Cannabis has certainly come a long way from an illegal street drug in the past decades, flourishing into a global industry estimated at $27.7 billion, predicted to grow at a CAGR of 15.4% over the next five years. One could even say it’s become its own cultural movement, which transcends customer demographic brackets. Anyone from an elderly person dealing with chronic pain, to a busy Wall Street executive needing to unwind after a stressful day at work, is seeking joint (pun intended) solace in the leafy medicine.
Given the rise in alternative medicine, refined cross-industry extraction techniques, and a huge appetite for all-natural remedies, the movement shows no signs of slowing down. The CBD market is witnessing increasing expansion, with brands like Prima receiving $9.2 million seed plus financing rounds. CBD acceptance, featured in everything from color cosmetics to supplements, helped prime audiences to grow more accepting of its more psychoactive element, cannabis. Tilray, a medical cannabis proponent, saw its stock grow by 19.75% in August of this year, while the homegrown market is expected to reach $4 billion by 2030. Coinciding with this development is an increasingly aesthetics-minded, ritualized approach—a far cry from teenagers huddling in a circle in their parents’ basement, passing around a haphazardly constructed roll-up.
“We are witnessing the evolution of the cannabis industry. Right now, there's a very clear shift in perception of cannabis consumption, in that people are becoming more understanding of the plant as opposed to being scared of it. There was the war on drugs, which was propaganda for political reasons that had nothing to do with actual weed or wellness, and unfortunately for decades, that deterred people from cannabis,” comments Mariam Saïd, founder of premium cannabis e-commerce destination Para. “It is such a powerful, and ultimately positive force, that there is a destigmatization happening.”
Para offers paraphernalia for the cannabis connoisseur, selling smoke ware, accessories like ashtrays and grinders, as well as lifestyle products like home fragrances and journals. Porcelain pipes covered in creamsicle swirl prints and iridescent chromatic bongs resemble part smoking device, part interior design sculpture. Partnering with creative design talents curated from across the globe, the brand’s offerings showcase the exciting creative possibilities of the medium.
Saïd, whose background in luxury fashion—working as Merchandise Buyer & Planner for Saks Fifth Avenue, Ralph Lauren, and Bloomingdale’s—informed her eye for design, was inspired to set up shop during the pandemic, at a time when cannabis’ use as an anxiety management tool was all-the-more needed. Her own positive experience of the mental health and wellness benefits of cannabis launched an enquiry into how the ritual of smoking could be elevated. Aside from your local corner shop or straightforward online shop, cannabis retail opportunities were limited, and lacking an aesthetically pleasing approach. “I was looking at smoke shops here in NYC and found the environment very intimidating. I was wondering, where does the average human go to get a nice quality pipe that doesn't break the bank? And, surprisingly, there was no such store,” she states. “So I set out to do the Saks Fifth Avenue of weed accessories: a store that houses the best of the best across all product categories, that we provide to the customer in a very welcoming, educational manner.”
Completely bootstrapped, Para took the harsh, fluorescent glow of smoke shops and replaced it with a more refined color palette. “Gone are the days where you have to hide your smoke ware, it should be within reach and part of your coffee table assortment. The number one thing I take into consideration, tied for first, is functionality and aesthetics. I want to make sure that whatever device you're buying exceeds your expectations, for there to be a trust and quality above all,” the founder explains. She also believes that a luxury product needn’t come at an exorbitant price point.
“There is the perception that luxury has to be expensive, but I want to expand that perception so that luxury equates to an honorable price point. I want to make sure that it is attainable for the customer,” Saïd explains. “Just because you have this ritual that you're honoring doesn't mean that you have to break the bank. But I also want to make sure that artists are compensated appropriately because we're all small businesses. There is a lot of work in picking the sweet spot of price points that honors both the designer and the consumer.” Para’s most affordable smoke ware begins around the $25 mark and reaches $250, offering options for all wallets.
With the company stating that cannabis home delivery and e-commerce sales grew by 160%, there is plenty of consumer appetite for what Para is selling, with the platform witnessing double-digit growth month over month. “Wellness is a huge element that humanity is becoming cognizant of. People are searching for more ways and unique solutions to feel better, in one way or another. And I think people's inquisitive natures led them to cannabis,” Saïd adds.
Catering to that inquisition are further resources on the Para website, like the Higher Education blog, which offers user and cleaning instructions for pipes and bongs, and a glossary of common cannabis terminology. Making sure it is not forgetting humanity and the planet in the process, the company also offers carbon-neutral delivery and donates a portion of revenue to cannabis criminal justice reform nonprofit Last Prisoner Project. “I want to do business with good companies and make sure that they are giving back to the cannabis community, because there is a huge disparity. There are people that are making millions off of cannabis, while around 40,000 people are still incarcerated for small cannabis crimes,” Saïd explains. “A huge part of why I started Para is to be heavily involved in philanthropic endeavors. I want those to be just as known as our products, and a component in every single thing we do.” At present, she has her sights set on partnering with additional charities related to cannabis, mental health, and environmental endeavors in the future. There are also plans for an experiential retail space, with plans for pop-up shops in Colorado, California, and New York.
Thanks to the founder’s meticulous sourcing process and socially minded endeavors, the business has been met with customer enthusiasm. “Launching a business as a solo-preneur, you don't have any validation until it's launched. Seeing immediate customers and an increase in followers on social media, the response has been overwhelmingly and unanimously positive, and I am so, so grateful,” she remarks. It’s also a testament to the evolution of a more altruistic consumer. “People are becoming more vocal about social concerns, and the customer is getting smarter about where they put their money. They want to feel like, yes, they're making the purchase, but they're also helping somebody else. They're shopping for a grander purpose other than just themselves,” she states.
Managing a financially independent company is not without its daily challenges, but Saïd is in it for the long haul. “I don't mind the hustle of bootstrapping. I have actually been approached by investors before, and I turned them down. I don't want to have exponential growth so quickly that I lose control of the brand identity. I am all for growing slowly, but intelligently,” she explains. “Self-funding is a challenge for sure, but it's much more fulfilling to me. I was making more money when I was working a corporate job, but my soul wasn't rich. There's a deeper motivation than just monetary.” A melting pot of eye-catching beauty, with a purpose-filled heart to match, Para’s flourishing business is sure to be around long after the initial smoke has dissipated.