The Next Big Thing: Cannabis & Psychedelics Meets the Metaverse
The Psychedelics and Cannabis industries will be forever changed by the rise of the Metaverse, a virtual, immersive, and interactive environment where digitally unique people and companies interact in realistic ways online. The Metaverse is not a single place or technology per se nor is it singularly about virtual or augmented reality.
The Metaverse is quickly moving from a vision into reality. Facebook changed its name to Meta to reflect its strategic commitment. According to Goldman Sachs, $10B in venture funding went to virtual world and gaming start-ups in 2021, more than twice the previous year. Internet searches of the word “metaverse” were up 7,200% in 2021. And, some of the World’s biggest brands such as Nike, Forever 21 and NASCAR have staked an initial claim in this brave new world.
Online gaming platforms like Fortnite and Roblox may be an on-ramp. Their 200M monthly active users (mostly Gen Z cannabis users) spend an average of 2.5 hours per day in these immersive platforms. The Metaverse’s deeper level of connection, creation, and commerce would be a natural migration for many people.
Participating in the Metaverse sidesteps many of the space, time and financial limitations found in the physical world. Cannabis and psychedelics firms in particular can leverage the power of this new environment, for the mutual benefit of consumers, patients and providers.
For cannabis companies, the Metaverse will be a completely new way and channel for brands & stores to educate and market to consumers, undertake research and transact business. Some CPG and retail companies, for example, are experimenting with the Metaverse by building ephemeral experiences (e.g., the Gucci Garden) and by extending their brand into virtual assets and NFTs (e.g., Coca-Cola, McDonalds and Samsung).
The potential of Metaverse could be most profound in the delivery of psychedelics-based healthcare. This alternative environment would allow practitioners to educate and deliver customized psychedelics healthcare as a service. For example, a patient could strap on a headset and be guided by a Shaman through a facilitated psychedelic journey tailored to their mental health needs and sensory desires.
There’s lot of work to be done. Much of the required infrastructure (5G is obligatory) and tools needed for payments, identity management and portability has to be assembled. Regulatory approvals, treatment protocols and branding guidelines will be needed. As such, a fully developed Metaverse is at least three years away. Still, this planning horizon is not out of sync with the timeline for psychedelics and cannabis legalization in many jurisdictions. Exciting times ahead.
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