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The following content is sponsored by Tenacious Labs
Defining The New Cannabis Consumer
The cannabis industry is transforming, and so too are its consumers.
As they edge further into the mainstream, cannabis companies will need to fight for the consumer’s dollar—not just against other cannabis brands, but also against a number of other industries in the discretionary spending sphere.
This graphic from Tenacious Labs looks at key data that will help us define the new cannabis consumer and explores how cannabis industry sales compare to adjacent discretionary spending industries.
Competing for the Cannabis Consumer Dollar
Roughly 12% of Americans consume cannabis which translates roughly into $60 billion in sales. While these figures are mostly made up of the illicit market, it’s forecasted that the legal industry’s footprint will come to represent the majority of the market.
Let’s take a look at how some of the most popular discretionary spending industries compare to cannabis.
|Industry||U.S. Industry Sales 2020/2021 ($B)|
|Recreational Cannabis including Illicit||$60.0B|
|Recreational and Medical Cannabis||$20.0B|
|National Football League||$12.0B|
|Movie Theatre Tickets||$12.0B|
|Paid Music Streaming Services||$2.5B|
The recreational and medical cannabis industry sits just below the craft beer space, which generates $27 billion a year.
However, with cannabis consumption rates trending upwards and alcohol consumption falling, it’s likely the cannabis industry will experience a larger share within the overall consumer discretionary spending sector over time.