Kyle Britton, Turning Point Brands: Maximizing Cannabis Dispensary Profitability Through Accessories

Описание: Join us on Pod of Flowers as we explore the profit potential of cannabis accessories with Kyle Britton, Head of Marketing at Turning Point Brands.

0:00 - intro
1:02 - no cap on margins with accessory products
1:46 - missed opportunities at dispensaries
3:00 - rotating your assortment
4:00 - changes in the consumers since legalization
5:00 - what accessory sold well three years ago and is now not selling?
6:12 - what are the top two velocity products that you see right now?
7:20 - 510 Batteries as an opportunity
8:30 - popular products and why
12:00 - shift to sustainability in the industry
12:50 - what is the one thing you want to take away from Hall of Flowers?





Kyle made an important point that is often ignored in the cannabis business: although there is a cap on profit margins for flower products, this restriction does not apply to accessories. This presents a valuable chance for dispensaries to increase their profitability. Accessories such as lighters, rolling papers, and bongs are not only high-profit items, but they are also essential products that consumers regularly seek.

Dispensaries should acknowledge the potential of accessories. According to Kyle, accessories may only contribute to 1-5% of a dispensary's business, but they provide the opportunity for a significantly higher profit margin. He stressed the importance of keeping a stock of essential accessories, using lighters as an example. Running out of lighters is not just about inventory; it signifies a missed opportunity to increase basket sizes.

In this episode, we also discuss the difference between high-end accessories and affordable products and how it can impact product turnover and retail profitability. We explore how understanding your consumer base can enhance the shopping experience and increase profits. Additionally, we examine how a well-curated range of accessory products can create opportunities for upselling and cross-selling, using real-world examples for practical learning.