Friday, May 24, 2024

Report: Americans Expanding Cannabis Consumption While Legislators Catch Up

50% of new adult-use consumers declared using cannabis 5 days a week or more, according to a trends report by a cannabis market research group.

There has been a lot of excitement around cannabis legalization in the U.S. after the Democratic Party gained control of the Presidency and Congress in the 2020 elections.

However, legalization will continue to be incremental, argues the latest “US Cannabis Consumer Trends Report” by Brightfield Group: The federal government is experiencing an awkward, slow decriminalization process.

In fact:

  • The SAFE Banking Act will be the next big market change, not full legalization.
  • Legal banking provides more opportunities for major players to enter and expand. It also encourages more states to legalize cannabis.

RELATED: Americans Are Consuming More Cannabis Than These Popular Foods

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Meanwhile, consumers are quickly becoming accustomed to cannabis through state legalizations, a changing cultural atmosphere and increasing cannabis use overall. According to the report:

  • 10% of Americans have used cannabis in the past 3 months.
  • Use is even more prevalent among Millennials, with 13% disclosing they have consumed cannabis in the past 3 months – levels are higher than those for soy milk, hard seltzer and plant-based meats.
  • Cannabis use “multiple times per day” and “all occasions of use” were up from in 2020: 50% of new adult-use consumers declared using cannabis 5 days a week or more.
    • Cannabis use is becoming more gender-balanced: In Q4 2020, 49% of cannabis consumers were women – the most equal balance we’ve seen yet.
  • The Delta-8 phenomenon indicates a desire for psychoactive cannabis beyond CBD.

RELATED: Whoa! New Report Finds This Many Americans Consume Cannabis

“Americans are ready for legal cannabis. They are expanding consumption and occasions of use while legislators catch up. State-level legalization efforts and potential federal reform hover in the background as cannabis normalization continues. All types of people are entering the market, and they are enjoying cannabis for distinct purposes, at different times of the day, and in varying formats,” said Bethany Gomez, CEO of Brightfield Group.

“Traditional cannabis consumers are continuing to make up less of the legal market as consumer needs evolve.”

This article originally appeared on Benzinga and has been reposted with permission.


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