The addition of cannabis retail to shopping malls could cause a resurgence in the dying industry
There’s no denying it. Shopping malls are hurting. Across the U.S., over the next five years, 20%-25% of malls will close their doors. Although once the mainstay for consumers, eCommerce has changed shopping habits drastically and teenagers are giving up their weekend hangouts in favor of video games and TV. However, a lifeline has been thrown that could help reinvigorate the shopping mall and help them survive, thanks to the cannabis industry and cannabidiol (CBD)
Green Growth Brands announced last month that it had struck a deal with the Simon Property Group, the largest operator of shopping malls in the U.S. That deal will see the company’s Seventh Sense CBD products to dozens of malls across the country and could also lead to Seventh Sense Botanical Therapy kiosks installed at those same shopping centers.
Simon’s footprint is huge and the partnership is going to prove highly beneficial for both entities. As Simon’s Director of Public Relations, Les Morris, explained, CBD-infused products are an emerging, growth category and we’re constantly on the lookout for new products that resonate with our shoppers. As such, we’re excited to welcome Green Growth Brands to 108 Simon locations.”
This is just the beginning, though. There will be more deals similar to the Green Growth/Simon deal with other malls throughout the country. Since online marijuana sales are still extremely limited, both by state and federal laws, the best solution is to set up retail locations. Malls need to fill their spaces and cannabis companies can enjoy lower real estate prices, brought about by the decline in retail shopping. In addition, marijuana retailers will have a little extra security for their cash-only businesses.