Today’s cannabis consumer is no longer interested in just getting high. From the moment it became legal in more than 200 countries, people have been watching to see what the future holds for this new industry. As more and more states move to decriminalize cannabis, researchers have noted this plant’s financial opportunities, social impacts, and even medical applications.
As the market continues to grow and evolve, it’s helpful to have a basic understanding of the different types of consumers and their unique buying habits. We’ll explore what factors are driving this growth? What are the new trends in the cannabis market? And what type are the cannabis consumers today?
What Factors Are Driving This Growth?
The cannabis market is primarily driven by a two-pronged concept: legalization and acceptance. The legalization of cannabis has been a long time coming, but it’s finally happening faster than ever before. More than half the states in the US have legalized cannabis for recreational use.
What Are Some New Trends in the Marijuana Market?
As more states move to legalize cannabis, new trends are emerging. For example, according to a report by Arcview Market Research, CBD-only products have been growing at 50% per year since 2016. This is likely because CBD has various medical applications, from pain management to anxiety reduction. In addition to this rapid growth rate, there are many other new developments in the cannabis industry—including hemp-based products and products made from marijuana plants bred for high levels of THC content.
Who Are Today’s Consumers?
The cannabis industry is still in its infancy, and the market is still broadening. However, as the market continues to grow, it’s essential to have a basic understanding of the consumers. The cannabis consumer today can be broken into two categories: recreational and medical.
Recreational consumers are those interested in getting high but also want to learn about different strains and get expert advice about getting the best results from their experience.
Medical consumers are those who use cannabis for therapeutic purposes. These consumers typically have more serious medical conditions they wish to treat with cannabis products—such as cancer or chronic pain—and they want expert advice on how best to do so.