A new report by New Frontier Data estimated that U.S. cannabis sales exceeded spirits (US$86 billion) last year, while matching spending on beer
U.S. legal and illicit cannabis consumer spending reached an estimated US$97 billion in 2021, according to a new report by New Frontier Data.
Key Report Findings Include:
- Nearly half (46%) of all survey respondents report using cannabis daily as product selection expands with more convenient, discreet and precise consumption methods.
- With an estimated $97 billion in U.S. legal and illicit sales in 2021, cannabis consumer spending now exceeds spirits ($86 billion), validating the vast market opportunity.
- Flower accounts for half of all legal sales nationally, but the majority of consumers are now using non-flower products, as the quality and selection of products expands.
- The collective curiosity of consumers to try new forms of cannabis is fueling product innovation and highlighting the importance of targeted brand and loyalty strategies.
- Positive outcomes from medical cannabis use are driving increased acceptance as half of medical cannabis patients report their conditions improved significantly and 93% report at least some improvement.
On Wednesday, the Washington, D.C.-based data and analytics firm teamed with cannabis wellness company Jointly to release the report Cannabis Consumers in America: Dynamics Shaping Normalization in 2022.
New Frontier Data has surveyed more than 20,000 consumers since 2018, analyzing cannabis consumer behaviour to produce the report, which estimated that cannabis sales exceeded spirits (US$86 billion) last year, while matching spending on beer.
Nearly half (46 per cent) of all survey respondents reported using cannabis daily, with two-thirds consuming more than once per week as product selection expands with more convenient and discreet consumption methods.
“Cannabis is no longer a one-size-fits-all industry,” Gary Allen, CEO of New Frontier Data, said in a statement. “It’s now a commercial imperative for brands, retailers and operators to do the homework required to understand their ideal customer, why they consume and what products they prefer.”
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U.S. legal and illicit cannabis sales totalled US$97 billion in 2021: report
