In the latest episode of Benzinga’s Cannabis Insider, Kenneth Shea, the senior consumer products analyst at Bloomberg Intelligence, revealed findings from the BI 2024 Cannabis Survey that are shaking up the cannabis industry.
With findings revealing a shift toward cannabis as a substitute for traditional painkillers and alcohol and a preference for smoking and edibles among consumers, the survey shows the landscape of cannabis use is evolving.
A Natural Alternative To Painkillers and Alcohol?
Shea spotlighted a substantial shift toward cannabis as an alternative to traditional painkillers and alcohol. “We’re witnessing a considerable pivot in consumer habits, with 32% of our survey participants choosing cannabis over painkillers and 33% over alcohol,” Shea said.
This trend underscores a broader acceptance of cannabis as a wellness product, potentially shaking up the pharmaceutical and alcohol industries.
The Timeless Appeal Of Smoking, Edibles
Traditional consumption methods remain dominant, the survey shows. “A majority, 72%, still prefer smoking dry flower, and 44% are inclined towards edibles like gummies and chocolates,” Shea told Benzinga.
This preference indicates a lasting affinity for the classic cannabis experience among users, even as the market evolves.
More Cautious Consumer Spending
Interestingly, the survey unveiled a shift toward more conservative spending on cannabis products. “There’s a noticeable trend towards frugality, with just 27% of users spending over $100 monthly on cannabis, a decline from 31%,” said Shea. This change highlights price as a growing concern over brand loyalty, which has seen a dip in importance among consumers.
Environmental, Social Values Gain Ground
Shea also shed light on the increasing significance of ethical considerations in consumer choices.
“Our findings suggest a growing preference for brands that align with environmental and social values, a factor that cannabis producers cannot afford to overlook,” he said. This shift suggests the cannabis industry must adapt to these emerging priorities to remain relevant and appealing to its consumer base.
The Cannabis Market’s Bright Future
As the conversation wrapped up, Shea’s insights left a lasting impression of the potential future of the cannabis industry….