Cannabis Industry Research: Overview

• In 2018, US consumers spent over $10 billion on cannabis products and is projected to exceed $23 billion in 2022.
• By 2019, 14% of adults use CBD-infused products. These products have only been legal since the 2018 farm bill. 
• The top four reasons why adults use these products include:
• Nonspecific pain, 40% 
• Anxiety, 20% 
• Sleep/insomnia, 11% 
• Arthritis, 8% 
• In general terms, 58% of US adults use these products to manage pain while 42% use them to combat mental health-related conditions.
• The most popular product type is baked goods (40%) followed by Gummies (29%).
• The main factor in the consumers decision process is the product form (52%) followed by the potency (41%). 
• About 45% do not have a brand preference.
• The greatest recognizable consumer preference market share was at 5%. This shows that there is an opportunity for a brand to rise above the crowd and be recognized.
• Consumers buy these products from:
• CBD brand website (31%)
• Cannabis dispensary (31%)
• Online retailers (24%)
• Natural health foods store (21%)
• Drugstore or grocery store (32%)
• The main source of information for consumers is:
• Online personal research 43% 
• Trial and error 39% 
• Recommendations from friends or family 39% 
• Dispensary associate 27%  
• Health store employees 16% 
• Physicians 11%