Cannabis
Executive Guide to Shopper Insights Research
This article looks at the cannabis industry and market trends and explains how cannabis marketing research and shopper insights can be used to leverage new opportunities to grow your business.
Introduction
Understanding how customers behave and think is crucial to helping any business move forward. This is especially true in an emerging industry such as cannabis. Understanding cannabis market trends and then diving deeper into cannabis data analytics provides a rich understanding of how to best use cannabis marketing research to your advantage.
Overview of Cannabis Industry
There is a growing market as more states legalize cannabis. Within the past year, New York, New Jersey, and New Mexico all legalized cannabis for recreational use. Cannabis policy reform and legislative changes at the federal level, as seen in Canada, would drive a more free and competitive market nationwide. Democratic control of the House, Senate, and presidency points towards these changes. As more states legalize recreational cannabis, there are opportunities for significant growth within this market.
The US is gradually accepting cannabis, reflected by policy reform and acceptance of its many health benefits. These changing attitudes are reflected in policy reform, which has already been seen at the federal level in 2018 when the Farm Bill legalized the production of hemp in all 50 states. A total of 35 states and the District of Columbia have legalized marijuana for medical use, 16 of which allow adults to legally use the substance for recreational use as of April 2021.
CBD is a non-psychoactive compound found in cannabis. CBD represents a stable and growing market because of its many health benefits from helping with anxiety and depression to helping people with cancer.
Rapidly changing politics, scientific research, and beliefs and attitudes all contribute to the acceptance of an emerging cannabis industry.
