Report: Cannabis Product Demand Rose 20% In The Last Year
Earlier this week, Anderson Economic Group released its 2019 benchmarked AndCan Index, which uses a new, improved methodology. The 2019 index shows that consumer demand for cannabis products has been increasing much faster than previously recognized.
The demand for marijuana products in the U.S. surged by 1.9 percent in December, according to the report. And over the past year, cannabis product demand rose by 20 percent.
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This year’s benchmarked AndCan Index provides a more accurate representation of the growing demand for cannabis products, said AEG senior analyst Brandon Betz, who oversees the AndCan Index.
“We have improved the index to take into account growth in states that have legalized medical and recreational marijuana but that do not report their data publicly. We expect to see growth in cannabis demand in the improved index, as new and existing cannabis markets continue to demonstrate strong growth.”
The index is recording significant growth in demand for cannabis products in the U.S., Betz said.
"Over the past several months, the growth rate has been increasing. This is because many new markets are maturing; regulatory uncertainty is declining; and marijuana markets are becoming more robust."
Medical patients are having an easier time of accessing medication and recreational users are finding it easier to purchase legal weed, the analyst said.
"Overall, this is a positive indicator for the industry.”
Photo by Javier Hasse.
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