The cannabis community knows that the industry is rising, and now there’s evidence to prove it. Two recent reports studying the demographics and choices of cannabis consumers have exhibited the growing market, while showing the benefits and profitability of medical cannabis for the medical industry. Legalization is proving to be profitable for many states, bringing tax revenue and new industry, with markets like California projecting to have a cannabis market worth $6 billion by 2020.
The first study was conducted by BDS Analytics in Boulder, Colorado, which looked closely at cannabis consumers in Colorado and California. The study tracked recreational and medical cannabis use in adults, and found that most cannabis consumers use cannabis as part of a healthy lifestyle. Adults who have used cannabis in the last six months participate in physical activity at least once a week. For instance, 42 percent participate in yoga or pilates, versus 21 percent of non-users. Users are also 20 percent more likely to participate in outdoor recreation or go to the gym once a week. The research will continually be updated every six months to track changes in consumer choices and usage.
The second study was managed by New Frontier Data and Baker Technologies and examined the 2016 cannabis industry in 10 different states. This particular study shows that the familiar use of dried cannabis in decline, having fallen from a 21 percent decline in 2016 to a 64 percent of the recreational market and down to 65 percent of the medical cannabis market. Medical cannabis concentrates however rose 17 percent during that same time frame, and pre-rolled joints grew six percent. “Concentrate-filled vape pens and sophisticated, dosed edibles simply weren’t available in the illicit market,” said New Frontier Data’s vice president of industry analytics John Kagia. “Pre-rolled products have gone from an afterthought filled with leftover cannabis to a premium product made with high-end strains and sold in elegant, easy transport packages.” He also mentioned the negative view of smoking has led to more discreet ways to use cannabis.
New Frontier Data also found out that medical cannabis users spend almost three times as much as recreational users on cannabis, and are buying larger quantities of the same product. They also reported medical cannabis users shop more frequently, every 10 days compared to a recreational user’s bi-weekly shopping habit.
These two studies are just the beginning of valuable proof that the cannabis industry is rapidly changing. The cannabis stigma is being disproved with statistics showing how most consumers stay active and healthy in their daily lives, and the change in popularity between cannabis flower and concentrates shows a new evolution of trending acceptance. This data will be interesting to follow as the cannabis industry will continue to change and expand.