OutCo, a Southern California based fully vertical cannabis company has partnered with Monocle Research in Orlando to conduct groundbreaking research on the new state of cannabis in California and California’s edible market.
The recent approval of recreational marijuana use in the state of California has generated an immense amount of interest from both businesses and consumers, as they attempt to grasp the size and scope of the impending changes. With so many questions surrounding the issue, OutCo set forth to gain insight on the growing industry and its impact through this report.
The study leveraged a qualitative and quantitative approach to ensure both breadth and depth of understanding for a diverse and representative population. Research methods included in-person interviews, focus groups and online surveys cast across the entire state of California targeting users and non-users of cannabis over the age of twenty-one. Additional variables included: varying usage levels, recency-of-use and acceptance.
Report key findings include:
Marijuana consumables expected to grow to $11 billion by the end of 2017.
Industry growth will be spurred by the entrance of 7 million new or returning marijuana users into the California marketplace.
The rise of CBD use (a cannabis compound that has significant medical benefits). Many users and non-users expressed interest in the health benefits of CBD oils.
As a growing user segment, millennials are replacing alcohol outright in favor of cannabis.
“One of the most interesting findings came from the users’ viewpoint, in that the lines between medical and recreational use are blurring,” said OutCo CEO, Lincoln Fish. “With more than half of all consumers stating that they use marijuana for both medical and recreational purposes.”
The report further revealed that users are turning to cannabis to help satisfy a wide spectrum of needs from helping them to sleep, to obtaining a new perspective on life, and even to be more productive. Users were quoted as saying, “cannabis is my key to a normal life” and “cannabis is my daily vitamin,” and finally, “cannabis makes moments more memorable.”
“Our main objective is to become a leader in the cannabis industry, which is why we decided to spearhead this research. We recognize our obligation to the growing consumer base and wanted to gain a better understanding of why and how they are using cannabis,” said Fish. “OutCo is looking to set a new standard in the cannabis space by embracing the scientific and providing quality products that support customer needs.”