Any market researcher with an appetite for what’s next and access to Google (which I’m assuming is all of you) knows that the cannabis business is already booming and expected to grow even more in 2020.
According to Nielsen’s estimations, legal cannabis sales could rise from $8 billion in 2018 to a whopping $40 billion by 2025. It’s clear that cannabis has great potential to positively impact revenue but there’s more to consider when making a marijuana move.
As Illinois residents, questions surrounding the legalization of recreational marijuana are burning particularly hot in the minds over at KnowledgeHound HQ. Recreational marijuana will officially be legal in our home state as of Jan. 1 2020. Itching to learn more about how this could impact our insights customers and comrades, we conducted our own study of the US general population to gather some high-level insights into American’s feelings towards the matter. Here are 3 “must-knows” we garnered after diving into the results of the study:
1. Females are less likely to board the THC train. When polled “What are your personal beliefs about the legalization of recreational marijuana?”, females were 15% more likely to believe that marijuana should not be legalized whatsoever. They were 19% less likely than males to say that marijuana should be legalized at a federal level.
In that same vein of caution, females were 12% more likely than males to say that they would think less of one of their favorite household brands if they started using marijuana in their products.
Finally, not sure what your CEO’s post-work plans look like, but females are two times more likely to agree that it’s not okay for a CEO to smoke marijuana in their free time.
2. Edibles are the move. No matter how I broke out the data on the KH Insights platform, one thing remained consistent. If people are going to consume marijuana, they want it as a treat. 40.5% of total respondents said they prefer edibles.
But, if you’re not operating in the food space, there are still plenty of groups willing to try out different forms of consumption. Females in particular are keen on ingestible oils and topical creams. 41.3% of women responded that this would be one of their preferred methods of consumption. You can probably skip the creams and oils for men, though, with only 27.5% saying they’d be interested.
3. Cannabis concerns. By far, the greatest concern for the legalization of marijuana is associated with health. Americans aged 18-29 are particularly concerned with health factors.
When asked what their greatest concerns with the legalization of recreational marijuana are, 54% of 18-29 year olds said they are worried about "health reasons related to long-term use and second-hand smoke." Another high scoring concern with recreational marijuana is that the regular use/acceptance of it could lead to increased abuse of harder, more harmful drugs. Females are 10% more likely to believe this than males.
Need more information on what America’s feelings are toward recreational marijuana? Lucky for you, there’s more where that came from. Check out the entire study for yourself on KH Insights. Explore this study and more to satisfy your appetite for data.