunities for entrepreneurs catering to the market for alternative pot-based products, like high-end edibles and beauty products. That particular segment is seen by analysts as one of the fastest growing — which got a major boost after California formally legalized recreational weed.
Arcview Research estimates the legal cannabis market will soar to nearly $15 billion by 2021, with edibles and ancillary pot-products representing a big part of that boom. With that in mind, CNBC recently took a look at some luxury products carving their own niche in the market for legal weed.
Beboe is a California-based luxury cannabis line that some have called the "Hermes of Marijuana." The company was founded by celebrity tattoo artist Scott Campbell and longtime fashion executive Clement Kwan, and feature key pot economy products like designer vaporizer pens, edible pastilles, and other curios expected to roll out this year.
Beboe products are sold through 65 stockists across California as well as via full-service medical marijuana delivery. The edible pastilles retail for $25, while the pre-filled vaporizers retail for $60 a piece.
Kiva creates cannabis-infused confections that range from chocolate covered espresso beans, medicated mints, and cannabis chocolate bars. The company has a dozen edible offerings and hundreds of dispensaries in California, Arizona, Nevada, and Illinois — and nabbed a "best edible" award at the San Francisco and Los Angeles High Times Cannabis Cup in 2013.
Kiva products are sold in stores in Arizona, Nevada, California, and Illinois. While prices can vary, the candy bars range from $10-$20, while the Petra mints are about $15; the chocolate covered espresso beans and blueberries between $18-$20.
Défoncé Chocolatier specializes in cannabis chocolate bars with a hip twist: Its products ranging from a White Chocolate Matcha Bar to a Coffee or Mint Flavor. The bars contain about 90 milligrams of THC, but can be broken up into 5 mg servings for consumers looking for easy microdoses.
The company boasts an all-natural farming and extraction process, while employees of the company are veterans of big brands like Apple and chocolate maker TCHO. Défoncé products are sold in California dispensaries only, and prices per bar range in the $20-$30 range.
Herb Essntls doesn't sell edibles, but markets a cannabis-infused set of skincare products derived from marijuana. While the products are free of the psychoactive substance THC, the products — which range from lip balm to face creams — all contain oils from the plant.
Herb Essntls products are stocked in shops across the world, including places like New York City, Minneapolis, Austin, Paris, London, Stockholm and Vancouver. They are also sold online through several retailers. Their products are far from cheap: A lip balm retails for $12, the lotion for $48, and moisturizer for $60.