Often it takes a dramatic event to initiate a sea change that gets investor attention. Certainly a pandemic qualifies, and the Cannabis and Hemp Sector is undergoing the change that is reflected in the way the consumer buys products.
Buying trends have shifted for Marijuana, CBD and other products related to Cannabis in 2020. The results are clear, and these shifts have long cycles, so it will be interesting to watch how the Cannabis Sector changes. These changes have been at the feet of a Federal Mandate shift empowering full legalization and many see 2020 as the year that change is fully enacted – the behavior is already shifting.
Cover Photo from Getty Images
The data below shows the shift in progress as the consumer undergoes a full change of environment and the way they use the products.
Source: New Frontier Data.com
- Among all cannabis consumers, 29% reported increasing their use since the COVID-19 pandemic.
- Medical consumers (39%) were more likely than recreational consumers (23%) to report doing so.
- Nearly one-third (31%) of all consumers reported changing their social consumption, no longer joining others.
- While more than four in 10 (41%) of consumers reported being “extremely or very concerned” about contracting COVID-19, a quarter fewer (30%) said they were “a little or not at all” concerned.
- Meantime, more than eight in 10 (81%) are “extremely or very concerned” about the economic impacts from COVID-19, while 6% cited being “a little or not at all” concerned.
- Should access to their regular sources be cut off during the pandemic, 45% of consumers reported that they would seek alternative supplies.
Source: New Frontier Data.com
