It’s been less than a decade since the Cannabis adult-use market opened up in Colorado in 2014. Since then, more and more states have joined Colorado in decriminalizing and legalizing the plant—and as policy has evolved, so too has consumer behavior.
Here are four things Cannabis marketers should know about consumer behavior in 2021:
Overall, consumers are becoming more comfortable with cannabis. According to Pew Research, 91% of adults in the U.S. support legal marijuana. This has created a ripe environment for brands and advertisers to capture consumer attention with storytelling.
Cannabis and CBD are expected to grow at unprecedented rates through 2025. The US hemp market is projected to reach $6.1 billion in 2021, 10 times more than 2018. To say the space is booming would be an understatement.
Since 2014, more and more states have gradually loosened regulations on cannabis products. Marketers should make sure to stay up to speed on national and state level regulation—Google Trends is a great place to start!
Americans spent nearly $18 billion on legal marijuana in 2020, representing a 67% jump from 2019. Even more, 42% of cannabis consumers started or increased their consumption during the pandemic, and 50% replaced or reduced their alcohol consumption with cannabis.
For more insight into the opportunities available to healthcare marketers, check out Vertical Viewpoint: Conquering Challenges as a Cannabis Brand.
Plus, check out our Cannabis in 2021 infographic for more insights about the consumer and market trends driving change this year.