That's according to a new survey conducted by independent market research provider Pollfish on behalf of Jushi Holdings Inc. JUSH JUSHF.
While consumers lean toward buying less expensive products to counteract inflation, the question remains: why such an increase in demand?
The recently published UN Office on Drugs and Crime (UNODC)’s World Drug Report 2022 suggests that legalization in North America, alongside the COVID-19 pandemic and related lockdowns, has boosted the daily use of cannabis.
According to a separate report from the Brightfield Group, this trend could potentially lead to the national recreational market reaching $30.6 billion by 2025.
Polldfish asked 1,000 Americans aged 21 and older about cannabis, legalization, holiday shopping and consumption habits, found that the majority (52%) continued to consume about the same amount of cannabis as a year ago. Moreover, about a quarter (24%) said they are consuming even more cannabis than last year, reported Forbes.
Supervised by Jushi experience director and ArtCenter College of Design associate professor Julian Scaff, the poll revealed a shift in consumer focus from branding or strain type to THC levels and price points.
Another price-driven trend, according to researchers, is an increase in flower sales, a category that gained a 6% market share compared to the last year.
Overall, the majority of consumers are spending between $50 and $150 a month on marijuana.
Building on prior research, Pollfish investigation also found that people are either reducing or eliminating alcohol use due to the consumption of cannabis, with a 12% year-over-year increase in the trend.
The trends come as Americans continue to feel economic pressure with core inflation hitting a 40-year high in September, according to another poll via Reuters/Ipsos.
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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