(FinancialPress) — The incidence of the legalization wave in the consumer market may be even deeper than expected. A recently released market research report reveals that states with legalized recreational consumption of marijuana have experienced a drop in consumption of pain meds, sleeping aids and alcohol.
What this new information shows is that, legalization being such a recent phenomenon and the numbers being so telling, the marijuana market may hold millions of potential new customers that the market has not reached yet.
The report was elaborated by Chicago analysis firm High Yield Insights. They found that 1 in 5 recreational marijuana users consume less spirits, beer, sedatives and painkillers than a standard, non-consuming consumer.
“Understanding these changes will lead to new growth opportunities for cannabis and further disruption for other categories. More precisely, legal recreational cannabis consumers use 27% less over-the-counter pain medications, 22% less sleep aids, 21% less alcoholic spirits and 20% less beer than consumers in states that have not legalized adult-use marijuana.“We are just starting to grasp how legalization has impacted consumer behavior, be it spending, usage occasions or shopping habits,” said Mike Luce, co-founder of High Yield Insights, in a portion of the news release that accompanied the report.
He continued to say that the report “uncovered promising consumer niches for the industry as well. For example, many older consumers (55+) are re-engaging with marijuana, with 56% reporting a return to marijuana after having tried cannabis products at a younger age.”